RECORDER REPORT

KARACHI: Association of Builders and Developers of Pakistan (ABAD) has received around 50,000 applications against the announcement to build 5,000 affordable houses during three-day of ABAD expo.

According to details, the ABAD has announced to initially build 5000 affordable houses in the range between Rs 1.5 million to Rs 2.1 million in Karachi and asked to submit registration forms for the said scheme during three days of exhibition at expo.

Talking to Business Recorder, Hassan Bakshi Senior Vice Chairman ABAD informed that they had received around 50,000 registration applications during three days of exhibition, which he termed as overwhelming response from the visitors.

Needless to mention, the association, which privately announced to initially build 5000 affordable houses in the range between Rs1.5 million to Rs 2.1 million in Karachi under Corporate Social Responsibility (CSR), had planned to construct 20,000 affordable houses at four different places - Northern Bypass, Super Highway, National Highway and Hawks-bay.

Presently there is a consortium of 17 builders, who are providing their land for this low cost housing project. ABAD hoped that after the completion of this pilot project of 5,000 houses, this consortium would be increased to some 50 builders.

Around 25 per cent of houses (1,250 units) of 120 square yards will be sold on cash while rest of the 3750 units of same size will be given through balloting on easy installments in which HBFCL will finance 80 per cent of total cost of a unit.