Building a home is a major goal for Overseas Pakistanis that toil in foreign lands away from their loved ones in Pakistan. The Capital Development Authority is offering safe investment options in Islamabad property for Overseas Pakistanis that have wanted to invest in a plot in Islamabad or a house in Islamabad. Now Overseas Pakistanis desirous of owning a plot in Islamabad or a house in Islamabad have the Nilore Overseas Residencia by CDA to own an apartment in Islamabad.
A very tiny number of the estimated 9 million Overseas Pakistanis are expected to benefit from Nilore Overseas Residencia Phase 1, earlier known as Nilore Heights Phase 1 originally launched by Imran Khan’s government, nearing possession by the Capital Development Authority. Reportedly, CDA has received 6000 applications from 81 countries where Overseas Pakistanis are residing. Phase 1 of Nilore Overseas Residencia is offering only 2000 apartments at this stage. Computerized balloting for the Nilore Overseas Residencia was earlier officially advertised to happen on May 16 2023. However, the Finance Minister Ishaq Dar has requested to hold the ballot before May 8 2023. No updated announcement has been made by CDA yet in this regard.
Last date for registration of Nilore Overseas Residencia Phase 1 is May 4, 2023.
Who is the target market for Nilore Overseas Residencia Phase 1?
The immediate focus seems to be on mid-income Overseas Pakistanis that can afford to buy a plot in Islamabad or a house in Islamabad in the sub Rs.1 crore range. A two-bedroom apartment in Nilore Overseas Residencia is on offer to Overseas Pakistanis for USD 30,000. This equates to approximately 84 Lakh Rupees or Rs 8.4 million at an average of Rs 280 per US Dollar exchange rate.
Is Nilore Overseas Residencia good for investment?
For the targeted mid-income Overseas Pakistanis that do not have the knowledge, time, or local representation to look for the most competitive real estate investment option, the Nilore Overseas Residencia by CDA is basically a safe investment. With the forever increasing population of Islamabad an investment into a safe and quality-built project like Nilore Overseas Residencia will essentially increase in value over time from a pure investment viewpoint and/or rental income. However, the increase in apartment value will be in the low to moderate range because it is located far away from the city center in a low-middle class residential area called Farash which is still a sub-urban town development. The original Farash Village settlement is nearby which was earlier a village that has haphazardly grown. In fact, naming this project after the Nilore area is misleading because Nilore is located about 4 kilometers further ahead on Lehtrar road. Maybe it is because Nilore sounds more exotic than Farash which carries with itself a dated desi feel. However, this may not be of practical concern because both Farash and Nilore are not that far apart or have the same middle class demographics.
Only those Overseas Pakistanis will be allotted apartments in the May 16 balloting that complete their payments timely.
Nilore Overseas Residencia Phase 1: Project Details
The Nilore Overseas Residencia Phase 1 is a two-bedroom apartments complex project by the Capital Development Authority. This project is exclusively marketed and sold to Overseas Pakistanis with a valid NICOP (Pakistan Origin Card) and/or dual nationality holding Pakistanis. The first phase of the Nilore Overseas Residencia is near completion. CDA has announced the possession of the two-bedroom apartments in July 2023 for the successful Overseas Pakistanis in the May 8 or May 16 computerized balloting. However, the Overseas Pakistanis that are successful in the computerized ballot for Nilore Overseas Residencia Apartments will have to meet additional requirements provided later this page.
Online application for a 2 bed apartment in Nilore Overseas Residencia Phase 1 can be made till May 4 2023 at CDA Overseas e-services page. Note that this page shows as empty when no booking is active.
How many apartments are in Nilore Overseas Residencia Phase 1 Islamabad?
Phase 1 of Nilore Overseas Residencia is offering 2000 apartments of 2 bedrooms each. There are 50 Apartment Buildings or Apartment Blocks in total. Each apartment block has 40 apartments spread across 5 floors. Each floor has a total of 8 apartments. All the apartment floors are accessible through staircases from the middle and both sides of the apartment block. There are no apartment elevators marked on the CDA issued floor plan.
Size of 2 Bedroom Apartments in Nilore Overseas Residencia Phase 1:
- Total Covered Area: 779 Sq.Ft.
- Covered Area of One Flat: 650 Sq.Ft.
- Circulation Area: 129 Sq.Ft.
What is the location of Nilore Overseas Residencia Phase 1 Islamabad?
Nilore Overseas Residencia Phase-1 is located within Zone 4 of Islamabad, beside Frash Town, that does not have a main opening on Lehtrar Road. An access road runs through private land. However, this does not pose any logistical access issue for the residents of Nilore Overseas Residencia. It is just that Nilore Overseas Residencia does not have the cosmetics of a grand entrance on the main Lehtrar Road that many private housing societies try to boast for premium image building. It is accessible from Islamabad Expressway and Srinagar Highway. The Nilore area, that lies about 4 kilometers ahead on Lehtrar Road will also get access via the Tourism Highway that in under construction and will take 2-3 years for completion.
Is Nilore Overseas Residencia Phase 1 Islamabad a luxury residence?
Nilore Overseas Residencia Phase 1 is a middle-tier development. It does not fall in the luxury category for the following reasons:
A. Lack of standard features for a luxury apartment complex
- The apartment buildings do not have passenger and/or cargo lifts.
- The are no garbage chutes installed in the buildings.
- There is no roof-garden, gym, swimming pool, café and kids play area within the building.
- There is no central air-conditioning installed in the apartment buildings.
- The CDA brochure does not mention a concierge and/or reception at each apartment building.
B. Located in a middle-income residential locality:
- The adjoining Frash Town is a middle-income category housing society.
- Other neighboring settlements are primarily local villages that have grown haphazardly.
What is the eligibility to apply for Nilore Overseas Residencia Phase 1 Islamabad?
Only Overseas Pakistanis – holders of valid Pakistan Origin Card (NICOP) and/or dual Pakistani Nationality holders can apply for apartments at Nilore Overseas Pakistanis Residencia Phase 1. Each applicant can submit multiple applications. A separate registration fee of USD 50 will be charged for each application.
What is the total payment for each 2 Bedroom Apartment at Nilore Overseas Residencia Phase 1?
The total payment for each 2 Bedroom Apartment at Nilore Overseas Residencia is USD 30,000. The payment is payable through banking channels in United States Dollars only. A discount of 5% (USD 1500) is available for balloting-winning applicants, that will deposit the final balance payment of 75% (USD 22,500) within 30 days of the first installment. For regular paying applicants the total payment must be made in 3 installments:
Regular Installment Plan:
- First Installment/downpayment: USD 7500 (25%) within 15 days of winning the computerized balloting and issuance of Provisional Offer Letter. If the first installment is not paid in time the Provisional Offer Letter will be considered invalid.
- Second Installment: USD 10,500 (35%) by June 15, 2023.
- Third and Last Installment: USD 12,000 (40%) on possession date July 31, 2023.
However, it must be noted that CDA has declared a possible increase in price of the apartments based on the following conditions:
- The actual size of the apartment to be determined at the time of possession.
- In case of an increase in construction costs, 30% of the total increase will be payable by the applicant/allottee.
How to avoid allotment cancellation and fee penalties for the Nilore Overseas Residencia Phase 1?
- Non-payment of the downpayment or installments may result in cancellation of the allotment without any notice.
- Late payment of any of the installments may attract late payment charges as determined by the Finance Wing of CDA.
- CDA will deduct USD 3000 (10% of the total price of the apartment), if the allottee cancels or surrenders the apartment, any time after payment of the first installment/downpayment.
Transparency issues with the balloting terms of Nilore Overseas Residencia Phase 1 Islamabad
- The CDA Balloting Committee may exclude some apartments from the balloting. This means that premium apartments with the best views may be excluded from balloting and later sold at higher rates by CDA.
- The CDA Balloting Committee may change any of the current terms and conditions. This may even include increasing the base price from USD 30,000.
- The balloting result itself will not be considered final unless approved by the CDA Board. This raises questions on the reliability of computerized balloting.
What is the importance of Nilore Overseas Residencia for attracting investment from Overseas Pakistanis?
Despite the tiny size of Nilore Overseas Residencia Phase 1, Islamabad, it is of utmost importance to establish trust with the Overseas Pakistani community. All Government of Pakistan and Capital Development Authority sponsored future projects for investment into Pakistan in the real estate industry or other economic spheres will be impacted with a transparent, quality-assured, and timely delivery of Nilore Overseas Residencia. A seal of approval by Overseas Pakistanis for Nilore Overseas Residencia will also endorse the Capital Development Authority as a capable city manager to deliver more real estate investment projects in the future. However, it is critical to engage an array of reputable private sector construction and engineering firms to expand the scope of real estate investment across Pakistan. Only a mix of public-private partnership or purely private development framework can hope to start addressing real estate investment potential of over 9 million Overseas Pakistanis. Reliance on a single government lead construction organization like the Frontier Works Organization (FWO) to grow the real estate economy of Pakistan would be a mistake – repeated.
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