PM Khan approves 30bn Subsidy for Naya Pakistan Project
According to a recent update, PM Imran Khan has approved a subsidy of PKR 30bn for the Naya Pakistan Housing Project. This is a crucial step in the process of building 1 Lac homes in Pakistan for low-income citizens. This was one of the top priorities in the manifesto of PM Imran Khan and efforts are being made to complete this project in the next two years.
A recent update from the government has notified that PM Imran Khan wishes to expedite the construction of 1 Lac homes for the middle-income and low-income citizens of Pakistan. The aim of this project is to exploit the potential in the housing industry of Pakistan, and this will provide support to the real estate industry as well.
The construction sector is likely to benefit, and a number of real estates housing societies have also jumped into the making this project a success. For instance, the CEO of Blue World City (A newly developed housing society in Islamabad) had recently announced the provision of land for 50,000 apartments to the government under this project. In addition to this, additional facilitation in terms of construction of 5000 homes was also offered by the CEO BWC as well. These initiatives have helped PM Khan in going forward with the initiation of the Naya Pakistan Housing Project.
PM Imran Khan on NPHP
After passing 30bn from the legislative bodies, PM Imran Khan also addressed the public based on this vision regarding the project.
According to the Prime Minister, “Naya Pakistan housing scheme is being developed with a vision to construct and build houses for the low-income and working-class stratum of the society, which does not possess the resources to develop their own houses”.
As a result of this project, these people can be targeted, and proper housing facilities can be provided to such neglected populations in Pakistan. This will not only uplift the overall standard of living, but it will also provide impetus to growth in the country.
Hurdles to Naya Pakistan Scheme
In his keynote speech, the Prime Minister also stated that this project had faced a number of hurdles but persevered through out.
The first and foremost hurdle was to pass this bill by the parliament which approved the 30bn subsidy for such a grand project. Other than this, the weak construction sector was also a hurdle that was to be fixed and revived. For this purpose, a number of incentives for growth have been given to the construction sector, and a number of policies have been formulated by the NCC as well.
The Prime Minister told the audience that the motive was to revive the economy by uplifting the real estate and construction sector of Pakistan. Hence, this Naya Pakistan Housing initiative will be a step towards changing the entire outlook of the real estate in Pakistan, making it much more attractive, profitable, and accessible as well.