Karachi: The developers of Naya Nazimabad will be launching a 3000 apartments project in the port city Karachi with a 20-year mortgage plan, news sources reported. The programme will be launched after the Eid-ul-Adha.
According to the sources, the Naya Nazimabad Developers Javedan Corporation will be developing the project in collaboration with the major banks and REITs. Some of the biggest REITs include Habib Equity, which owns 26.6 % of Javedan Corporation, Arif Habib Corp, which owns 7.45 %, and Arif Habib personally owns a 5.76 % share of the company.
Furthermore, according to the intended plan, the owner will have to pay 20% of the apartment worth, while the rest of the payment will be made by the banks, and the owner would have to pay the bank in simple monthly instalments over a 20-year period. In this regard, the Mortgage Refinance Company will make cash available to banks for mortgage facilities. The project’s developers, Javedan Corporation, previously constructed the Naya Nazimabad Project and sold 6500 residential and commercial plots in the phase 1 of the venture.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
