Islamabad: The President of Pakistan Arif Alvi has officiated the Naya Pakistan Housing & Development Authority Ordinance 2019, a news source reported. According to this ordinance, the said authority will be responsible for providing land for housing and real estate development. It will also monitor other activities pertaining to land and construction like planning, development, and management of real estate projects.
Prime Minister (PM) Imran Khan has been appointed as the patron of the authority. He will review its performance, as well as provide general policy directions. As patron, the PM is responsible for constituting the policy board, which shall not have less than five or more than 11 members. The policy board will also have a chairman appointed for a term of five years.
As per the officiated ordinance, the authority is tasked with identifying immovable properties and projects that are suitable for the development of housing projects. It will also recommend the federal government to provide or produce immovable properties or projects via sources that are permitted under existing laws. On the recommendation of the authority, the federal government shall establish a Federal Land Bank.
The authority will also support the low-income segment of the country to access housing under this ordinance, special housing programme, through loans, or other feasible facilities.
For generating funds, the authority is allowed to use sources appropriate under any given circumstances. It can do this through fundraisers, or asking for financial assistance and loans from government bodies, financial institutions, and donor agencies.
The Naya Pakistan Housing & Development Authority will conduct feasibility studies for the development of schemes, along with determining the development mode accordingly.