12 April 2005	Tuesday	02 Rabi-ul-Awwal 1426

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ISLAMABAD, April 11: Prime Minister Shaukat Aziz Monday launched a housing scheme for low-paid government employees of grade 1-16 who will get their own flats at an affordable price. Speaking at the launching ceremony, Prime Minister Aziz said: “It has been our dream to provide housing to low-paid government employees and today that dream has come true”.

Under the pilot project 1,000 flats of ‘C’, ‘D’ and ‘E’ categories would be constructed in sector G-11/4 at a cost of over Rs4.4 million.

The project would be completed by the end of next year. The allottees will contribute 40 per cent of the cost in instalments, while the National Bank of Pakistan (NBP) will finance the remaining 60 per cent cost through the Housing Foundation.

The prime minister said his government fully understood that shelter was a fundamental human need and was committed to provide the same for all.

He said the National Housing Policy envisaged accelerated housing activity, with shelter for the poor, the needy and the majority of the rural population as one of its corner stones.

The prime minister said the government had taken concrete measures to promote construction industry to generate maximum employment opportunities through stimulating economic activities in nearly 40 other industries. He said the government had taken concrete measure to enhance housing sector and to make land available at affordable prices.

These included resolution of longstanding disputes concerning four sectors, opening of four new sectors, raising the tax exemption limit to Rs0.5 million, increasing the mortgage limit from Rs5 million to Rs7.5 million and changing debt-to-equity ratio from 70:30 to 80:20.

Talking about annual rental limit of government employees, he said the limit had been enhanced from Rs0.2 million to Rs0.3 million for the purpose of withdrawing tax on income arising from property.

Prime Minister Aziz said President Gen Pervez Musharraf, when apprised of the project, observed that the allotment process should be in a fair and transparent manner.

He assured that the employees of the federal government would be allotted flats through computer balloting and no quota for anyone would be allocated in it.

“There will be no quota for the president, prime minister or anyone as all employees are equal before the government,” he said.

Prime Minister Aziz said similar projects for the federal government employees would be launched in provincial capitals and Islamabad.

Mr Aziz asked the banks and the financial institutions to provide low-interest loans to such employees.

He directed the ministry to call tenders in few weeks to immediately start work on the project.

The apartments would be handed over to the allottees in two years and would be self-hired. The rental ceiling would enable the allottees to pay back the loan in easy instalments and become full owner much before retirement.

Forms for the flats would be available in all National Bank of Pakistan (NBP) branches in the major cities.

Earlier Housing Minister Syed Safwanullah gave a briefing about the project.