The Naya Pakistan Housing Scheme, which was launched during the time of the Pakistan Tehreek-e-Insaf (PTI) government, has come under criticism after alleged irregularities were highlighted in the project.
During a meeting of the Punjab Assembly’s Public Accounts Committee (PAC), officials said that the Lahore Development Authority (LDA) had allocated 8,500 kanals of land for the project in Lahore.
Naya Pakistan Housing Scheme update
In addition to this, more than 4,000 apartments were planned. And the cost of each apartment was set at Rs2.7 million.
The committee was told that more than 800 applicants paid a 10 per cent down payment to secure an apartment. According to the reports, these applicants had a monthly income of less than Rs50,000
However, the project has still not been completed. As a result, 896 applicants have not received their apartments. It has also not been refunded, nor has the money they paid been refunded to them.
The Public Accounts Committee then directed the Housing Department and LDA to submit a detailed report within 30 days.
The report should explain how the affected applicants will either receive refunds or have their apartments completed.
Read more: You can now get up to Rs10 million loan for your dream home under govt housing scheme
The Naya Pakistan Housing Scheme was announced by former Prime Minister and the founder of PTI, Imran Khan, in 2018 after the party came to power.
The government promised to build five million homes for low income families. An initial budget of Rs5 billion was allocated. The federal cabinet also approved the construction of 135,000 houses in the first phase.
According to the briefing, the project remains incomplete. This has left hundreds of applicants who are waiting for either their homes or their money back.
PM housing scheme gets major update
Separately, the federal government has decided to expand the Prime Minister’s Apna Ghar Programme by allowing Non Banking Finance Companies (NBFCs) to take part in the housing finance scheme.
The decision was approved after recommendations from the Securities and Exchange Commission of Pakistan (SECP), which has also issued the rules for the programme.
Under the new rules, non banking housing finance and investment finance companies can offer home loans of up to Rs10 million. Microfinance companies can provide loans of up to Rs5 million.
