KARACHI: Association of Builders and Developers (ABAD) has launched affordable housing scheme, comprising 5,000 units at four different places in Karachi, industry officials said on Saturday.
The scheme has been launched at three – day 4th International ABAD Expo started on Saturday. ABAD office bearers said that the scheme would be developed at Northern Bypass, Hawksbay, National Highway and Super Highway.
The total cost of a single unit has been estimated at Rs1.5 million to Rs2.1 million depending on the location. Under the scheme an amount of Rs0.3 million to be paid by the applicant and remaining amount would be available through housing loans.
ABAD office bearers said that the association had already acquired 500 acers of land to start the project. The registration process would be continued next four months and construction of the scheme would be started in December 2017. The office bearers hoped that the project would be completed in two to three years.
At the inaugural ceremony of the even, Agha Siraj Durrani, Speaker Sindh Assembly, addressing as chief guest said that to provide affordable housing the cost of construction had to be reduced. He said that builder passed the high cost of construction to buyers, which resulted in higher prices of properties.
He lauded the construction sector for creating opportunities in the economy besides generating employment. He offered that the provincial government would support any legislation that help the construction industry.
He also urged the courts to dispose of the cases related to construction industry on priority basis, as many people were waiting justice in their stuck up cases for a long time.
On the occasion, Mohsin Shekhani, Chairman ABAD, said that half of Karachi population was living in Khatchi Abadis.
He said that housing shortage in the country was immense and at present about 12 million housing units were required in the country.
Commenting on the ABAD affordable social housing scheme, he said that similar project had been launched at the 3rd International ABAD Expo held in Islamabad last year. He said that now the ABAD realizing its social responsibility was launching for the people of Karachi.
He urged the federal and provincial governments to plan long term development plans and ensure infrastructure considering the expansion of cities.
He said that ABAD scheme would help modernize the housing sector in Pakistan. He said that law and order had improved in Karachi and it would help more investment in real estate as well as other sectors.
Senator Saeed Ghani in his address advised the builders association to identify more avenues to provide low cost housing for poor masses.
Ch. Sarwar, former governor Punjab said that construction industry had important role in the economic growth of Pakistan.