Government to Launch Housing Scheme under Roshan Digital Accounts

 
 
 
Posted by: IIPS Category: Daily Insights Tags: Comments: 0

The Government of Pakistan plans to launch a residential real estate project for overseas Pakistanis to attract remittances. The plan is to allocate 50 acres of land for the project and hire global marketing companies to promote the scheme on an international scale. The residential project will be launched at Park Road, Zone-4 in Islamabad, under the Roshan Digital Accounts (RDA) initiative. The Capital Development Authority (CDA) has requested the interior ministry to place the summary of the project before the cabinet.

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. Therefore, it is important to facilitate these investments by providing lucrative residential investment options. The proposed project will be launched in two phases and will attract remittances worth 2 billion USD.

The project will be executed through the CDA subsidiary Islamabad Development Fund Limited (IDFL) and will cost 700 million USD. The project also aims to bring a shift in urban housing design practices.

CDA proposed that global marketing companies be engaged in promoting and selling apartments. These companies should be hired through an open advertisement policy under the Public Procurement Regulatory Authority (PPRA) rules.

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IMARAT Institute of Policy Studies

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