Today’s blog will focus on real estate ventures or housing societies for overseas Pakistani.
The reports from different sources show that the remittances in Morocco, India, Mediterranean countries, and Pakistan are increasing. It means that Pakistanis living abroad send money home to help their families and the nation on the whole. Remittances have an indirect impact on a country’s development. Families of Pakistanis living abroad will either spend it right away or save it for later use. The last option of utilizing the money is to invest it somewhere.
According to the State Bank of Pakistan, Remittances to Pakistan are $21.84 billion between 2019 and 2020. Around 62% of this money is spent for family consumption, 16% goes to financial investments (bonds, shares, etc.), and the remaining 22% is directed to the real estate sector and housing. Now that property taxes for overseas Pakistanis have been cut, it is high time for them to direct their real estate investment in Pakistan.
We will treat the housing societies for overseas Pakistani: housing societies by Government and by private developers.
Overseas Pakistani Foundation (OPF)
This is the government’s initiative to empower overseas Pakistani and encourage them to send more and invest more in Pakistan. OPF provides different services to people living abroad. But the most prominent one is the housing societies for overseas Pakistani. The web of these housing societies spreads over the country. The government has built these housing societies in Islamabad, Lahore, Larkana, Mirpur, Peshawar, Gujrat, and Dadu. The plots have been allotted to several people up till now.
The foundation has a service called ‘Naya Pakistan Calling’ which is going to be the overseas Pakistani portal.
Now let’s move on to the private sector providing accommodation blocks to overseas Pakistani.
Blue World City Overseas Block
The Blue World City overseas block was built to entice Pakistanis from abroad to visit and invest in the region. Since it is situated alongside the main boulevard, the block is opulent. It has been attempted to provide access to almost all services to the inhabitants of this block. Large swaths of land have been set aside for parks and greenery. RDA has given its approval to Blue World City’s Overseas Block. So, this housing society for overseas Pakistani can be trusted, and they can put their money to good use here.
Capital Smart City Overseas Block
Capital Smart City Islamabad is in close proximity to the Islamabad International Airport. The Gate Precinct provides security for Pakistan’s first-ever smart city. The Capital Smart City aims to accommodate the locals and be the only demanded housing society for overseas Pakistani. The Capital Smart City initiated the most premium overseas block within its area. The plots in the overseas block are at height, and the residents can view the beautiful and fresh environment of the smart city from there. The lakes, Chahan Dam, Khairi Murat hills are the view to die for. The overseas Pakistanis are encouraged to invest here by its potential to generate high profits and because it is announced legal by RDA. Simply put it is an overseas Pakistani investment opportunity.
Bahria Town Karachi Overseas Block
All of us are well aware of the fast-paced life and the constant hustle-bustle there. The noise and traffic congestion can sometimes become tedious to cope with. So, the Bahria Town developers, after the success of multiple projects, launched Bahria Town Karachi. Here they allocated an area for the overseas block to facilitate overseas Pakistani. The peaceful and serene environment of Bahria Town Karachi overseas block makes it a premium location. The owners promise to provide security to the residents and a better electricity supply system that will ensure no load shedding.
Water rides, Theme Parks, and play lands are as well the key features.
Park View Villas Lahore Overseas Block
Lahore is home to Park View Villas. They were originally built to serve the general public. But due to high demand and LDA approval, the Park View Villas expanded to include an overseas block. This zone will then serve the needs of overseas Pakistani buying property in Pakistan. The Park View Villas is accessible via the Lahore-Multan road. It allows visitors from both intercity and intra-cities to access the project. The Thokar Niaz Baig interchange is 3 kilometers away from society. The developers aim to provide every possible facility to the residents.
Lahore Smart City Overseas Pakistani Block
Lahore Smart City has also begun construction on an overseas block to accommodate Pakistanis living abroad. Plot cuttings of 5 Marla, 10 Marla, and 20 Marla are available in the block. The price gap between the executive block and the overseas block is just PKR 10,000. Showing that the developers do not plan to cash in on potential clients solely based on the label “overseas block.” The extra PKR 10,000 fee, on the other hand, is for the facilities, services, and amenities to the overseas Pakistani. The Lahore Smart City is the second Smart city of Pakistan after the one in Islamabad. IT has its NOC approved by LDA.
Finally, a host of housing societies have joined the competition to cater to the needs of overseas Pakistani. This is because they were able to recognize the niche’s ability to produce significant income for them. And that the overseas Pakistani property investment is going to rise in the coming times. However, you should do your homework to know where you should invest. If you don’t get it, make an appointment with Makeen Marketing for consultancy and other real estate services.