The Prime Minister\’s Naya Pakistan Housing Project is all set to see the beginning of its construction from the January next year. The Project is expected to reduce the housing shortfall in the country which is as mighty as 10 million. Here are the complete details of the project till the date.
In the initial phase, development work of the project will take place in Bahawalnagar, Sialkot, Chiniot, and Lodhran. However, the respective locations of the project within cities aren\’t confirmed yet, but, according to the details by the Housing Minister of Punjab Mian Mehmood-ur-Rasheed, 50,000 kanals of land with clear entitlement has been identified for the project.
Earlier, Task Force Member, Firdous Shamim shared the information about the houses of the project. He said that these houses will have at least two bedrooms, a kitchen, and a bathroom.
The project essentially meant for the lower and middle-class families having a total household income of PKR 50,000. Therefore, the financial model of the project requires the applicant/owner to bear 20% of the total cost as down payment and the remaining in the form of a monthly installment of PKR 18,564.
The customer can pay the full amount in 20 years. Banks are also engaged in giving home loans to the applicants at a lower markup of 10%. The mega project\’s cost is estimated to be PKR 16 trillion. This huge scale of the project makes it necessary for the government to bring the banks on board to ensure the feasibility. However, considering the win-win situation for customers as well as banks, the government is considering to lessen the tax burden from the banks on board.
For the second phase, the government has announced the project for 22 cities, including Lahore.
Cities are as follows:
- Gujranwala
- Kasur
- Bahawalpur
- Sialkot
- Jehlum
- Vehari
- Multan
- Laiyah
- Rahim Yar Khan
- Muzaffargarh
- Sukkur
- Quetta
- Gilgit
- Muzaffarabad
- Swat
- Islamabad
- Faisalabad
- Nankana Sahib
- Samundari
- Jaranwala
