Karachi: The developers of Naya Nazimabad will build a 3000 unit project in Karachi’s port city with a 20-year mortgage plan. After Eid-ul-Adha, the programme will be introduced.
According to sources, the project would be developed by the Naya Nazimabad Developers Javedan Corporation in partnership with major banks and REITs.
Habib Equity, which owns 26.6 percent of Javedan Corporation, Arif Habib Corp, which owns 7.45 percent, and Arif Habib himself owns 5.76 percent of the corporation are among the largest REITs.
Furthermore, under the proposed plan, the owner will be required to pay 20% of the apartment’s value, with the remainder of the payment being made by the banks, with the owner paying the bank in easy monthly instalments over a 20-year period. The Mortgage Refinance Company will provide cash to banks for mortgage facilities in this regard.
Javedan Corporation, the project’s developers, previously built the Naya Nazimabad Project and sold 6500 residential and commercial plots in phase one of the endeavor.