Prime Minister Imran Khan has expressed his government’s commitment to provide housing to people at affordable rates.
He was addressing a ceremony after laying the foundation stone of Naya Pakistan Housing Program at a site near Islamabad this afternoon.
The Prime Minister said the housing units will be built on public-private partnership basis wherein the government will provide land and the private sector will construct housing units.
Imran Khan said 18,500 housing units will be built on this site, of which 10,000 will be allocated to people with lower income background.
He said balloting will be held to choose the eligible people keeping in view the large number of applicants. The project is expected to be completed in one and half years’ time.
The Prime Minister said the number of people availing credit from banks for constructing their houses is very limited as mortgage practice is not very common in Pakistan’s banking system.
He said the government is working on a foreclosure law to promote the culture of housing mortgage as is the practice in many countries of the world.
Imran Khan said the Naya Pakistan Housing Program will enable government servants and other people to get house at affordable installments.
In Karachi, around 30% to 40% of the people live in informal settlements. “We will build houses for those people too.”
The premier remarked that 0.2% of the people will be able to take loans for building houses too.