Lahore: According to news reports, Punjab Caretaker Chief Minister (CM) Mohsin Naqvi has directed that the Chief Minister’s Low-Cost Housing Plan initiative for low-income households in the state be revived.
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CM Naqvi further ordered that the board of the Punjab Housing and Town Planning Agency (PHATA) be reconstituted as soon as possible to carry out the low-cost housing scheme project in order to better meet the demands of the public. He claimed that the country urgently needs to provide interest-free loans for low-income households in order to meet the demand for housing. A home is a fundamental human right, according to him, and the government should try to make this a reality.
The agreement with the Akhuwat Foundation for the interest-free loan for the construction of homes smaller than five marlas was also disclosed to the conference. It was disclosed that the Akhuwat Foundation was successful in recovering all of the 200 million PKR in family loans. At the conference, it was also considered raising financing for the Akhuwat Foundation to PKR 800 million.
In the past, the government has established low-cost housing developments and subsidised home loans in an effort to address the nation’s housing shortage. Yet, the government was unable to continue giving subsidies due to the unstable economic environment and higher-than-normal market interest rates.