Lahore: Punjab Prime Minister Osman Buzdar announced that the “Naya Pakistan Housing Project” will soon begin in the provincial capital.
The initiative will be taken to build 35,000 apartments with affordable installment plans for low-income segments of the population.
Housing Minister Mian Mahmoud-ur-Rashid had previously announced that Prime Minister Imran Khan was to hold a ground-breaking ceremony on December 25, 2020.
To further revitalize construction activities, the provincial government has made major changes to the functions of the LDA (Lahore Development Authority), which has allowed developers and builders to obtain no-objection certificates (NOC) from the authority. In addition, the authority was instructed to approve housing plans within 60 days.
The Minister of Housing also highlighted the plight of low-income groups, in terms of the earlier unavailability of low-cost housing finance.
To stimulate financing for low-cost housing, the State Bank of Pakistan (SBP) has directed all banks to allocate at least 5% of their loans to the housing sector, among other incentives for both banks and low-income groups.
