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November 12, 2018

‘Rules being finalised for Naya Pakistan Housing project’

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November 12, 2018

Islamabad: The Ministry of Housing and Works is finalising rules for public-private partnership in the Naya Pakistan Housing project, which would be started through key contribution of private sector with the role of government as a regulator. It is the agenda of Prime Minister of Pakistan to ensure shelter to the poor of the country at affordable prices and a committee involving all stakeholders have been constituted in this regard, an official source at the Ministry of Housing and Works told this agency on Sunday. He said that committee constituted by the Prime Minister had worked a lot on this project with special focus on finance model, legal framework and land book.

A task force, he said, had been formed and national and international investors had shown great interest in this project. This task force has the representation from the State Bank, Commercial Bank, Ministry of Housing and Works and Pakistan Housing Foundation and other relevant organizations. He said that paper work had been completed and seven cities were selected for registration for pilot project.

The committee would collect information in these cities about living standard of people and their interest towards such housing project, the source added. It was told that registration forms are being submitted while separate application would have to be submitted for getting house.

He said that several industries would be involved in this project and people would get maximum employment opportunities. He said that UAE and China have also shown interest in this project and international investors would be welcomed.

It was told that each house would have an area of three to five marlas while a separate house model for slum areas with two rooms, kitchen and small corridor is being prepared. The source said that people would be also given interest free loans for the construction of houses.

The duration for payment of loan would be 15-20 years and Rs5000 to Rs6000would be received as installment on monthly basis. The complete framework would be finalized till December 10 and the government would not have to spend a single penny on this project, he added.

At present, he said there are 31.96 million house in Pakistan and still there is need of about 12 million houses at present. He said there was demand of around seven million houses per annum while 2.5 million houses were being constructed presently.

The share of loan for houses in Pakistan, he said, was only 0.25 per cent while this ratio was 80 per cent in European countries and 3.4 per cent in South Asia.

A Naya Pakistan Housing Authority had been constituted which would facilitate the Ministry of Housing and Works and all ambiguities related to project would be resolve through mutual efforts, the source concluded.

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