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Introduction:
Prime Minister Naya Pakistan Housing Scheme Program aims to encourage housing. This project aims to give affordable homes to the homeless and low-income families. It would also help Pakistan’s economy by giving work opportunities to its youth.
Prime Minister Imran Khan’s ambition and goal are the Naya Pakistan Housing Scheme Program. The Naya Pakistan Housing Authority (NPHA) was launched to offer permissions to property developers so that construction on low-cost housing units under this initiative may begin as soon as possible.
The housing units which are being constructed in the provinces and administrative units listed below:
- Gilgit Baltistan
- Azad Jammu & Kashmir
- Khyber Pakhtunkhwa
- Punjab
- Balochistan
- Sindh
The government will offer land to private construction companies to build houses for the general people under the Naya Pakistan Housing Scheme Program, based on a sustainable public-private partnership (PPP) model (NPHP). The public will be required to pay 10% of the total cost upfront, with the remainder paid in 15 to 20 years in manageable instalments.
There are two phases of Naya Pakistan Housing Scheme Program:
Phase 1:
The project’s starting phase began in seven Pakistani districts: Sukkur, Quetta, Gilgit, Muzaffarabad, Swat, Islamabad, and Faisalabad.
The registration of NPHP was delegated to the National Database and Registration Authority (NADRA). To register your plot/home in the NPHP, fill out the registration form and send it to NADRA together with all necessary information and the registration cost. The NADRDA is then in charge of verifying and evaluating the number of deserving applicants who are eligible for the house.
Phase 2:
The NADRA has begun the registration process for the Naya Pakistan Housing Scheme program’s phase II. Phase 2 registration opened on July 15th, 2019 and remained open for the next three months.
The policy for investors:
According to Prime Minister Imran Khan’s most recent policy announcement, real estate investors who participate in the Naya Pakistan Housing Scheme Program will have over 90% of their taxes waived. This unique financial incentive is intended to entice investors to invest in this project for the country’s low-income residents.
As a result, this can be defined as a perfect opportunity for both the real estate industry and low-income people in Pakistan to thrive at the same time. In addition, 30-billion-rupee allowances are being prepared for this sector’s progress and development.
As a result of these efforts, Egyptian real estate tycoon Naguib Sawiris has decided to invest in the Naya Pakistan Housing Scheme Program, with funding for over 100,000 units.
The Latest Policy for Naya Pakistan:
According to Prime Minister Imran Khan’s most recent policy announcement, real estate investors who participate in the Naya Pakistan Housing Scheme Program will have over 90% of their taxes waived. This unique financial incentive is intended to entice investors to invest in this project for the country’s low-income residents.
As a result, this can be defined as a perfect opportunity for both the real estate industry and low-income people in Pakistan to thrive at the same time. In addition, 30-billion-rupee allowances are being prepared for this sector’s progress and development.
As a result of these efforts, Egyptian real estate tycoon Naguib Sawiris has decided to invest in the Naya Pakistan Housing Project, with funding for over 100,000 units.
Naya Pakistan Housing Project Categories:
There are three categories under the Naya Pakistan Housing Scheme Program, which indicates that houses would be created in three different ways. These are the following:
- Labour class
- Lower middle class
- Middle class
Facilities available in Naya Pakistan:
The government has taken this step-in order to improve Pakistan’s living conditions and start the residential housing sector with these facilities:
- Parks
- Sui Gas
- Internet
- Mosques
- Water Supply
- Play Grounds
- Schools & College
- Commercial Zones
- Underground Electricity
- Full Proof Security System
- A network of Carpeted Roads
- Underground Sewerage System
- Health and Fitness Community Center
Naya Pakistan Housing Program apartments:
When the government recognized that housing societies were effectively expanding on farmland in many parts of Pakistan, it opted to construct apartments instead. This presented the government with a low-cost option for providing low-income families in different parts of the country with necessary facilities.
The government has decided to build buildings throughout the country, beginning with the capital. The Federal Government Employees Housing Authority (FGEHA) announced that under the NPHP program, approximately 12, 000 flats and apartments would be constructed in multiple cities in good locations.
This program is expected to create jobs in the market in addition to providing citizens with a low-cost housing option.
The following is a list of apartment projects being built as part of the Naya Pakistan Housing Scheme Program (NPHP):
- Chakala Scheme 3 (Chaklala Heights Rawalpindi).
- Skyline Apartments (FGEHA Islamabad).
- Mauve Area (Kashmir Avenue Apartments).
- Indus Vista (FGEHA)- (B-17 Islamabad)
- Lifestyle Residency (FGEHA Bedian Road, Lahore)
Allocations according to Basic Pay Scale (BPS):
The government has guaranteed that the lowest-paid employees will receive the greatest number of these units. Such employees are unable to afford the market’s high real estate prices. Over 10,000 flats have been distributed so far, with over 34% of them going to low-wage workers in the BPS 1-9 category.
This graph demonstrates that the housing society’s goal has been achieved, and low-income citizens have benefited. Furthermore, the Basic Pay Scale (BPS) range of 10-17 receives roughly 26% of the allotment.
Imran Khan vision for real estate:
Imran Khan’s viewpoint for the real estate industry is to commercialize it in order to make it more appealing to investors. Real estate sectors worldwide have contributed significantly to the growth of their respective economies as one of the primary motivators for growth.
This Naya Pakistan Housing Scheme Program results from Imran Khan’s overarching vision. Pakistan’s real estate market has been completely transformed over the last decade. The Patwaris have steadily lost control of this business, and the corporate sector has gradually gained influence.
Eligibility criteria for Naya Pakistan housing scheme:
People who do not have a home in Pakistan are given priority in this project. The project is designed to have a monthly payment that is equal to or less than the rent charged in the same area. Each housing unit would be inexpensive, and the payment plan will be spread out over a period of 15-20 years or even longer.
The State Bank of Pakistan (SBP) offers a markup discount on housing units purchased and constructed. This service will also enable interested parties to obtain bank loans at reasonable rates. As an executive associate with the Government of Pakistan (GOP) and the Naya Pakistan Housing & Development Authority, SBP will also provide administrative support (NAPHDA).
Here are the eligibility criteria for NPHS.
- Citizens who have a CNIC
- A first-time home owner
- This service could be used just once.
- It is intended for people who are purchasing or building a home.
Latest Update About Naya Pakistan Housing:
According to the most recent updates on the Naya Pakistan Housing Project, Prime Minister Imran Khan has established a Naya Pakistan Housing Authority to oversee all the mega project’s major and minor requirements.
This is a specific authority in charge of all registrations, applications, and executions. It consists of some of the country’s best real estate specialists and economists who are designing a viable system for the Naya Pakistan Housing Project’s proper implementation.
The second most crucial development in the Naya Pakistan Housing Scheme Program is Blue World City Islamabad’s decision to grant free land for the project. According to CEO Saad Nazir, Blue World City has agreed to develop 5,000 homes for the Naya Pakistan Housing Project in Islamabad.
Finally, according to another Naya Pakistan Housing Scheme Program update, the Punjab government has expanded the project’s scope to include cities like Khushab, Bhakkar, Layyah, and Joharabad. The application procedure is about to start, and the Ministry of Housing is expected to handle all of the paperwork.
Registration process for Naya Pakistan Housing project:
The following is the procedure for registering for the Naya Pakistan Housing Scheme:
- To be considered for this project, you must have:
- Fill the Naya Pakistan Housing project form.
- Attach two passport-size photos.
- A copy of your CNIC or NICOP card should be attached.
- A non-refundable processing fee of Rs. 250/- must be paid.
- Fill out and submit the form.
You can also register for the Naya Pakistan Housing Scheme Program in one of two ways:
- Online registration is available.
- Using NADRA’s E-Sahulat to register
List of Banks Providing Home Loan.
- Bank Alfalah Islamic
- HBL Islamic Bank
- Bank Al Habib
- Meezan Bank
- Faysal Bank
- JS Bank
- Silk Bank
- Summit Bank
- Al Baraka Bank
- Bank of Punjab
- Askari Bank Limited
- Allied Bank Limited
- United Bank Limited
- Standard Chartered Bank
- Muslim Commercial Bank
- MCB Islamic Bank Limited
- National Bank of Pakistan
- Khushali Microfinance Bank
Conclusion:
The Naya Pakistan Housing Scheme Program is a low-cost housing project that provides a unique opportunity to purchase a home. Without a doubt, in a country with an abundance of homes to accommodate its citizens. The demand exceeds 10 million, yet only 5 million homes will be built at this time.
The PTI government’s Naya Pakistan Housing Project is appealing since it proposes to create 5 million residences for the lower and middle classes. If the plan is accomplished, there will be a lot of stability and progress.
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