ISLAMABAD: Finance Minister Ishaq Dar has directed that for the auction of the Capital Development Authority (CDA) commercial plots, incentives be extended to those investors who make payments in US dollars so that the country’s foreign exchange reserves could be boosted.

The finance minister directed this while chairing a meeting on the CDA’s projects for overseas Pakistanis on Wednesday.

The meeting reviewed the progress on the development projects carried out by the CDA, especially for overseas Pakistanis.

CDA to auction commercial plots to boost revenue

The meeting was told that the CDA has initiated a number of short-term and medium-term housing projects for overseas Pakistanis and one of these housing projects, namely, Nilore Heights-I is in the completion phase and over 6,000 applications have been received from 81 countries for 2,000 flats.

Dar emphasized the importance of overseas Pakistanis in the economic and financial development of the country and directed the CDA authorities to fast-track the development projects for overseas Pakistanis.

He further directed the CDA authorities to hold balloting of the Nilore Heights-I project, which is exclusively developed for overseas Pakistanis, before 8th May 2023 instead of 16th May 2023.

The meeting was briefed on the provision of commercial and residential plots for overseas Pakistanis on an open auction basis.

The meeting was further informed that in the next phase registration for plots in C-14 and C-16 sectors for overseas Pakistanis will start and special facilitation desks have been established in the CDA to facilitate the overseas Pakistanis.

He also directed the CDA authorities to maintain a public-friendly and transparent system for investors during the sale and purchase process by minimising physical contact between the CDA authorities and overseas investors by ensuring maximum interaction using the digital platform developed for this purpose.

The finance minister directed to expedite work on Kuri and Overseas Enclave projects and the scheme for auction of plots in C-14 and C-16 sectors should be ready by mid of May 2023 for overseas Pakistanis.

The meeting was attended by SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, secretary finance, chairman CDA, Member (Planning and Design) CDA, and senior officers from the Finance Division and the CDA.

Copyright Business Recorder, 2023