Lahore: Punjab Caretaker Chief Minister (CM) Mohsin Naqvi has ordered the revival of the Chief Minister’s Low-Cost Housing Scheme project for low low-income families in the province, news sources reported on February 18.
In order to better serve the needs of the populace, CM Naqvi also directed that the board of the Punjab Housing and Town Planning Agency (PHATA) be reconstituted as soon as possible to implement the low-cost housing scheme project. He said that the provision of interest interest-free loans for the low low-income families is the need of the hour to fulfil the demand for housing in the country. He also said that having a home is a basic human right and that the government should work to make this a reality.
The meeting was also informed of the partnership with the Akhuwat Foundation for the interest interest-free loan for the construction of houses smaller than 5- marla. It was informed that the Akhuwat Foundation was able to recover 100% of the PKR 200 million loans from families. The meeting also discussed increasing Akhuwat Foundation funding to PKR 800 million.
Previously, the government launched subsidised housing finance and low-cost housing projects in an attempt to bridge the housing shortfall in the country. However, owing to the turbulent economic climate and higher-than-usual market interest rates, it became impossible for the government to continue providing subsidies.
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.
