Islamabad: Prime Minister Imran Khan Launched the Naya Pakistan Housing authority in mid-October. This project aims to provide a one-window operation to the industry for the construction of five million houses. The PM said that this scheme will attract foreign investors, create employment opportunities and bring prosperity to the country because it will directly affect more than 40 different industries linked to this sector.
The PM stated that this scheme will be different from the housing schemes launched by previous governments because it will not target only the elite class or people with money, rather here it will be encouraged that people take loans and construct their own houses just like it happens abroad. Currently only 0.25 percent people take loans for construction of houses.
Within the next 5 years the NPHA will construct five million houses for ordinary and salaried class people who are earning 10 to 25 thousand per month. Moreover this project will carve out millions of jobs for the unemployed youth by affecting more than 40 industries that will benefit from the construction of these houses. The PM has decided that he will personally look after the operations of this society. The NPHA will be set up within the next 90 days while a 17 member task force has been assigned to expedite the process
This projected is expected to attract substantial foreign investments. The secretary housing has even hinted at $20 billion investment in the sector. The government’s role will be of a facilitator and it will try to develop public-private partnership.
A pilot project will be started in 60 districts for registration campaigns to gather information about those who intend to register themselves for the government housing scheme. The registration campaign will be for 60 days while the registration for federal government housing scheme was started on 11th October 2018
Currently there is no financing model for mortgage and the government has been directed to set up a national financial regulation body with the help of State Bank of Pakistan to deal with hindrances. A framework will be ready in 60 days for legislation