President Alvi promulgates Naya Pakistan Housing & Development Authority Ordinance

11:08 PM | 23 May, 2019
President Alvi promulgates Naya Pakistan Housing & Development Authority Ordinance
ISLAMABAD – The President of Pakistan has promulgated the Naya Pakistan Housing and Development Authority Ordinance, 2019 to provide for housing and real estate development, and other activities related to land and construction.

Under the ordinance, the Naya Pakistan Housing and Development Authority will be established for the purposes of planning, development, construction and management of real estate projects.

The Prime Minister shall be the patron of the authority and shall review its performance and give general policy directions. The patron shall constitute the policy board comprising not less than five and not more than 11 members, including chairman for a term of five years.

The authority shall identify immovable properties and projects suitable for the development of housing schemes. It will recommend to the Federal Government to provide or procure immovable property or a project through any means permissible under law including compulsory acquisition, purchase, lease or licence through private agreement; donation by any private party or any state land or project by any government or other public authority, on such terms as may be mutually agreed between the Federal Government or the relevant transferor. It will facilitate the low income segment for availing housing under this ordinance or any other specific programme or otherwise through the provision of loans or other facilities.

The authority may raise funds through any means considered appropriate in the circumstances including through real estate investment trusts, bonds, sukuk and other forms of finances obtained on the basis of participation term certificate (PTC), musharika certificates, term finance certificate or any other financial or debt instruments or securities. It may raise funds and obtain finance or loans from donor agencies, government bodies, and financial institutions, including on the security of its fund.

The Federal Government on the recommendation of the Authority shall constitute a Federal Land Bank and for which it may arrange or procure immovable property for the purposes of a scheme through any means permissible under law, including provision of State land by any government or public department, authority, agency or any corporation.

The authority shall prepare feasibility studies for the development of schemes and determine the mode of development accordingly.