Prime Minister (PM) Imran Khan has announced Rs30 billion in subsidy for his government’s flagship Naya Pakistan housing scheme project in line with helping the underprivileged class build their own homes.
Addressing the state after chairing a gathering of the National Coordination Committee on Housing, Construction, and Development, PM Imran on Friday said the scheme was aimed toward the “working class, the welder, the tiny shop owner, who don’t have tons of cash to create their own houses”.
“The goal of the Naya Pakistan housing scheme was to construct houses for this strata of the society, which doesn’t have cash.”
“We faced many hindrances while launching the scheme thanks to some existing legislation, like the foreclosure law, which allows banks to not lend out money without a confirmation of repayment.”
“[However] despite tons of hurdles, we were successful en passant the law for Pakistan, which is now implemented round the world,” he said.
The prime minister also spoke of the development sector, saying it faced tons of obstacles, but that the NCC had worked on formulating policies for its revival.
“We have decided to revive our economy with housing and housing industry in order that people can get jobs and that we can generate revenue in times of worldwide recession and pandemic,” he noted.
“I, myself, will preside this meeting hebdomadally to supervise the working and progress of the committee regarding the Naya Pakistan housing scheme.”
“We only have time till New Year’s Eve to supply incentives to the development industry,” he added.
PM Imran explained that under the Naya Pakistan housing scheme, Rs30 billion had been allocated as a subsidy, which might translate into Rs300,000 for every of the 100,000 households during the primary phase of the programme.
A 5% interest is levied on a five-marla house and seven for 10-marla, he noted. “We have also directed the SBP [State Bank of Pakistan] to stay 5% of the portfolio for the development industry, which is calculated to be Rs330 billion,” he said.