Punjab plans housing project for low-income groups
Lahore: According to the news sources, the Punjab government has proposed to establish an affordable housing project aimed at providing housing to low-income groups.
For this purpose, the Punjab government has sought support from World Bank to develop a comprehensive provincial housing policy and strategy. The statistics suggest that the housing shortage in Pakistan is estimated at 10 million units.
The World Bank will evaluate the project as soon as the COVID-19 pandemic is controlled and the situation becomes normal. The cost of the project has been estimated at $350 million, while the International Development Association of the bank will provide financing up to $300 million.
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As per the details, the proposed plan will provide assistance to the Punjab government on its affordable housing agenda. The project will help devise a comprehensive provincial housing policy and strategy, based on a clear understanding of supply and demand constraints. It will identify entry points to enable the market for affordable housing and build technical and financial capacity to sustainably scale up solutions over time.
From the province’s point of view, the housing shortage is estimated to be 3.15 million units. It is also a fact that over 51 percent of urban housing units are overcrowded.