PC-I to construct 2,392 housing units at Sangjani approved

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ISLAMABAD: The PC-I to construct 2,392 housing units in the Sangjani area, under Naya Pakistan Housing Project (NPHP) to facilitate the low-income citizen, announced the Ministry of Housing and Works.

The process of transfer of land is still in progress.

A total of 45,000 low-cost housing units are under construction all across the country.

 

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Karachi coastal uplift plan: 20,000 low-cost housing units to be constructed

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KARACHI: Over 20,000 low-cost houses to be developed under the China Pakistan Economic Corridor’s (CPEC) Karachi Coastal Comprehensive Development Zone (KCCDZ) launched by the government.

The flagship project is located on the western backwaters marshland of the Karachi Port Trust (KPT) will provide homes for the families residing in slums living in the surroundings.

The project sprawling on 1,581 acres was announced after the 10th Joint Cooperation Committee (JCC) on CPEC, co-chaired by Pakistan’s Minister for Planning, Development and Special Initiatives, Mr. Asad Umar, and China’s Vice-Chairman of the National Development and Reform Commission Mr. Ning Jizhe.

Deemed as a game-changer by transforming the provincial capital, the multi-billion dollar project is expected to attract US$3.5 billion Chinese investment.

The environment-friendly project – an initiative of the Ministry of Maritimes Affairs is set to feature four new berths for KPT, a modern fishery port, and a majestic harbor bridge connecting it with Manora Islands and Sandspit beach.

The authorities will also work to set up an international level fisheries export processing zone and a water treatment plant to restore the marine ecosystem and reduce pollution, it was reported.

 

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Cement Factories: Punjab govt issues NOCs to 22 units

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LAHORE: In a bid to increase the supply of cement across the country, the provincial government of Punjab has granted No Objection Certificates (NOCs) to the twenty-two cement industries.

According to the details, the cement industries will be established in those areas which have not been declared ‘negative’ by the public departments for ensuring compliance to the environment.

Secretary for Mines and Minerals Department of Punjab has informed that the NOCs have been given to the industries after taking into account the environmental impact assessment, and the recommendations of relevant departments.

The Mines and Mineral Department of Punjab has seen an increase in its revenues as the collection increased from Rs4bn to Rs10.19bn in the Fiscal Year 2021.

 

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SBP permits financing of under construction housing units

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KARACHI: To facilitate the growth in the housing sector as per the government’s policy, the State Bank of Pakistan (SBP) has permitted the financing of under-construction housing units.

The central bank has directed the commercial banks and DFIs to extend housing finance to under-construction projects.

As per the Press Release of the central bank, the SBP has evolved a comprehensive framework of risk mitigation which will allow the commercial banks to extend loans without risks.

The initiative of the central bank will increase the demand for buying under-construction houses.

 

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