Islamabad: Low-cost housing projects, under the Naya Pakistan Housing Programme, will be developed on a joint venture basis in Lahore, Karachi and Quetta, a news source quote Federal Minister for Housing and Development Tariq Bashir Cheema as saying.
The minister shared this information while addressing a ceremony held to award the possession letter to the allottees of the Pakistan Housing Authority (PHA) Foundation Officers Residence. He appreciated the efforts of the PHA for addressing the publics’ needs by providing homes to 580 government officers.
He also announced that the PHA would work on providing residence to employees of the Pakistan Police. Minister Cheema indicated that a financial regulatory authority will be formed for this purpose.
Speaking about NPHP, the minister said that the project’s development work would be launched from Islamabad, while in Quetta, it will start from April 21 onwards. He also revealed that a 5% annual loan provision would be reserved in all commercial banks for the housing sector.