The flagship initiative of the Pakistan Tehrik-e-Insaf-led administration is the Naya Pakistan Homes Program, which aims to provide housing for the homeless, boost economic activity in the country, and create work opportunities for the youth.
According to a statement released by the Prime Minister's Office on Thursday following a meeting of the National Coordination Committee on Housing, Construction, and Development in Islamabad, the Pakistan government has succeeded in creating a "sustainable ecosystem" for the construction of low-cost housing units in the country.
Prime Minister Imran Khan presided over the conference, which was convened to discuss his administration's flagship Naya Pakistan Housing Program, which was started in April 2019 to offer housing to financially needy households.
Khan said that over 70,000 housing projects costing Rs1.4 trillion had been authorized in Pakistan, with the construction industry expected to generate Rs7.3 trillion in revenue and 1.2 million employment.
While chairing a meeting about housing developments under the Naya Pakistan Housing Scheme, the chief minister gave the directives. The conference, which assessed progress on several housing projects, was attended by Additional Chief Secretary Shahab Ali Shah, administrative secretaries, and other senior officials.
On this occasion, Mahmood Khan instructed the relevant authorities to resolve land concerns for these housing schemes and set a schedule for the Peri Urban Housing Schemes' groundbreaking.
The Pakistan Tehreek-e-Insaf administration has made significant progress in providing low-cost homes to lower and middle-income families," Prime Minister Nawaz Sharif addressed the meeting's attendees. "Our government's biggest difficulty was to persuade financial institutions to modify their elitist attitude and make it easier for ordinary people to obtain loans."
He stated that every week, applications worth Rs7 billion were received, of which Rs4 billion were approved and Rs2 billion were disbursed, indicating that the system was functioning properly.
According to the statement, a total of 161,924 low-cost housing units were approved, with 45,191 units under construction and 20,898 units finished.
These figures were noteworthy, according to the report, because the building industry was "in disarray" prior to the advent of government subsidies, foreclosure laws, and a low-cost housing programme.
The prime minister also demanded that projects be completed within the specified timelines and underlined the need to enhance the low-cost housing unit development process.