ProPropertyNewsCM Punjab to Revive Low-Cost Housing Scheme for Low-Income Families

CM Punjab to Revive Low-Cost Housing Scheme for Low-Income Families

LAHORE: Mohsin Naqvi, Punjab’s caretaker CM, has directed the reconstitution of the board of the Punjab Housing and Town Planning Agency (PHATA) and the revival of the Chief Minister’s Low-Cost Housing Scheme to provide low-cost housing for low-income families in the province.

The CM emphasized the need for interest-free loans to meet the demand for housing in the country and acknowledged that having a home is a basic human right.

During the meeting, the partnership between the Akhuwat Foundation and the government was also discussed.

The Akhuwat Foundation is providing interest-free loans for the construction of houses smaller than 5-marla, and has already recovered 100% of the PKR 200 million loans from families.

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The government is considering increasing the Akhuwat Foundation funding to PKR 800 million.

The government had previously launched subsidized housing finance and low-cost housing projects to address the housing shortfall in the country.

However, due to the turbulent economic climate and high market interest rates, the government was unable to continue providing subsidies.

The reconstituted board of PHATA will implement the low-cost housing scheme project to provide affordable housing for low-income families in the province.

Comments

  1. Salam, thanks for considering a facility of housing scheme low cost for low salary range.
    Kindly do this as now a days Rent of houses is so much increasing that a middle n poor person can’t afford to run a house with heavily rents n bills.
    Please start a housing scheme in all over Pakistan where instead of giving house rent there is a monthly installment of house where we r living or want to buy a house. Not rent but installments of house to be owned in a reasonable cost.
    Kindly control on house rents too

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