Prime Minister Imran Khan inaugurated the Naya Pakistan Housing Program at a ceremony in Islamabad. The inauguration of the project is part of the government’s electoral manifesto to build five million houses for people without shelter during their five-year stay.
“A country wants to invest USD20 in the housing industry in Pakistan,” said Prime Minister Khan.
“Inshahullah, we will make Pakistan come out of the crisis. “It’s a difficult time for us, but this will also be extended soon,” he said.
The prime minister said he would design a road map to address the challenges facing the country.
“The housing plan is our real scheme. At least 40 industries are directly related to the housing plan. When we start the project, all these industries will benefit from it, “he said.
“Our goal is to build five million affordable houses in five years, only ordinary people will benefit from this scheme,” Khan said.
“An ordinary man who can never think of owning his home is our goal, and our second objective is to provide employment opportunities for our unemployed youth,” he said, adding that 40 industries were directly related to the housing project.
“We will encourage young people to establish their own construction companies to be part of this initiative,” said the prime minister.
Khan said a skills development program will also be launched to help young people benefit from the project.
The prime minister said that 80 percent of the US population builds their homes through loans.
He announced that the Naya Pakistan Housing Authority would be established to provide a one-stop operation to investors.
Naya Pakistan Housing Program
“The authority will facilitate the process,” he said, adding that he himself would oversee the project.
The authority, he said, would be formed in 90 days. In addition, a working group of 17 members would be formed to help execute it.
The prime minister said that the government would only provide land while the rest would provide the private sector.
“We will collect data from katchi abidis from all over Pakistan, no one has ever thought of Katchi Abidis, first we will locate katchi abidis and resettle them with all the facilities along with the property rights,” he said.
The prime minister said a pilot project would be launched in 60 Pakistani districts to record data on the demand for new housing.
Download Naya Pakistan Housing Program Registration Form
The construction, he said, would begin after the completion of the registration and evaluation of the mortgage capacity of the buyers.
National Financial Regulatory Body
“We never had any financing model, we are preparing a new regulatory body to help organize the financing of housing, the National Financial Regulation Agency will be established in 60 days.”
Legal framework
The prime minister said the ministry of law was preparing a legal framework to eliminate the obstacles facing the construction industry. The framework will be ready in 60 days, he said.
Scheme of federal government employees
A new plan, announced Prime Minister Khan, would be established to build a housing colony for federal governments. The scheme would start on October 11.
“I also called the Punjab Housing Minister to discuss the issue for the province,” he said.
“Inshaullah, our step-by-step process will begin as of October 11. Our growth rate will accelerate and young people will gain new jobs.”
He urged the nation to raise its morale, saying that this difficult situation will be addressed soon.
“The reforms we are taking will begin to take effect in six months, Pakistan is a rich country, it is a gift from God.”
He pointed out that the entire crisis was only USD12 billion.
