The government has decided to launch a residential project for overseas Pakistanis to attract around $2 billion in remittances and has earmarked 50 acres of land for the purpose.
In order to attract inflows, the government has considered a plan to hire global marketing companies to promote the scheme across the world.
The residential project for overseas Pakistanis will be launched at Park Road, Zone-4, Islamabad under the Roshan Digital Account initiative.
In a recent meeting, the Interior Division and Capital Development Authority (CDA) chairman briefed the cabinet that the remittances sent home by overseas Pakistanis formed an essential component of foreign currency reserves of Pakistan.
Therefore, it was imperative to facilitate them through the development of an efficient housing project, namely Park Enclave Heights (Overseas Enclave) on Park Road Islamabad.
CDA requested the Ministry of Interior to place the summary of the project before the cabinet.
The project is designed to be launched in two phases. Initially, it is expected to draw direct remittances of approximately $2 billion.
Nearly 6,000 smart apartments of different categories ranging from 970 square feet (one room) to 2,300 square feet (5 rooms) have been planned comprising staff dormitories along with a highly intelligent, integrated building management system for security, utilities and other civic amenities.
The estimated cost of the project is $700 million. The project will be executed through CDA subsidiary Islamabad Development Fund Limited (IDFL).
The cabinet, in the meeting, pointed out that state-of-the-art housing concept would bring a paradigm shift in the urban design practices of Islamabad.
In order to launch project of such a magnitude for the overseas Pakistanis residing throughout the world, the authority proposed that global marketing companies should be engaged for the promotion and sale of apartments.
These companies will be hired through an open advertisement under the Public Procurement Regulatory Authority (PPRA) rules. Applicants will be required to meet the selection criteria.
According to the criteria, the marketing companies will be engaged for the advertisement, marketing, sale and provision of all allied facilities to the prospective buyers.
At the time of submission of bids, each company will ensure its physical presence/ establishment of offices in at least two different locations, which must include the US, the UK, Gulf Cooperation Council (GCC) countries or Australia/ New Zealand.
According to the rules, 1% of the price of apartments sold by the companies will be paid as its commission charges in lieu of advertisement, marketing, sale and other allied facilities to be provided by the companies to the prospective buyers.
As the proof of sale, each company will provide/ submit to IDFL the applications of clients, along with all requisite documents and the initial deposit slip.
The project is specific to the overseas Pakistanis having Roshan Digital Accounts (RDAs).
An approved format of the application in a brochure will be provided by the authority to the marketing companies, which will be given to the eligible applicants, ie overseas Pakistanis having RDAs.
The companies will get the same printed and will also make it available to the applicants free of cost at their designated offices as well as on their websites.
The applicants will have the facility to submit their application forms to IDFL directly or through the marketing companies along with membership fee of $1,000 to be paid through the RDA.
The priority for first-come-first-served allotment will be determined on the basis of date and time of the deposit of membership fee.
It is pertinent to mention that exemption from the provisions of Islamabad Land Disposal Regulations 2005 would be required to adopt the aforementioned process of allotment on first-come-first-served basis.
The cabinet considered the summary titled “Residential Project for Overseas Pakistanis at Park Road, Zone-4, Islamabad under Roshan Digital Account Incentives” and approved it in principle.
Published in The Express Tribune, January 18th, 2022.
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