Special Assistant to the Prime Minister on Political Communication Dr Shahbaz Gill said that the government intends to provide apartments to the needy on easy installments. According to an estimate, the prospective applicants have to pay Rs14,000 on a monthly basis as the government would provide apartments worth Rs3.5 million each to the needy and middle-class people.
Mr. Gill speaking to a press conference said that a total of Rs378 billion has been spent by the Naya Housing Development Authority in the current financial year of the project. Moreover, he said that the owner of the apartments would pay back the amount in almost 21 years.
Dr. Gill said that we will save the land by constructing apartments not houses as we want to go vertical not horizontal to avoid undue expansion of cities. Speaking to the conference he further said that the government would assist with Rs300,000 per apartment as subsidy to low-income owners on the construction of the first 100,000 apartments. The bank would support with a Rs3.5 million loan making the month installments quite easier of about Rs14,000.
The minister said that the construction of five million houses would meet 33% demand for houses of the country. Moreover, talking about the digitization of land records he said that this enables the eradication of the Patwari System while allowing transparency in the purchase and sale of the land.