Islamabad: PM) Imran Khan on Thursday,March 18, 2021 handed workers over 1500 keys at low-cost apartments and houses developed under the Naya Pakistan Housing Program (NPHP) initiative to laborers, according to news sources.
Addressing those present and applauding the work of his team, Prime Minister said: “You have relaunched a 25-year project that was dormant and you have done it for the people of today.” He said it was a great achievement, as for 25 years no one had thought of working for the lower strata of society, giving away houses to them
Prime Minister said this program represents the thinking behind Naya Pakistan. The premier said the poor paid the rent to live in the houses, but now the rent itself will serve as a payment for the mortgage, which will be owned by the tenants for a period of twenty years.
According to the PM, 1,500 more apartments would have been distributed among the people in the next phase. He said the government is not giving the houses for free, but the houses are being given out with mortgages, where the rent is replaced by the loan payment.
By handing out the keys to NPHP units, the Prime Minister recognized the challenge of owning a home in today’s economy. He said the government is paying a subsidy of PKR 300,000 per unit and that the subsidized margin rate for NPHP units will remain at 5% for the next 20 years.
During his discourse, Bukhari said that in the initial phase of this project 1,008 apartments and 500 houses were built by the Workers’ Welfare Fund. He said these units were assigned to workers on the basis of “property rights”. In the next phase 1,504 more units will be developed.
For more news, blogs, investment opportunities, current real estate market, top interior design trends, technology, planning, development, digital Pakistan vision, Tourism and any current news, visit Landster. Pk