LAHORE— The Chief Minister of Punjab, Usman Buzdar, announced the start of the Naya Pakistan Housing project in Lahore.
This initiative, backed by the Prime Minister, aims to affordable living spaces for those belonging to the lower-income strata of society. The Naya Pakistan housing project aims to construct approximately 35,000 apartments. These will be available to residents and investors at moderate installment plans in order to encourage these low-income groups.
Prime Minister Imran Khan and Naya Pakistan Housing Program
According to the Housing Minister, Mr. Mahmood, PM Imran Khan has scheduled an opening ceremony for the Naya Pakistan housing project on the 25th of December 2020. Since his election campaign, Khan has been pushing the agenda for the construction of 5 million houses—complete will allied amenities—around the country.
To facilitate builders and developers working on Naya Pakistan housing, the provincial government has eased legal formalities such as obtaining NOCs from the Lahore Development Authority (LDA). Additionally, in order to streamline the development process, LDA was directed to authorize building/ housing plans within a 60-day period.
In efforts to promote low-cost housing financing, the State Bank of Pakistan has directed the banking community to allot a minimum of 5% of their total loan holdings, which add up to be approximately Rs330 billion, for the construction and development of low-income houses. This is a part of SBP’s “Financing Facility for Low-Cost Housing for Special Segments”; the scheme falls perfectly in line with the PM’s Naya Pakistan housing vision.
Blue World City Collaborates with Naya Pakistan Housing Program
After an event organized at the Governor House, where Saad Nazir, CEO of Blue World City, presented the PM with a cheque of Rs 2 Crore— a donation towards the Corona Relief Fund, he offered his services towards the successful completion of Naya Pakistan housing program.
At the ceremony, he lauded the PM’s vision and incentive package for the construction industry. He has offered to build up to 5,000 houses as well as developed land fit for 50,000 apartments, free of charge in his newest housing project—Blue World City.
Blue World City is a leading housing society in Islamabad that is working towards offering its residents affordable plots complete with the necessary utilities and state-of-the-art amenities. Apart from this, the housing project is bringing with its immense international influence as well— boosting the Pakistani Tourism Industry.
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