PM announces Rs30bn subsidy for Naya Pakistan housing scheme

ISLAMABAD: (HRNW) Prime Minister Imran Khan on Friday announced Rs30 billion in subsidy for the Naya Pakistan housing scheme in line with helping the underprivileged class build their own homes.

Addressing the nation after chairing a meeting of the National Coordination Committee on Housing, Construction, and Development, PM Imran said the scheme was aimed at the “working class, the welder, the small shop owner, who do not have a lot of money to build their own houses”.

“The goal of the Naya Pakistan housing scheme was to construct houses for this strata of the society, which doesn’t have cash.

“We faced many hindrances while launching the scheme due to some existing legislation, such as the foreclosure law, which allows banks not to lend out money without a confirmation of repayment.

“[However] despite a lot of hurdles, we were successful in passing the law for Pakistan, which is now implemented around the world,” he said.

The prime minister also spoke of the construction sector, saying it faced a lot of obstacles, but that the NCC had worked on formulating policies for its revival.

“We have decided to revive our economy with housing and construction industry so that people can get jobs and we can generate revenue in times of global recession and pandemic,” he noted.

“I, myself, will preside this meeting every week to supervise the working and progress of the committee regarding the Naya Pakistan housing scheme.

“We only have time till December 31 to provide incentives to the construction industry,” he added.

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