Launches low-cost housing scheme in Sargodha
Prime Minister Imran Khan inaugurated a peri-urban, low-cost housing project in Sargodha on Wednesday. Peri-urban areas are located close to cities.
“The aim of the project is to enable middle and lower-income groups to buy their own houses,” he said at the launch Wednesday in Sargodha. “Mortgage financing in Pakistan is targeted towards people from rural and semi-urban areas.”
Under the new project, people can buy their own house on monthly installments of Rs10,000 which will last 10 years.
“We have been late to this,” he pointed out. “A lack of housing has led to an increase in shantytowns across the country.”
In Karachi, at least 40% of the population lives in informal settlements, according to some estimates.
The low-cost housing programme has been launched in 31 tehsils across Punjab. “Our aim is to start this all across the province,” PM Khan said.
For the first time in the history of the country, a project like this has been introduced. It can be an economic game-changer for the country, he remarked.
“If the banks play their role properly, the scheme can usher in an economic revolution because along with the construction sector, numerous other industries are involved in the scheme.”
The PM has inaugurated new housing schemes in several cities as part of the government’s plan of providing housing for all.
On April 8, the PM broke ground on a residential building in Islamabad. Farash Town Apartments will be completed in two years. “We want to provide subsidised houses to those who can’t afford it. Banks are not willing to give loans to poor people.” The project will help the government provide houses to 2,000 people who never thought they could afford a house.
The next day he laid the foundation stone of a housing project in Lahore. At least 35,000 apartments will be built by the Lahore Development Authority under the project.