ISLAMABAD: Prime Minister Imran Khan on Wednesday laid the foundation stone for the construction of 20,000 housing units in seven projects at the cost of Rs100 billion in Islamabad.
Addressing the ground-breaking ceremony, the prime minister said this is just the beginning and the government will fulfill its promise to provide five million housing units. He said that the salaried persons cannot build their own houses but the project will enable them to get their own homes.
The prime minister said the government will facilitate the construction sector to help provide housing facilities to the people. He said the construction of houses will be undertaken by the private sector and the government will provide full facilitation in this task.
Appreciating the decision of Lahore High Court on foreclosure laws, the prime minister said this step will revolutionize the housing sector in Pakistan. He decried that housing financing in Pakistan is just 0.2 percent which is very low compared to many regional and international countries.
The prime minister said he realises the interest rate is quite high but it was necessary to contain inflation and deficits. However, he said the financial situation has improved in recent months and it will now be easier for people to construct homes after taking loans from banks.
PM Imran Khan said the government is taking steps to facilitate the construction sector by removing bottlenecks and impediments in their way. He said that the government has eased the laws regarding constructing skyscrapers and high-rise buildings in the country.
He said the Naya Pakistan Housing Authority will not only provide housing facilities to federal employees, but will also give strength to forty industries allied with the construction sector, and creating employment opportunities for youth.
Defending the vertical housing concept, the prime minister said new master plans of the cities will cater to the availability of green areas and land for farming and other activities. He announced that the government will launch mega projects in Karachi and Islamabad’s Blue Area.
PM Imran Khan said the proceeds obtained from the launching of Blue Area in Islamabad and two other commercial projects in other cities will be used to accommodate people of slums and shanty areas so that they get a decent living in vertical housing units.
Under the Prime Minister’s vision, these projects would not only provide residential facilities to those people who do not own any but also boost the construction sector in the country and will create job opportunities. Among these projects, six pertain to Federal Government Employees Housing Authority whereas one would be executed by the Pakistan Housing Authority Foundation.