Islamabad: Prime Minister (PM) Imran Khan has announced that the construction of five million homes will begin in April under the Naya Pakistan Housing Programme (NPHP), a news source reported. He added that the World Bank (WB) and the State Bank of Pakistan (SBP) will provide valuable financial assistance for this purpose.
PM Khan also told the government is also seeking the private sector’s help for the low-cost housing initiative. He said that the private sector should engage actively in this programme.
The PM informed that Chinese and Malaysian companies have expressed their interest in NPHP. He also lauded the response of the overseas Pakistanis.
The low-cost housing initiative will positively impact the country’s economy, the PM told. He added that the economy will improve as more than 40 industries are directly related to housing.
While briefing the International Conference on Housing, PM Khan told that government is formulating foreclosure laws in collaboration with the central bank. He said this will compensate the lack of mortgage facilities for low-income groups in the country.
He added that the housing scheme will experience an incremental increase each year after its launch. He commented that government will merely play its role as a facilitator as the private sector will help in achieving this huge goal.
In further details, PM Khan said that concealing of land ownership would be declared as a criminal offence, and government plans to uplift the squatter settlements in Pakistan.
