News Desk |
Prime Minister Imran Khan performed on Saturday the groundbreaking of Naya Pakistan Housing Programme in Okara. After inaugurating the scheme in Renala Khurd located in Punjab’s Okara district, PM Khan said that providing the basic necessities to the masses is the responsibility of state.
“This housing society will give a chance to those who could never imagine owning a house of their own,” Khan said, adding “we are taking steps to uplift the weak segments of the society. The government is committed to providing basic facilities to the masses.”
In his speech, Khan said that the five million homes for the segment of the population who can’t buy homes will be built in five years, adding that the government wants to bring in a mortgage system like in the west.
While elaborating the scope of the housing project which is to be spread to the whole country, PM Khan said that the private sector will invest in this mega project and the government would play the role of facilitator. He said that several foreign companies have taken interest in investing in the housing sector.
He expressed that the project will gather pace with each passing year as Naya Pakistan Housing Authority has been established and all the hurdles in the way have been removed with amendments in the rules and regulations of State Bank of Pakistan.
“The government is also bringing a program for katchi abadies in which these slums will be converted into flats where people will have access to basic amenities including water, electricity and sewerage,” he shared.
In addition, the PM said the government was executing difficult projects which the previous governments failed to undertake. Highlighting economic activity and job opportunities for the youth in future, he said that the mega project would uplift forty industries connected to the construction business as well as enable the youth to establish construction companies.
“Only the societies that care about its less privileged progress,” Khan said, adding that the state of Medina was the first welfare state and the system in several European countries was based on the one brought by Prophet Mohammad in Medina. He further said that there was no money in the state of Medina but God helped them because they had percipience for the low-income segments of society.
The Punjab cabinet has already approved the release of five billion rupees to the Punjab Housing and Town Planning Agency for the Naya Pakistan Housing Programme.
How will the Naya Pakistan Housing Scheme Work
All land titles will be verified by the authority, land will be acquired by the authority, the authority with the help of builders and developers will decide what product is needed for the market on the basis of the data which the authority would have collected and market study.
Secondly the authority will also ensure that the necessary infrastructure needed for the project is in place before the scheme is launched which means access, water, sewerage, electricity etc. Builders will compete to provide the best possible price to the end consumer through a reverse auction/ e-auction.
The houses will be given to the end consumers on first come first basis. The projects will be completed by the builders by their or own funds or through obtaining loans obtained by the builders for the project. These loans will be repaid by the builders with the accrued interest till the date he has handed over the project to the end consumer.
Read more: Why did Imran Khan replace Asad Umar?
This financing scheme will ensure that the projects are completed in shortest possible time. The end consumer is saved from the financial cost. The price of the land would be not paid by the builder the price of the land would be recovered from the end consumers. The title of the land will be transferred to the bank which will transfer the land to the condominium corporation once the loan is repaid.
The end consumers will have to pay only 20% of the unit price during the construction period but before they would have to obtain financing approval for 80% of the amount for loan from a commercial bank. This loan will be repaid by the homeowner over a period of twenty years. The objective is to bring the installment as close as possible to the rent they are currently paying.
PM meets CM, Governor
Earlier, the PM held separate meetings with Punjab Chief Minister Usman Buzdar, Punjab Governor Chaudhary Muhammad Sarwar and the Director-General Anti-Corruption Ejaz Hussain Shah to discuss important matters.
According to media reports, the PM has vowed to eliminate corruption from Pakistan saying it was the top priority of the Pakistan Tehreek-e-Insaf (PTI) government.
Khan said corruption had not only destroyed Pakistan’s economy but also institutions of the country, adding lives of ordinary Pakistanis had been affected due to corruption. He said progress could not take place in Pakistan with corruption.