Islamabad: According to news released on November 18, the Capital Development Authority (CDA) has given up on selling Nilore Heights to Overseas Pakistanis. To provide these dwelling units to the lower classes of society, the CDA has chosen to get back in touch with the Naya Pakistan Housing and Development Authority (NPHDA).
The project, estimated to be about PKR 31 billion, entails building more than 4,000 apartments in two stages on land that the CDA has acquired. 2,400 compact apartments, each averaging 779 square feet, make up the first phase. Construction is finished, with only finishing touches remaining. These sixty-ground-plus-four-story apartment blocks are divided among these units.
According to sources, the current management of the CDA has chosen to sell the 2,400 flats through the housing authority following the original plan. The CDA charges the authority for each flat in a non-commercial method, and an agreement between the NPHDA and CDA is anticipated to be signed soon. According to the sources, the authority would be required to make instalments of PKR 4 million for each apartment.
After being dubbed the "Farash Town" housing complex in 2021, the project's name was changed to Nilore Heights the year before. The 2,400 apartments were initially meant for the poorer classes of society; 2,000 were given to the NPHDA for additional distributions, and 400 were set aside for slum residents in the city, The second phase is presently under construction and is slated for commercial auction. The CDA plans to build 1,876 modern apartments ranging in size from 1,441 square feet to 1,876 square feet.
Earlier this year, the CDA took an unexpected turn and instead of allocating the 2,000 apartments to the low-income category as originally planned, chose to auction them off to abroad Pakistanis for USD 30,000 per. Legal objections to this ruling caused the May balloting to be postponed.