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Taiser Town attracts 309,300 applications

May 06, 2006

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KARACHI, May 5: Allied Bank has received a total 309,300 applications for the low-cost housing scheme, Taiser Town, but so far no date for balloting has been fixed, says a highly-placed bank official.

The official said the number of applications was below expectation, although the rate of 120 square yard land (Rs120,000) was still cheaper than the market price. The city government, which announced the scheme, had doubled the price of the land in just six months.

Six months before the city government had launched the first phase of the scheme for 80 square yard at Rs500 per square yard. About 400,000 citizens applied for the first phase, but the turnover of the second phase was about 23 per cent lower than the previous scheme.

The purpose of the scheme was to provide low-cost housing to the low income group, but the price hike prevented many low income people from participation.

The initial amount was Rs15,500 for a plot, including Rs500 (non-refundable) as cost of form.

The total amount deposited with banks was Rs4.794 billion, including Rs154 million as cost of forms.

Sources said the city government was making all-out efforts to invite President Pervez Musharraf to inaugurate the balloting of plots. The balloting for the first phase was also opened by President Musharraf.

The balloting for the first scheme was delayed for three and half months.