Mr. Ishaq Dar, Finance Minister of NA, chaired a meeting where he directed the CDA to boost foreign reserves by auctioning commercial plots to foreign investors who pay in US dollars. The minister also urged the CDA to explore other viable options to enhance the foreign reserves. The news ‘CDA has been urged to auction plots in dollars’, is a good initiative.
During the review, it was found that the Capital Development Authority (CDA) has launched several medium-term and short-term housing projects for overseas Pakistanis, including the Nilore Heights-1 project which is currently in its final stages of completion. Hopefully, these initiatives will attract more investment from overseas and offer more affordable housing options for Pakistanis living abroad.
Empowering Overseas Pakistanis to Invest in Auction Plots For Their Homeland
The CDA revealed that they had received more than 6,000 applications from 81 different countries for 2,000 flats. It is indicating the strong interest of overseas Pakistanis in investing in their home country. In light of this, the Finance Minister emphasized the crucial role of overseas Pakistanis in the economic and financial growth of the country and instructed the CDA to expedite the development of additional projects tailored to meet the needs of this demographic.
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Opening Doors for Overseas Pakistanis: CDA’s Innovative Approach to Boost Investment
Moreover, the Finance Minister instructed the Capital Development Authority (CDA) to expedite the balloting process for Nilore Heights-I, a project exclusively developed for overseas Pakistanis, by holding it before May 8 instead of May 16. The meeting explored the idea of offering commercial and residential plots to overseas Pakistanis through an open auction system. Furthermore, the registration process for plots in C-14 and C-16 sectors for overseas Pakistanis will commence in the next phase. Moreover, CDA has set up dedicated facilitation desks to provide efficient services to overseas Pakistanis.
Overall, there are expectations that the Finance Minister’s directives will boost the country’s foreign exchange reserves. It will also encourage foreign investors to invest in Pakistan by creating more opportunities and providing better facilities to overseas Pakistanis.
Furthermore, constructing housing and commercial complexes specifically for Pakistanis living abroad would contribute to the economic growth of the nation. .encourage such individuals to make investments in their homeland.
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