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The “Naya Pakistan Housing Scheme” and All There Is To Know About It

Posted by btnmarketing on February 12, 2019
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With Prime Minister Khan holding the reigns of Pakistan’s future, every decision, strategy or even speech is received with a mixed response. While some are affluent with their admiration others direct acrid criticism towards the first-time premier.

In an attempt to address a few of Pakistan’s principal predicaments, which are shelter-less living, illegal settlements, and unethically high rents, Imran Khan’s “Naya Pakistan Housing Scheme” has been launched. This remedy is aimed primarily towards alleviating the 10 million shortfall of houses in the country which happens to tragically augment every year.

We understand that a new project of this kind is likely to raise a myriad of queries. So here are the frequently asked questions about the Naya Pakistan Housing Scheme and everything you could possibly need to know about it.

  • How Does the Naya Pakistan Housing Scheme Work?

The land for the construction of the houses will be acquired by the authority along with the verification of titles.

The authority and task forces will conduct market studies and collect data which will facilitate the builders and developers to decide which product is required for the furtherance of the project.

In addition to this, the in charge body, will ensure that the area for construction is equipped with accessibility to water, sewerage and electricity, before the project is in place and the scheme is launched.

  • How Fool Proof Is The Process?

The housing scheme will derive its verifications from the National Database and Registration Authority (NADRA). As there will be no direct involvement of the officers and only the citizens fulfilling the pre-requisites will be allotted a house, there are limited to no chances of unfair distribution. Similarly, to avoid inadvertent transformation of this project in to a business of buying and selling, a restriction has been placed to disable the sale of these houses before 5 years of occupancy have been completed.

  • Who Is Eligible?

Individuals not having a permanent residence are preferred. Only one member from each household can apply for the Naya Pakistan Housing Scheme to avoid overlapping and unfair allocation.

A reserved quota is specifically kept for families of martyrs of the armed forces as well as for those with physical disabilities.

Another focal point is the income bracket. Members of families with a total monthly household income of Rupees 10,000 – 25,000/- are preferential candidates. This particular amount is set in accordance with the financial model of the project which requires the owner to pay 20% of the total cost as down payment, while the remaining amount is to be paid in monthly instalments of approximately Rupees 18,564/-

  • How Can I Register for the Naya Pakistan Housing Scheme?

Although, the first phase of registration has elapsed, there is still time to apply for Phase II. If you check all the boxes of requisites, then obtaining forms from any branch of the Bank of Punjab is a good idea. These forms are free of cost, while only duly filled copies of them will be accepted and approved by the government. The forms issued by NADRA in phase I are nullified and no longer accepted, is something to be wary of.

  • How Much Will A House Cost Me?

While the Khan administration has decided to spend around 15 trillion Rupees on the development and construction of the houses, ossified prices of the houses have not been announced as yet. However according to a Naya Pakistan Housing Scheme publication, shared in one of their official leaflets, the tentative cost of a 3-marla house will be approximately Rupees 1.65 million. Whereas a 5-marla house will cost Rupees 2.1 million.

  • What Is The Payment Plan Like?

The successful applicants or end consumers will have to attain a financing approval for 80% of the total amount for loan from a commercial bank. The homeowner will have a time frame of twenty years to repay this loan. While 20% of the total unit price will have to be paid beforehand during the construction period. The prime objective behind this strategy is to push the instalment as near to the possible rent that will be paid by the occupants. Allegedly, these instalments can be paid either on a monthly or a quarterly basis.

  • When Will I Get Possession of the House?

The possession of the house will be granted to the occupants after a period of 18 months has elapsed.

  • What Will The Structure Of The House Be Like?

The houses will be built on a standard structure and will consist of 2 bedrooms, 1 kitchen and a concise corridor.

  • Where I Can See The Manifest Product?

In a recent report it was stated that 1786 houses will be constructed in Lodhran, 2288 in Chishtian and 1718 in Renala Khurd. The last date to register for houses in these areas is 25th February 2019.

Whereas the second phase of the project will see construction being initiated in Chiniot, Burewala, Muzaffargarh and Faisalabad.

  • Who Is Going To Maintain Transparency in the Naya Pakistan Housing Scheme?

A task force has been established to efficaciously over-see the developments and progress of the project. The primary job of this group will be to review the existing reports, policies and action plans as well as to provide recommendations for the Housing Sector. It will also facilitate in the financial, administrative, planning and legal framework.

The task force will comprise of representatives from the State Bank of Pakistan, Pakistan Housing Foundation, Ministry of Housing and Works, as well as commercial banks.

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