Dubai-based Emaar keen to invest in Naya Pakistan Housing Scheme

ISLAMABAD: Dubai-based developer Emaar shown interest in investing in the PTI government’s planned five million low cost housing units to tackle the country’s looming home deficit, a statement said on Friday.

A delegation of Emaar met with housing and works minister Chaudhry Tariq Bashir Cheema, and expressed interest to invest in the programme that aims to build five million homes for the poor.

“Both sides discussed the recently initiated innovative idea of constructing 5 million houses in Pakistan in order to fight against poverty in the country,” the statement added.

The minister said the government plans to house five million citizens in high-rise buildings, which are to be constructed across the country.

He said the government intends to construct five million affordable homes for the poor and vulnerable segments of the society over five years at any cost.

“The registration process has already begun,” Cheema informed the delegates. The government would complete all requirements to set up Naya Pakistan Housing Authority (NPHA), an apex body for the purpose, until the end of 2018.

Pakistan faces a serious housing deficit, especially for the lower-income groups.

The estimated urban housing backlog has been reported at around nine million units, with 350,000 units being added annually, according to the experts.

The highest demand was from the lower-income groups at 62 percent, followed by lower-middle income groups at 25 percent, and higher and upper middle income groups at 10 percent, urban experts say.

The government has recently expanded Naya Pakistan Housing Programme to 19 districts, including Sukkur, Quetta, Gilgit, Muzaffarabad, Swat, Islamabad, Faisalabad, Lahore, Multan, Rahim Yar Khan, Layyah, Bahawalpur, Vehari, Kasur, Sialkot, Jhelum, Gujranwala, DG Khan, and Muzaffargarh.

Cheema said Pakistan’s outlook for attracting foreign direct investment (FDI) in housing sector was improving day by day.

“Under Prime Minister Imran Khan’s directives, the ministry of housing and works, ministries of law and Finance have already hammered out a sustainable proposal that will be presented to the Prime Minister for approval,” he added.

Cheema further said the modalities and details were still being worked out.

“We are confident that the project will support other industries and is also going to have a positive impact on the economy,” he added.