Islamabad: Urban centres in Pakistan are facing a shortage of planned residential units which, in turn, is creating urban slums, illegal habitats, and unplanned constructions, a news source quoted Prime Minister’s Task Force on Housing Chairman Zaigham Mahmood. He was speaking at an event held in connection with the launch of a study, Enhancing Builder Finance in Pakistan, published by Karandaaz Pakistan and funded by the UK Government’s Department for International Development (DFID)
Mahmood said such mushroom growth was adding to the already existing problem of urban housing shortages in major cities. He called on the stakeholders to collaborate in addressing affordable housing challenges.
The government plans to construct about five million low-cost residential units under its ambitious Naya Pakistan Housing Programme (NPHP) in five years. Departments concerned, overseen by a 17-member task force, are currently finalising the legal and technical frameworks. A land bank of one million kanals has already been acquired for the purpose.
The government is also in talks with financial institutions to provide interest-free loans for the housing programme. The houses will be offered on a 20-year payment plan where the monthly instalments will be as high as PKR 18,564. The applicants will be required to pay 20% of the total amount as a down payment. Those who own a piece of land will be able to get a bank loan of PKR 600,000.
