Prime Minister Imran Khan will lay the foundation-stone of a low-cost housing project under the Naya Pakistan Housing Program in Sargodha district today.
A total of 1,175 houses measuring three marlas each will be constructed at six places in Sargodha district.
Federal Minister for Science and Technology Chaudhry Fawad Hussain said the dream of the construction of five million houses was about to see the light of day.
اسلام آباد اور لاہور کے بعدآج وزیر اعظم @ImranKhanPTI سرگودھا میں ہزاروں گھروں کی تعمیر کے منصوبے کا آغاز کرنے جا رہی ہیں، وزیراعظم تعمیراتی پیکج کے تحت بینک لاکھوں گھروں کی تعمیر کیلئے قرضہ دے رہے ہیں، سیمنٹ کی فروخت اس وقت تاریخ کی بلند ترین سطح پر ہے،— Ch Fawad Hussain (@fawadchaudhry) April 14, 2021
Fawad said the “journey of progress would continue” and mentioned that under the government’s policy, the banks were giving mortgage for construction of millions of houses.
The Punjab government will provide land and other facilities for the project.
The construction work will be carried out by the Frontier Works Organization.
Bank of Punjab will take charge of the mortgage facility which will enable the deserving people to pay the total price of the house in easy installments.
For the allotment of houses in this project, the Naya Pakistan Housing Authority will allot houses to the deserving people through ballot.
Around 33,528 applications have been received by the government.
On March 26, the government announced that people borrow up to Rs 10 million to finance a house of 125 to 250 square yards (5 to 10 marla) or an apartment with a covered area of 2,000 square feet.
The government has doubled the amount people can borrow under the central bank’s markup subsidy for the housing finance scheme. The government has also doubled the limit for smaller houses, 125 square yards or apartments with a covered area of 1,250 square feet, to Rs6 million and removed price caps in both these categories.
It even slashed the markup rate to 3% for housing units that fall in projects approved by the Naya Pakistan Housing Development Authority, making it the most affordable among all categories.
Pakistan allots houses to 1,500 labourers, widows
On March 18, the PM inaugurated Labour Colony Phase-I and Phase-II in Islamabad on Thursday. The government allotted houses to 1,518 labourers and widows under the scheme.
People earning less than Rs500,000 were given ownership rights of these homes. Around 3,000 individuals registered themselves under the Workers Welfare Fund. Of them, 1,500 were handed over these houses and flats through a draw.
The project spreads over 2,560 acres of land and comprises 1,008 apartments and 500 houses. This project was launched before but was abandoned due to a lack of funds. The government collaborated with the Workers Welfare Fund and completed the project under the Naya Pakistan Housing Programme.