Punjab govt proposes ‘affordable housing project’ worth $350mn

ISLAMABAD: In a bid to improve housing access for low-income groups and strategize a comprehensive provincial housing policy, the provincial government has planned to set up an ‘affordable housing project’ worth $350 million.

The project will be reviewed after the outbreak of COVID-19 is controlled. Once approved, the International Development Association of the World Bank will provide $300m financing.

Under this project, the government will also strategize a comprehensive provincial housing policy in order to overcome the issue of lack of housing.

The strategy will include implementation of measures by federal, provincial and local agencies to transform the entire housing value-chain. This will include reforms on access to land with basic infrastructure, planning and building regulations, construction and end-user finance.

In addition, to accommodate the low-income groups, the government will work on creating an enabling environment for the private sector, to incentivise more affordable housing segments.

In a report by the World Bank, it was revealed that the housing shortage in Punjab is estimated to be 3.15m units.

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