Minister for Information and Broadcasting Shibli Faraz while talking to the media revealed that the govt has decided to act as facilitator to help in the construction of low cost houses instead to constructing the houses.
Now the government will not construct houses under the Naya Pakistan Housing Scheme itself but will act as a facilitator for those who don’t have houses of their own. In this regard the government has convinced all banks to allocate five percent of their total loan portfolio for the low-cost housing scheme which amounts to Rs378 billion.
The government has introduced a system to complete all the processes in a short period – from 30 days to three months – depending on areas in big cities. The government has also successfully cleared foreclosure law from the court and limit of low-cost housing is Rs35 lac (3.5 million) including the cost of land.
The Ministry of Housing’s 11 pending projects have been reactivated and 35,725 units would be constructed with a cost of Rs140 billion. The ongoing six projects comprising 21,377 units are being constructed with a Rs210 billion cost and the cost of 14 projects of 54,061 units is Rs 272 billion. The reactivated projects would be completed by June 2021.
153,646 and 229,295 units costing Rs657 billion and Rs830 billion, respectively, will be completed by December 2021. The minister said that housing industry had been activated whose greater impact would be on overall economic activities. A boost to construction industry would put in motion more than 40 allied industries and create new employment opportunities.
