ISLAMABAD: The first housing project was inaugurated by the Prime Minister, Imran Khan, for the general public on Thursday.
Launched under the PTI government’s programme, ‘Naya Pakistan Housing Project (NPHP)’, the project is located on a piece of land, provided by Bahria Town on very minimal rates, as it already executing its housing scheme, informed director general of the Federal Government Employees Housing Foundation Wasim Bajwa after the inauguration ceremony.
The project is set to cater to 18,500 housing units/apartments, which would further be handed out to the low-income group on a mortgage basis.
“Not only the land but Bahria Town’s management will also construct 10,000 housing units in the same area later for NPHP,” as 1,785-Kanal land had been acquired from Bahria Town for the NPHP, briefed Mr. Bajwa. He added that the cost of the land would be given to Bahria Town after the sale of housing units.
The project was being executed in collaboration with Bahria Town under Corporate Social Responsibility (CSP). “It is the first housing scheme launched solely for the general public under NHHP as previous schemes, under NPHP, were meant for federal government employees with a meager share of the general public with a ratio of 70% share of employees and 30% of the general public,” he added.
Two to three banks, including the House Building Finance Corporation (HBFC), had been engaged and they would provide loans to individuals on an easy monthly installment of Rs10, 000, he further informed regarding the mortgage policy.
Due to the non-existence of foreclosure laws, it was one of the biggest hurdles in the way of the government’s housing programme as due to the lack of laws, banks are unable to sell out the mortgaged properties in case of default on loans, said Prime Minister Khan while inaugurating the project.
The government has carried out the project through a public-private partnership because the government itself had no funds for the execution of such projects alone. Out of 18,500 housing units, 10,000 would be constructed for those who had no finances to build their own houses. “The project will be completed in one to five years,” he revealed.
“Under the plan, half of the shanty settlements will be converted into the commercial area and half will be turned into low-cost apartments to be given to the dwellers of those areas so that they can have their own houses in their present locations,” he further briefed.
As per the Prime Minister, many foreign investors wished to make an investment in Pakistan’s housing sector. “This is beginning of a new housing era in which those who could not even thing for their own house will get it as committed by the government,” he added.