ProPropertyNewsHousing Society on the Cards to Attract Foreign Investment

Housing Society on the Cards to Attract Foreign Investment

ISLAMABAD: The federal government is turning to the Capital Development Authority (CDA) to establish a new housing society for expatriates to increase the country’s dollar reserves to draw foreign investment into the country.

According to the sources, in light of the prime minister’s directions about these housing projects, the civic body has prepared a presentation that will probably be delivered to him on Thursday (today).

Furthermore, the CDA intends to build the Kuri housing scheme and the Gandhara Enclave, a housing project that is half in Zone III and partially in Zone I.

The civic organization will also inform the government about the possible financial benefits of the ongoing Nilor Heights housing development.

According to reports, CDA Chairman Mohammad Usman and his staff will present the plans and explore the possibility of auctioning off certain commercial plots as both plans have the potential to bring in billions of rupees.

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In its briefing, the CDA would also advise the federal government that more property in Zone III would need to be purchased by the civic organization if it wished to create a Gandhara Enclave of more than 5,000 Kanal.

Similarly, the sources claimed that the Kuri housing plan may be built on 10,000 Kanal in the first phase which proves to be difficult due to long-standing and unresolved concerns with the people.

According to the authorities, the civic agency would have almost 2,000 acres of land valued in the billions of rupees after paying compensation and built-up property claims.

Besides, the federal government’s assistance for CDA, an official from the organization declared, “We will deliver and launch at least 2 housing schemes, with a concentration on flats, adding that, investors and developers would purchase the plots and be urged to construct residences.”

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