PM Khan performs groundbreaking of residential complex in Islamabad

(Karachi) Prime Minister Imran Khan has performed the groundbreaking of a residential building complex in Islamabad on Thursday. The move aims to provide cheap housing facilities to people with low-income.

Addressing the event, the PM said that the residential complex, Farash Town Apartments, will be completed in two years.

He added, “We want to provide low-cost houses to those who can’t afford it as banks are not willing to provide loans to poor people.”

He stated that the residential project will provide houses to 2,000 people who are unable to afford a house. "We are moving towards automation and it will help solve the problems of the people."

The premier pointed out that the construction is being done by the Frontier Works Organisation. “I have seen the work of FWO and it is impressive. They completed the work on the Kartarpur corridor in record time,” Imran mentioned.

The prime minister said a plan has also been prepared to convert the slums and equip them with modern facilities including that of sanitation and sewerage. He said the slum dwellers will be given houses on proprietary rights.

He said the mortgage facility has been introduced to provide loans to the people in easy installments so that they could construct the houses. He said negotiations are continuing with the banks to remove any impediments.

Imran regretted that the economy was mismanaged in the past. He said such loans were taken in the past which instead of wealth creation further increased the burden of loans.

Imran Khan said the government is focusing on wealth creation projects to retire the country's debt. He said these include Ravi City and Central Business District in Lahore whilst negotiations are being held with the Sindh government to develop the Bundle Island. He was confident that these projects will attract massive investments.

Earlier, the prime minister inaugurated the balloting ceremony of a housing scheme for laborers in the capital, terming it a "first in the history of Pakistan".

At least 1,008 flats and 500 houses will be allotted in the first phase. He said no government in the world could build houses for everyone but what it could do instead is to facilitate and provide opportunities to people so they could "easily" build or purchase their own houses.

He said his government had "for the first time" in the country's history approached banks and offered them incentives to set aside Rs380 billion for housing finance.