Govt speeds up work on building 500,000 houses .

[Salman]

Govt speeds up work on building 500,000 houses .

ISLAMABAD, Nov 10 (APP): The government has speeded up work to meet the growing demand of the houses and it would build 500,000 housing units during its constitutional tenure. Pakistan Muslim League (Nawaz) government is all set to launch a housing scheme at affordable cost for the low income segment of the society. The federal government in its first annual budget for financial year 2013-14 has allocated Rs 3.5 billion to make the dream true by providing houses across the country. Pakistan Housing Authority (PHA) has also launched several housing schemes in various parts of the country under the Prime Minister Housing Programme with an aim to provide housing facilities to Federal Government Employees and general public at affordable cost.
Official sources told APP that Prime Minister Muhammad Nawaz Sharif has already declared provision of shelter a priority of the government to solve the growing housing problems, while ensuring provision of affordable and cost-effective housing units to the masses during a high profile meeting.
The objective behind the scheme is to provide subsidized financing to first-time house owners. The meeting recommended that the Participating Financial Institutions (PFIs), which are Banks and HBFCL, would give financing from Rs. 1.5 million to Rs 5 million to the eligible people.
According to the proposed housing policy of incumbent regime, initially out of total 10,000 colonies, 2,500 housing units, 500 each in provincial and federal capital would be built.
The Ministry of H&W is making out all its efforts to complete the policy framework - assigned to the working groups made under Steering Committee - so that the Prime Minister would launch pilot projects of 500 housing units in each provincial capitals in December 2013.
To accomplish this gigantic task through Public Private Partnership the minister for Housing and Works Usman Ibrahim also discussed the project in a meeting with representatives of China Railway First Group Co. Ltd. (Pakistan) (CRFG) and desired the willingness of present government to join hands with committed partners.
CRFG showed their willingness to assist the Housing Ministry and interested to undertake the project, ready to offer expertise and experience in making designs and arranging soft term financial loans on mutual agreements.
During the meeting it was decided that CFRG will discuss their terms and conditions with National Construction Limited and after mutual consent, a MoU will be signed between CFRG and the Government of Pakistan regarding the project.