Its about time… There is a huge demand for low income housing and the govt has done nothing so far.. Lets hope this works.. This project is to start in Sindh and then later to NWFP…
While im scepticle of most projects in Pakistan, these Bahria guys seem to be on the ball.. I mean the have already finished or started many of the other projects they had planned…
http://www.dawn.com/2005/07/25/nat38.htm
100,000 low-cost houses planned: HBFC-Bahria Town agreement
PESHAWEAR, July 24: The House Building Finance Corporation (HBFC) has chalked out a plan in collaboration with Bahria Town, a private builder, for construction of 100,000 housing units in the country for people belonging to low income group.
This was stated by HBFC chairman Zaigham Mehmood Rizvi while talking to APP here.
Mr Rizvi said Bahria Town has agreed in principle with the HBFC for construction of these units which will be provided to low-paid people for a fixed amount of Rs 500,000.
Under the agreement, he said, land for houses would be provided by the government free of cost and the HBFC would extend loan to people for purchasing the housing units.
The housing loan for the said project would be based on easy terms and conditions with lenient re-payment procedure so that people could easily avail the opportunity.
The chairman disclosed that about 70 per cent population of Pakistan belong to the group whose average income is Rs 3,500 per month and the HBFC is chalking out plans with focus on provision of housing facility at low rates so that majority of the population of the country could benefit from it.
He said that an agreement has also been reached between HBFC and Saiban, an NGO, for construction of houses on the pattern of Saiban’s scheme of ‘Khuda ki basti’.
The HBFC has requested the Sindh government to provide 100 acres of land for the said scheme to be launched in Karachi and the government has agreed for provision of the same, he said.
After completion of the scheme in Sindh, the HBFC will also ask the NWFP government to provide land free of charge so that housing units could be constructed there.
He said the HBFC has adopted a new approach of involving public and private builders for construction of housing units for the low paid people.
The government would be requested to provide land free of charge, the builders construct the units and HBFC provide loans to people.
He said it has also been decided to open representative offices of HBFC in 50 small cities of the country so that people of that area could contact them for securing house units.
About non-performing loans, Mr Rizvi said HBFC has activated its staff for recovery of such loans. Further, he said, the HBFC is also contemplating to provide relief to people in this sector. Soon, he said, a scheme would be announced for easy payment of outstanding dues