KARACHI, Jan 5: The House Building Finance Corporation (HBFC) is to finance 1,000 low cost housing units in Gwadar, which will be allotted to the displaced persons, local fishermen as well as to those who sold their lands and abode at a throwaway price to the investors and speculators.

The HBFC has already acquired 63 acres of land from district Nazim of Sur Bandar, Gwadar. The Gwadar Port Authority (GPA) and the corporation will jointly supervise the project along with the local government.

In order to give the project a proper shape and design the HBFC has acquired the services of Pakistan Council of Architects and Town Planners (PCATP), which will look after the development work and also give technical advice to the corporation.

These housing units will be of 120 and 240 sq. yards and strict criteria has been evolved to safeguard the interest of locals and genuine residents of the area.

The project will be carried out on no-profit-no-loss basis and the HBFC will bear 70 per cent of the project cost as loan component and 30 per cent in the shape of equity from the buyers. The re-payment period has been fixed between 24 to 30 months.

The PCATP hired services of final year students from the University of Karachi and NED Engineering University to conduct a survey, which was arranged by the HBFC. The students of architect compiled a report on living pattern, lifestyle, housing conditions and social structure of the people of Gwadar.

The architects and town planners have also been pre-qualified by the HBFC on the technical advice of the PCATP. The report compiled by the team of students will be the guiding document for the architects while carrying out town planning and designing of housing units as per the customs, traditions and living habits of the local people.

Mujahid Zameer, the executive director HBFC told Dawn that the selection of design of the Gwadar housing project will be made this month by a high-level committee comprising Director General Gwadar Development Authority (GDA) Ahmed Baksh Lahri; city district Nazim Mir Abdul Ghaffar Kalmati; PCATP and Chairman HBFC Zaigham Mahmood Rizvi.

The committee has been empowered to take all decisions with regard to HBFC Gwadar housing project.

Mr Zameer said that survey and town planning was under progress and hoped it would be completed by end of February. He further said that the development will immediately follow the groundbreaking ceremony.

Responding to a query, he said that the local people had shown keen interest in the Gwadar housing project and around 4,000 have already applied. Basically, Mr Zameer said that the HFBC had taken up the housing project in line with the government policy to give preference to locals and safeguard their interest.

He further said that every care would be taken to keep away speculators and investors from this project and allotment will be given after strict verification and identification of documents as well as National Identity Card.

There will be a condition that the property will not be transferred within 10 years period and thereafter it could be sold only to the locals.