CDA hold dollar auctions of plots in order to bolster Pakistan’s foreign reserve position

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The finance minister, Ishaq Dar instructed the CDA  to auction commercial plots to foreign investors who paid in US Dollars just to bid a foreign investor. On Wednesday, the Finance Minister gave this decision after leading a meeting at the Finance Division to assess the development of CDA’s projects for Pakistanis living abroad.

One of the CDA’s several short- and medium-term housing projects for Pakistanis living abroad, Nilore Heights-I, is nearing completion.

According to the meeting, over 6000 applications had been received for 2000 flats in this project from 81 countries. They were highlighting overseas Pakistanis investing in their home country.

Recognising the significance of Pakistanis abroad in the country’s economic and financial progress, the Finance Minister asked the CDA to expedite the development of projects aimed at this demographic.

Moreover, he also instructed the CDA  to hold the balloting for the Nilore Heights-1 project. This is exclusively developed for overseas Pakistanis.

At the meeting, participants also debated the pros and cons of holding public auctions to distribute commercial and residential plots to Pakistanis living abroad. It was revealed that the next phase of plot registration for overseas Pakistanis would commence in the C-14 and C-16 sectors, and that special facilitation desks had been set up at the CDA to make the process easier for them.

The Finance Minister’s order will likely increase Pakistan’s foreign exchange reserves and entice investors from abroad. Buildings and businesses catering to Pakistanis living abroad would help boost Pakistan’s economy and make it easier for expats to invest in their own nation.

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Saqib Raja

Saqib Raja

Chairman -The Millennium Group of Companies

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