ISLAMABAD: Federal Minister for Finance and Revenue Ishaq Dar has directed the Capital Development Authority (CDA) to auction commercial plots to investors who pay in US dollars to further bolster foreign exchange reserves. The directive was given during a meeting on CDA’s projects for overseas Pakistanis, chaired by the finance minister on Wednesday.
The meeting was attended by Special Assistant to Prime Minister (SAPM) on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Secretary Finance, the CDA Chairman, and other senior officials from Finance Division and CDA.
The meeting reviewed the progress on CDA’s development projects, especially those for overseas Pakistanis, and emphasized the importance of their role in the country’s economic and financial development. The CDA has initiated several short and medium-term housing projects for overseas Pakistanis, including the Nilore Heights-I project, which has received over 6,000 applications from 81 countries for 2,000 flats.
Dar directed the CDA to fast-track development projects for overseas Pakistanis and hold the balloting of Nilore Heights-I before May 8. He also directed the CDA to provide commercial and residential plots for overseas Pakistanis on an open auction basis, with incentives for investors paying in US dollars.
The finance minister further directed the CDA to maintain a public-friendly and transparent system for investors during the sale and purchase process by minimizing physical contact and using the digital platform developed for this purpose. Work on Kuri and Overseas Enclave projects was also expedited, and the scheme for auctioning plots in C-14 and C-16 sectors will be ready by mid-May for overseas Pakistanis.