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Tuesday, May 21, 2024

Government to launch a residential project for overseas Pakistanis

The government has planned to create a residential project for Pakistanis living abroad in order to generate $2 billion in remittances and has set aside 50 acres of land for the project. The CDA requested that the Ministry of the Interior present the project overview to the cabinet.

The government is considering hiring global marketing firms to advertise the scheme around the world in order to attract inflows.

Under the Roshan Digital Account concept, a residential facility for abroad Pakistanis will be launched at Park Road, Zone-4, Islamabad.

The chairman of the Interior Division and Capital Development Authority (CDA) informed the cabinet recently that remittances brought home by abroad Pakistanis were an important component of Pakistan’s foreign currency reserves.

The CDA requested that the Ministry of the Interior present the project overview to the cabinet.

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The project will be implemented in two stages

It is estimated to generate $2 billion in direct remittances at first.

Staff dormitories, as well as a highly sophisticated, integrated building management system for security, utilities, and other civic amenities, have been planned for over 6,000 smart apartments in various categories ranging from 970 square feet (one room) to 2,300 square feet (5 rooms).

The project is expected to cost $700 million. The project will be implemented by the CDA’s Islamabad Development Fund.

In order to launch a project of such magnitude for the overseas Pakistanis residing throughout the world, the authority proposed that global marketing companies should be engaged in 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.

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How this project will take place?

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 guidelines, the companies will be paid 1% of the price of flats sold as commission fees in place of advertising, marketing, sales, and other allied services to be supplied by the companies to prospective buyers.

Each company will provide/ send to IDFL client applications, along with all required documentation and the initial deposit slip, as proof of sale.

The project is only for Pakistanis living in other countries who have Roshan Digital Accounts (RDAs).

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The authorities will offer marketing organizations an approved format of the application in the form of a booklet, which will be distributed to qualified applicants, i.e. abroad Pakistanis with RDAs.

The companies will print the same and make it available to the public.