It will be completed in two years
Prime Minister Imran Khan has broken ground on a new residential building in Islamabad as part of the Naya Pakistan Housing Scheme.
Farash Town Apartments will be completed in two years, he said while addressing the inaugural ceremony on Thursday. "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 us provide houses to 2,000 people who never thought they could afford a house.
We are moving towards automation, he remarked, adding that it will help solve the problems of the people.
The construction is being done by the Frontier Works Organisation. "I have seen the work of FWO and they have left me impressed. They completed the work on the Kartarpur corridor in record time."
On March 26, the government announced that people borrow up to Rs10 million to finance a house of 125 to 250 square yards (5 to 10 marla) or an apartment with a covered area of 2,000 square feet.
The government has doubled the amount people can borrow under the central bank’s markup subsidy for the housing finance scheme. The government has also doubled the limit for smaller houses, 125 square yards or apartments with a covered area of 1,250 square feet, to Rs6 million and removed price caps in both these categories.
It even slashed the markup rate to 3% for housing units that fall in projects approved by the Naya Pakistan Housing Development Authority, making it the most affordable among all categories.
On March 18, the PM inaugurated Labour Colony Phase-I and Phase-II in Islamabad on Thursday. The government allotted houses to 1,518 labourers and widows under the scheme.
People earning less than Rs500,000 were given ownership rights of these homes. Around 3,000 individuals registered themselves under the Workers Welfare Fund. Of them, 1,500 were handed over these houses and flats through a draw.
The project spreads over 2,560 acres of land and comprises 1,008 apartments and 500 houses. This project was launched before but was abandoned due to a lack of funds. The government collaborated with the Workers Welfare Fund and completed the project under the Naya Pakistan Housing Programme.