Islamabad: Ministry of housing and works has signed an understanding with a Chinese firm, China State Construction Engineering Corporation (CSCEC) for building low cost housing in Islamabad along with up-gradation of houses for low income citizens. The secretary ministry of housing and finance signed the MOU with CSCEC chief representative.
The Government of Pakistan has long been interested in seeking China’s investment to carry out mega housing projects in Pakistan. In this regard, several options have been discussed in the federal cabinet and meetings with different corporations of China have been going on during the last few months. The government believes that this initiative will prove to be a game changer for the poorest of the poor. There will be a great flux of economic activity by creating job opportunities and economic activities. The construction of infrastructure including roads, water supply, provision of electricity, natural gas, sewerage system and allied facilities is expected to boost the economy to a great extent. This project is also expected to be integrated under Pak China Economic Corridor (CPEC) in the future.
Cheapest Housing Societies in Islamabad
According to the MOU the Chinese corporation CSCEC will be having a major role in the finance, investment, planning, design and construction of the scheme. However, the government and the federal ministry will be playing their part in the land supply, its acquisition and permission of planning and construction and marketing and sale of the housing units.