- November 23, 2023
- Posted by: Muhammad Afzaal
- Category: RBS News
The Capital Development Authority (CDA) no longer intends to sell the apartments in its Nilore Heights Project originally reserved for low-income individuals to overseas Pakistanis, according to the news reported on November 18.
The CDA has decided to renew talks with the Naya Pakistan Housing and Development Authority to sell these houses to low and middle-income earners.
Read: CDA’s Financial Center Is In The Process Of Obtaining Fast-Track Approval For The Building Plans
The project is valued at PKR 31 billion and entails the construction of a total of above 4000 units on CDA acquitted land that would be in 2 phases. The first phase includes 2,400 small apartments of 779 square feet each, completed and only finishing work. These sixty blocks of ground-plus-four stores accommodate the apartments.
According to some sources, the management of the CDA has decided to sell off the 2,400 apartments through the housing authority, as initially planned. The CDA expects to sign an agreement with NPHDA in a non-commercial approach to charge the authority for each apartment. The sources show that the amount of PKR 4 million per apartment will be in terms of installments.
CDA Finalized Both Parties Agreement
A CDA official noted, ‘It has not finalized yet, and soon both parties put their signatures to the draft agreement.’
In the year 2021, the project was first known as the ‘Farash Town’ apartment scheme but in 2020, it changed to the Nilore Heights. The 2,400 apartments were for society’s lower strata, of which 2,000 were apartments. These apartments were for NPHDA and 400 for city slum dwellers. Phase 2, underway, is for commercial auction and CDA intends to build 1,876 modern flats and apartments from compact to 1,441 sqft.
Earlier this year, the CDA took a surprising turn by auctioning 2,000 apartments to overseas Pakistanis for US$ 30,000 each. This contrary to the initial plan of earmarking them for the low-income group. The decision was challenging in court, leading to the postponement of the planned balloting in May.
Read: CDA Signs An Agreement With Sector C-16 Islamabad
CDA chairman Anwarul Haq saw the issue and put NPHDA first by demanding the apartments. These apartments given to intended poor recipients instead of conducting a commercial auction. In May, PM Shehbaz Sharif asked for an inquiry against CDA on launching the overseas Pakistanis scheme despite legal concerns.
The sources further indicate that the chairman instructed the engineering section to seek ways. These ways help to make it possible for the number of houses to increase from nine to thirteen in the second phase. Thus in order to make the total apartments under the scheme rise to 2,500.