Lahore, Pakistan – May 22, 2024 – In a significant step towards addressing the housing crisis in Punjab, the IMARAT Group has pledged full support to the World Bank and Punjab Housing and Town Planning Agency (PHATA) in their collaborative efforts to provide affordable housing solutions. Represented by Group Director Farhan Javed, IMARAT Group has offered its expertise and resources to develop sectors and societies that will function as affordable eco-systems, ensuring housing is accessible to all.
Punjab Affordable Housing Program (PAHP) brings together the World Bank and PHATA, Punjab’s affordable housing society, to work closely with regulatory authorities to implement low-cost housing solutions. This project, supported by the World Bank, aims to improve methodologies to make housing more affordable and accessible for the people of Punjab. Currently, Pakistan faces a staggering shortage of 10 to 20 million houses, with the gap widening each year. IMARAT Group, represented by Group Director Farhan Javed, has committed to resolving this issue by participating in developing affordable housing projects.
“The housing crisis in Pakistan requires innovative solutions and collaborative efforts,” said Farhan Javed. “We are proud to support the World Bank and PHATA in their mission to provide affordable housing. By leveraging our expertise and resources, we aim to create sustainable communities where everyone has access to safe and decent living conditions.”
The housing sector in Punjab is beset by numerous challenges, including housing shortages, affordability issues, informal settlements, poor regulatory frameworks, and deteriorating infrastructure. The World Bank supports the Punjab Government through the Affordable Housing Program (PAHP). The program aims to enhance the quantity and quality of affordable housing supply by funding the PAHP and strengthening housing institutions and systems.
The PAHP is being implemented through a Program Management and Implementation Unit (PMIU) under the Housing Urban Development and Public Health Engineering (HUD&PHE) Department, with Urban Sector Planning and Management Services (Pvt) Ltd (The Urban Unit) and PHATA as co-implementing agencies. As part of the program, the government is partnering with the private sector to boost the supply of affordable housing. Affordable Housing Joint Venture Rules and Regulations are being drafted to facilitate these collaborative efforts. To discuss potential opportunities and the way forward, a deep-dive session was arranged.
This session covered the scope and understanding of joint ventures, specific aspects of draft joint venture rules, and key processes involved. Additionally, the session addressed the contributions and responsibilities of both the government and developers, along with private developers’ concerns and their critical expectations for successful partnerships.
IMARAT Group’s involvement, spearheaded by Farhan Javed, highlighted its commitment to creating sustainable and affordable housing solutions in Punjab. Collaborative efforts between the government, private sector, and international organizations like the World Bank are crucial to overcoming the housing crisis and providing quality living conditions for millions of Pakistanis.
Commenting on the initiative, Shafiq Akbar, Chairman of IMARAT Group, stated, “Pakistan’s housing crisis is one of the most pressing issues we face today. With millions of families lacking adequate housing, our partnership with the World Bank and PHATA is a vital step towards bridging this gap. We believe that by working together, we can develop innovative solutions that not only address the current shortfall but also set the foundation for a more sustainable and inclusive future.”
About IMARAT Group
IMARAT Group is a leading real estate development company in Pakistan, known for its innovative approach and commitment to sustainable development. With a focus on creating inclusive communities, IMARAT Group is dedicated to addressing housing challenges and improving the quality of life for all citizens.
