Imran Khan’s Naya Pakistan Housing Project Details and Updates
The Naya Pakistan Housing Scheme is based on the promise of Pakistan’s PM Imran Khan. In this promise, he assured the people of Pakistan that almost 50Lac homes would be built for low-income citizens living in Pakistan.
However, the broader aim was to add a significant number of housing sets into the real estate industry of Pakistan in order to meet the demands in the markets. As a result of this, the gap between supply and demand is expected to be bridged.
PM Imran Khan has recently announced a Naya Pakistan Housing Project for the low-income people in the country. This project can be considered as the most important aspect of real estate investors.
This project is expected to provide massive opportunities to businessmen, investors, daily wagers, and above all the low-income citizens who lack proper housing for their families.
This article includes all the details, updates, and planning of Naya Pakistan Housing Project introduced by Imran Khan, the Prime Minister of Pakistan.
The Latest Policy for Investors
According to a latest policy announced by Prime Minister Imran Khan, the real estate investors looking to invest in Naya Pakistan Housing Project will have almost 90% of their taxes waved off. This extraordinary incentive for investments is meant to attract investors in this project for low-income citizens of the country.
Therefore, this can be termed as a perfect opportunity where the real estate industry as well as the low-income people in Pakistan would flourish simultaneously. Additionally, a 30-Billion-Rupee subsidy is also prepared to be given to this sector for its progress and development. As a result of these efforts, Naguib Sawiris who is an Egyptian real estate tycoon has also decided to invest in the Naya Pakistan Housing Project with funding of over 100,000 units.
Who can apply for Naya Pakistan Housing Project?
PM Imran Khan has specifically planned this housing project for the people who lack proper housing in Pakistan. These people cannot afford high prices in the relatively expensive housing societies in the country such as Bahria Town, DHA Islamabad, or Naval Complex etc. Therefore, this project is meant only for low-income citizens who do not have the capacity to buy a house. The eligibility criteria for applying to NPHP is as follows:
- Only one individual can apply from a family, it either be the husband or wife.
- A small registration fee amounting to Rs 250 is submitted with the application form.
- Preference will be given to those people with income in the range of Rs 10,000 – Rs 25,000, or those who currently do not own any real estate properties in the country.
Naya Pakistan Housing Project Categories?
Naya Pakistan Housing scheme has three categories, which means that houses will be built in three categories. These are:
- Labour class
- Lower middle class
- Middle class
How to Apply for NPHP?
The Application Process for Naya Pakistan Housing Project is extremely easy. You just have to download an application form the website of National Database and Registration Authority’s (NADRA’s). While applying, you have to make sure that you provide the accurate details about your family’s income. For instance, you can choose a range such as:
Less than Rs 20,000
Rs 20,001 – Rs 40,000
Rs 40,001 – Rs 60,000
Any misleading information can have consequences in the form of fines or other charges.
Naya Pakistan Housing Scheme Payment Plan
The payment plan for Naya Pakistan Housing scheme depends upon the home loan facilities provided by the government. This payment plan is extremely flexible, and it can be completed over the course of 20 years.
At the outset of your purchase, you only have to pay 20% down payment while the rest of 80% payment would be paid by the home financing section of the bank. The buyers have to pay a 10% additional mark up.
Pakistani Cities in Naya Pakistan Housing Project
In order to spread the scope of this project, it is planned through out different cities of the country. A number of cities have been chosen for this purpose including:
Tackling Covid19 with Real Estate in Pakistan
The recent and most important aspect of Pakistan’s fight against corona virus is the broader objective of PM Imran Khan to exploit the real estate sector of Pakistan. In line with this approach, PM Imran Khan has announced the building of 50 Lac houses for low-income citizens in the country.
Moreover, Private Housing societies in Islamabad such as Blue World City Islamabad have also contributed enormously to this purpose building 5000 Homes and an allocated stretch of land free to build 50,000 apartments in Blue World City Islamabad.
The Challenge of Affordability
From the very beginning, the aim of constructing new homes under this scheme was to make sure that low-income or middle-income citizens of Pakistan can get access to good quality housing at affordable rates. However, many regarded this aim to be quite farfetched owning to the increasing rates of construction material due to the rise in dollar rates over the past few years.
This aspect was therefore considered a major challenge for the government, and many would say that they have lived up to the expectations.
The Naya Pakistan Housing Scheme Apartments
Once the government realized that housing societies were essentially taking over agriculture land in many parts of Pakistan, they decided to build apartments instead. This provided the government with a low-cost option that could provide low-income families with appropriate facilities in different parts of the country.
The government has decided to construct buildings in different parts of the country, starting from the capital. An announcement came from the Federal Government Employees Housing Authority (FGEHA) that around 12, 000 flats and apartments would be developed in multiple cities at a good location under the NPHP program. Other than providing citizens will a low-cost housing option, this program is also expected to produce jobs in the market.
Supply and Demand in Real Estate
It is an aspect of the fundamental understanding that rates of a commodity are higher in case of a shortage. Once there is a gap between the supply and demand, the rates of property are expected to increase, making even the 5 Marla homes for sale out of reach of low-income citizens. However, with the introduction of this Naya Pakistan Housing Scheme, the overall demand and supply gap is expected to decrease. Consequently, the costs are likely to stabilize and become affordable as a result. Furthermore, the government has also announced that the overall rates offered to low-income families would be significantly lower than the asking price in the market.
List of Naya Pakistan Housing Project Apartment (NPHP)
The List of Apartment Projects being built under the Naya Pakistan Housing Project (NPHP) are as follows:
- Chakala Scheme 3 (Chaklala Heights Rawalpindi).
- Skyline Apartments (FGEHA Islamabad).
- Mauve Area (Kashmir Avenue Apartments).
- Indus Vista (FGEHA)- (B-17 Islamabad)
- Lifestyle Residency (FGEHA Bedian Road, Lahore)
As this program further processes, real estate agents at Deal and Deals (Pvt.) Ltd. has also predicted multiple opportunities. For instance, the government in the future might collaborate with housing societies such as Capital Smart City Islamabad and Blue World City Islamabad. By allocating a certain stretch of land, affordable housing can be provided to low-income citizens at best rates.
Allocation According to Basic Pay Scale (BPS)
The government has promised the the highest number of allocation of these apartments would be given to the lowest income employees. Such employees are not able to afford the high prices of real estate in the market. Currently, over 10,000 apartments have been allocated, and almost 34% of the allocation has been given to the low income employees working in the BPS range 1-9. This figure shows that the motive of this housing society has been met, and the low income citizens are benefitting. Furthermore, around 26% of the allocation is given to Basic Pay Scale (BPS) range of 10-17.
Imran Khan’s Vision for Real Estate Sector
Over the past decade, the real estate sector in Pakistan has been completely revolutionized. The controlling wheel of this industry has been slowly and gradually taken from the Patwaris to the corporate sector. Real estate agencies such as Deal and Deals (Pvt.) Ltd, Zameen.com, and Graana have endeavored to provide the citizens of this country with access to a wide range of real estate investment opportunities.
Imran Khan’s vision for the real estate industry is to commercialize this domain of the economy in order to make it more attractive for investors. As real estate sectors across the world have become one of the primary catalysts for growth, they have contributed massively to the growth of their respective economies. This Naya Pakistan Housing Project is a result of this overarching vision that takes Imran Khan forward.
Promise of Imran Khan for Homeless People
The Naya Pakistan Housing Scheme is based on the promise of Pakistan’s PM Imran Khan. In this promise, he assured the people of Pakistan that almost 50Lac homes would be built for low-income citizens living in Pakistan. However, the broader aim was to add a significant number of housing sets into the real estate industry of Pakistan in order to meet the demands in the markets. As a result of this, the gap between supply and demand is expected to be bridged.
Latest Naya Pakistan Housing Details and Updates
According to the latest updates regarding Naya Pakistan Housing Project, Prime Minister Imran Khan has announced a Naya Pakistan Housing Authority that is now overlooking all the major and minor requirements of this mega project. This is a specially designed authority that deals with all the registrations, applications, and their executions. It includes some of the top real estate experts and bankers available in the country, who are devising a proper mechanism for the proper implementation of the Naya Pakistan Housing Project.
The second most important updates regarding Naya Pakistan Housing Project is the decision by Blue World City Islamabad to provide free of cost land for this project. According to CEO Saad Nazir, Blue World City has decided to build 5,000 homes for Naya Pakistan Housing Project in Islamabad.
Lastly, according to another Naya Pakistan Housing Scheme update, the province of Punjab and its government has also decided to expand the scope of this project to other cities such as Khushab, Bhakkar, Layyah, and Joharabad. The application process is about to begin, and the Ministry of housing is expected to take care of all the processing details.
Deal and Deals (Pvt.) Ltd has a highly trained and educated team of real estate experts, providing clients with top-notch real estate consultancy. We believe that in the near future, the real estate sector is about the rise in an unprecedented manner and this is the right time to invest.