KARACHI, March 28: Two Dubai based real estate developers are going to invest up to $1.8 billion during next five to six years in the development and housing schemes of the Defence Housing Authority, Islamabad. Similarly, a Malaysian consultancy firm have taken up different development jobs and is presently building family club at an estimated cost of Rs1.13 billion. US based Pakistani doctors are investing $15 million in a hospital to provide the state of the art medical and surgical facilities in the DHAI. This was stated by Brigadier (Rtd) Zahid Waheed Butt administrator DHAI at a news briefing held on Monday in a local hotel. The DHAI has put up big stall at the International Trade and Industries Fair at Export Centre.
Giving the name of one of the developments the DHAI administrator said that the other who has already singed Memorandum of Understanding (MoU) has requested not to disclose the name prematurely. He said that Al-Ghurair Giga which is one of the biggest real estate developers in the world has entered into an agreement with the authority to develop high rise apartments at a cost of Rs44 billion ($800 million).
He said the Al-Ghurair group would start the construction work on these high rise luxury and semi-luxury apartments from May or June this year and each block would have 20 to 30 floors. The group has taken 40 acres from the DHAI and in many projects there is partnership and some are going to be solely developed by the group.
The other developer who has requested to keep the name undisclosed and has already signed MoU is going to invest $1 billion during next five to six years in the developing housing scheme and commercial areas in different phases of the DHAI. The group is going to acquire 2500 acres of land along the G T Road and develop a huge commercial area as well.
However, he said both the developers have already committed the investment amount and in coming month DHAI will finalize the agreement with the other group who is presently reluctant to disclose the name.
Mr Butt said that the name of G T Road at a portion where the group is going to develop large commercial area at a cost of Rs2.5 billion will be changed to Shah-e-Al-Nahayyan. They will also construct houses and dispose them of to sellers which will need around Rs40 billion.
The DHAI chief said that the Malaysian consultancy firm which is already working on family club having a cost of Rs1.13 billion will also develop utility areas such as schools, mosques, market places and play ground. He said that the company will also enter into mortgage business for housing schemes.
Responding to a question, he said that after becoming an autonomous body on being declared as authority by the government not only the development work will become faster but also its members will get their papers processed at speedy pace. In the mast Brig (r) Zahid Waheed Butt said our members have to deal with two entities that is Capital Development Authority (CDA) and Rawalpindi Development Authority.
However, after being declared as authority, he said now the DHAI falls under the perview of CDA and all documents will be processed by them.
He said that on May 10, the authority will invite applications for allotment of plot in its Phase II extension and by the end of the month balloting will be done.
Mr Butt said that 12 categories of applicants are eligible for participating in balloting, including senior citizen, retired army officers, government and semi-government officials and professionals, like doctors, lawyers.
He further said that plot which is presently being sold at Rs4 million in the open market will be given through balloting at Rs1 million which will include Rs500,000 cost of land and Rs500,000 for development work which could be paid in six equal instalments.