Prime Minister Imran Khan on Thursday (today) performed ground breaking ceremony of Farash Town apartments under Naya Pakistan Housing Programme in Islamabad.
Expressing his views, PM Imran Khan underscored that 2,000 flats will be constructed under the project providing shelter to the underprivileged segments of the society including workers and labourers.
Furthermore, the premier highlighted that the government intends to convert the slums and equip them with the modern facilities including that of sanitation and sewerage. He said the slum dwellers will be given houses on proprietary rights.
PM Imran noted that mortgage facility has been introduced to provide loans to the people on easy installments so that they could construct the houses.
— Prime Minister's Office, Pakistan (@PakPMO) April 8, 2021
While addressing the difficulties faced by people in securing loans, the premier apprised that negotiations are continuing with the banks to remove any impediments.
Addressing the issue of investment, PM Imran said that the government is focusing on wealth creation projects to retire the country’s debt. He said these include Ravi City and Central Business District in Lahore whilst negotiations are being held with the Sindh government to develop the Bundal Island.
Naya Pakistan Housing Program will also uplift the thirty industries allied with the construction sector, he added.
The prime minister also praised Frontier Works Organization (FWO) for its significant contribution regarding the housing project.
Naya Pakistan Housing Program
Pakistan is currently facing an overall housing backlog of 11-12 million housing units. The urban housing shortage is estimated to be around 4 million. Pakistan’s urban population is one-third of the total population, which is expected to reach 50% by 2050. Most of the urban housing backlog is in low and lower-middle income segments of the population.
Federal government under PM Imran Khan launched the Naya Pakistan Housing Program to address the aforementioned crisis in Pakistan’s housing sector. The government has established Naya Pakistan Housing and Development Authority (NAPHDA) in January 2020 to fulfil its objective of delivering five million housing units with allied amenities to all citizens, especially focusing on the financially vulnerable and middle-income communities, as a measure of comprehensive socio-economic uplift. Thereby, reviving industrial growth and creating employment opportunities in the country.