Bahria Towns Joint Venture with Government of Pakistan

Prime Minister Imran Khan inaugurated the much awaited housing project on Thursday for general public. This project is known as Naya Pakistan Housing Project (NPHP) presented by PTI’s government.

This project is initiated from the land of Phulgaran, a land where Bahria Town have already started its housing scheme. The land of Phulgaran for this project is bought form Bahria Town management under a reasonable price. Wasim Bajwa told this during inauguration, who is currently the director general of the Federal Government Employees Housing Foundation.

According to this scheme 18500 housing units and apartments will be constructed and provided to lower income class on the basis of mortgage in the first phase.

Mr. Bajwa told that 1785 Kanal of land has been taken from Bahria Town Management for the purpose of Naya Pakistan Housing Project.

Other than that management of Bahria Town will construct 10,000 housing units for Naya Pakistan Housing Project on the same piece of land. And the cost of land will be return to Bahria management after the selling of housing units.

Moreover Mr. Bajwa added under Corporate Social Responsibility (CSP) that project is being developed with the collaboration of Bahria Town. It’s absolutely for general public.

On easy installment plan monthly installment of Rs10, 000 will be provided to individuals from the banks who are engaged to this policy such as House Building Finance Corporation (HBFC).

Prime Minister Imran Khan Addresses to General Public

During the inaugurating of the project Prime Minister Khan said that, one of the biggest hurdles in the way to execute housing program is the non-existence of foreclosure laws. Since there are defaults in laws so the banks does not sell out the mortgaged properties.

For the satisfaction of the mortgage debt, Foreclosure is a tonic that is available to a creditor to proceed. But sadly in Pakistan foreclosure is only considered as a right of mortgagee to sell out mortgaged property to enforce the protected debt.

We are facing lack houses problem just because banks do not give loans to the general public for housing, while if we talk about other countries, banks in India give 10% housing loans, banks in Malaysia give 30%  and UK banks give 90%  for construction of houses.

Imran Khan added that this project will execute through public-private partnership because at this time government is running out of money and can’t execute this project lonely.

Moreover Prime Minister said that out of 18,500 housing units, 10,000 houses are going to be constructed for those who had no money to construct their own houses. This project will be completed in the coming 5 years. 

Prime Minister added that government also planned to transform informal settlements (Kitchi abatis) into well-planned housing schemes in all the areas of Pakistan, according to the plan half of the area will be converted into commercial centers and half will be converted into low price apartments that will be given to the inhabitants of the Kitchi abatis, ultimately they could also have their own houses.  

Imran Khan said that overseas investors also want to invest for the housing scheme in Pakistan. And this is just the beginning of a housing era where all of those who can’t even imagine to have their own house will get it as per commitment of the government.