ISLAMABAD - Ministry of Housing and Works along with Housing Task Force has expedited the work to prepare draft for the establishment of New Pakistan Housing Authority (NPHA) which would be presented for cabinet approval during the ongoing month. A draft for the establishment of Real Estate Regulatory Authority would also be prepared within a week and to be presented in the ongoing month, the official sources told APP on Monday adding that it would separate the regularly work from that of development. State Bank of Pakistan, the sources said, has also proposed interest rates proposed for this housing project which would be reviewed by the members of the Housing Task Force soon.
The meetings are underway with the relevant stakeholders to finalize the foreclosure laws which would also be finalized within two weeks. It is to mention that 25 companies had so far expressed their interest after the advertisement for Expressions of Interest (EOIs) on the construction housing units at one site. Sixteen companies are also such which have expressed their interest for constructing housing units and providing land at different sites.