Islamabad, On Wednesday, the 17th of March, a meeting of the Economic Coordination Committee (ECC) chaired by Finance Minister Dr. Abdul Hafeez Sheikh approved the stipulated revised eligibility criteria, subsidy structure, and public-private partnership for the government’s Naya Pakistan Housing Programme (NPHP).
The ECC also approved the payment mechanism for cost subsidy against 100,000 housing units to be constructed in phase one by the Naya Pakistan Housing and Development Authority (NAPHDA) by the end of the year.
The chairman NAPHDA, Lt. General (R) Anwar Ali Hyder presented a revised eligibility criterion for the selection of applicants, modalities, and other incentives in accordance with the special incentive package for Housing and Construction sector, announced by the Prime Minister in July 2020.
The committee urged the development authority to facilitate access to housing finance at affordable rates for expanding housing ownership in accordance with the vision of the PM. This will allow for low- and middle-income groups to avail this housing facility.
The revision, as recommended by the State Bank of Pakistan, in key parameters of mark-up subsidy for housing finance was also approved. This would ensure greater participation and greater access to quality housing at an affordable price, with a relatively relaxed eligibility criterion.
It must be remembered that the public and private sectors of the country have offered 189 sites to build low-cost housing units to provide affordable accommodation for the lower middle class under Naya Pakistan Housing Programme (NPHP).
According to the Ministry of Housing and Works, out of the total of 189, 57 sites have been offered by private sectors to build around 104,912 houses and the remaining 132 sites have been offered by the government sectors which are being evaluated.
The incumbent government intends to build a total of five million housing units to cater to the needs of the homeless and low-income people in the country.
According to an officer at the ministry, 6769 houses have been completed under various schemes. The revised eligibility criteria will expand the net of NPHP to have more people covered.