The Prime Minister of Pakistan, Imran Khan, inaugurated a housing scheme for government employees on Tuesday as part of the Naya Pakistan Housing Project.
The prime minister said that the government was enabling the building of affordable housing units for salaried and low-income groups through the provision of subsidies during the inaugural ceremony of the Pakistan Housing Authority (PHA) Officer’s Residencia, Kurri Road, in Karachi.
“Approximate 88,000 housing units will be built this year,” the prime minister said, adding that for the first time in the country’s history, housing projects worth Rs124 billion in bank loans have been approved, with a loan of Rs40 billion already being granted by the financial institutions.
The government, he explained, introduced a mortgage scheme for the salaried class in order to address the shortage of housing facilities in the country.
Housing projects that had been postponed for 12 years were completed in three years, according to Imran Khan, who praised the Ministry of Housing for their accomplishment.
Earlier, the prime minister paid a visit to the Sector I-16/3 multi-story housing project, which was launched at a cost of Rs8 billion and is expected to be completed in the next few months.
The project consists of 43 apartment buildings with a total of 1,584 units. It was conceived in 2011 and encompasses a total of 15.6 acres of land. The project’s construction work had been finished to a large extent by this point.
In 2018, full-scale physical work on the halted project was restarted in accordance with the prime minister’s aim of giving shelter to the citizens of Pakistan. The project also includes 88 commercial stores, 66 apartments, a community center, and other amenities, all of which are fully functional.