04 Mar 2015

Government Plans to Construct 0.5 Million Low-Cost Homes

No Comments Development, Pakistan Real Estate

low-cost-housing-schemeThe State Bank’s Quarterly Housing Finance Review report reveals that back in 2009, there was shortage of 9 million homes in Pakistan, which has been accumulating by 0.34 million units every year. Everyone knows that it is becoming increasingly difficult for lower class to afford homes, especially due to inflation ensnaring Pakistan realty sector. Previous governments did not take serious steps to mitigate to this issue. However, right after coming into rule, PML-N Government took initiative to provide affordable homes to low income strata and announced a mega project Ashiana Housing Scheme in different cities of Punjab.

Though this project is not enough to meet the shelter needs of everyone belonging to lower-middle class but it is the first step taken in the right direction. Taking it as an example, The Ministry of Housing and Works is currently devising a plan to provide 500,000 affordable homes in different cities of Pakistan, to people who do not have proper shelters. Under Prime Minister’s Housing Scheme, the government will provide homes on easy instalments to low income class.

Federal Minister for Housing & Works, Muhammad Akram Khan Durrani, recently chaired board of directors’ meeting on low cost housing scheme and declared the sites, the government has finalized for the construction of these housing units in the District of Lahore, Charsadda, DI Khan, Jehlum, Karachi, Bannu, Hyderabad, Quetta, Lakki Marwat, and Gwadar.

Federal Minister directed the concerned officials to start acquiring land in the chosen districts of the provinces so that the entire process could be started without any further delay. Moreover, he asked to remove all the hurdles that might create hindrance and slow down the execution and implementation of the project before next meeting, which will be held on March 19. Mr Durrani gave clear directions to the concerned officials that the low cost housing project must be completed within PML-N government’s tenure.

The urgency of plan implementation shows that prime minister is serious in fulfilling the commitment, he made with people. Keep your fingers crossed and hope for the best.

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