FWO may get $700m Residential Project for Overseas Pakistanis
Ibn-e-Ameer
Frontier Works Organization (FWO) is set to get a US$ 700 million contract of Residential Project contract for Overseas Pakistanis.
Interior Division proposed the cabinet in a recent meeting to award a multimillion dollars contract to FWO.
It will execute the project in Design and Build mode in accordance with PPRA Rule 21.
The government will award the contract to FWO by revoking emergency clause keeping in view the urgency for encouraging foreign direct investment and priority to meet the deadlines.
The interior division will also follow the necessary processes subsequent to the approval of the Federal Cabinet.
In view of the foregoing, CDA proposed the following for approval of the Cabinet considering the project would provide an impetus to the economy and medium for providing services to the overseas Pakistanis.
Application Process for Overseas Pakistanis
The Interior division had also proposed an application process that is RDA compliant so that all applicants could receive the benefits of the RDA facility on a first come first serve basis.
Subsequently, allocation of apartments/flats would be through a transparent balloting process to be conducted by NADRA.
During the discussion, while appreciating the initiative of CDA, the cabinet members enquired about any mechanism to guard against early repatriation of remittances.
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Furthermore, the Interior division clarified that restriction of 3 years, as was in Roshan Digital Account, would be applicable in the instant case as well.
Alluding to the residency schemes offered by many countries to attract investment, it highlighted that Afghan businessmen were relocating to countries like Turkey and Malaysia’.
Residential Scheme for Afghan Investors
Additionally, participants of the meeting asked to introduce such a scheme by Pakistan to rope in Afghan investors, as it enjoyed the advantage of close proximity.
Meanwhile, Participants of the meeting also pointed out that at present government of Pakistan did not allow foreigners to buy land/properties in Pakistan.
They stressed the need of reviewing it as there was a tremendous interest among the Sikh diaspora to buy properties in Pakistan to frequently visit their Holy places.
The cabinet considered the summary titled ‘Residential project for Overseas Pakistanis at park Road, Zone-4, Islamabad under Roshan Digital Account Incentives and approved, in principle.
Cabinet directed to follow all codal formalities for invoking Section 21 of the PPRA Ordinance to execute the project by FWO.
Moreover, the government has designed a project to launch in two phases. In the first phase, it will attract a direct remittance of around USD 2 billion.
Under a project, CDA will build around 6000 smart apartments of different categories. They will be ranging from 970 sq. ft. (one room) to 2300 sq. ft. (5 room). The estimated cost of the project stands at USD 700 Million.
