PHA-Maymar (A Joint Venture Company (Pvt) Limited)Pakistan Housing Authority, (PHA) Ministry of Housing & Works while pursuing the Prime Minister’s Housing Program developed a unique model of Public-Private partnership in which there is no financial liability on the part of the government / PHA whereas the developer has to develop the housing units on its own land with its own investment. Based on this, PHA has signed a MOU with Maymar Housing Services (Pvt) Ltd. (Maymar) and after following all the laid down procedure, a Joint Venture agreement was drafted & submitted for legal vetting by Ministry of law.
After completion of vetting procedure, the Joint Venture agreement was signed on July 16th, 2009 between the President of Pakistan through PHA & Maymar to develop, construct and sell 8000 apartments under PM’s housing program in 4 Phases.
The concept of JV agreement is that Maymar will provide land, construct and execute the project with its own funds. Whereas, PHA will extend its name & patronage besides providing clientele in shape of government employees. In pursuance to this agreement a Joint Venture company has been in-corporate with Security and Exchange Commission of Pakistan (SECP) under Companies Ordinance 1984 with the name PHA-Maymar Joint Venture Company (Pvt) Limited, (PHA-Maymar) to oversee and monitor the progress of works and allow the disbursement of funds for escrow account. The JV company has Board of Directors comprising of 7 directors with 3 directors each from PHA and Maymar and one director from Ministry of Housing & Works, however, the Chief Executive will be appointed by the board of directors of PHA-Maymar.
PHA-Maymar is undertaking first phase of its project in Gulshan-e-Maymar Karachi comprising 1867 flats and 204 shops with exclusive parking facilities for each apartment. The types of apartment & their sizes are as follows:-
Type D 810 sq.ft. (2 bed rooms with attached bath, lounge)
Type C 1133 sq.ft. (2 bedrooms with attached bath, drawing / dinning & lounge)
Type B1 1510 sq.ft. (3 bedrooms with attached bath drawing / dinning & lounge)
Type B2 1550 sq.ft. (3 bedrooms with attached bath drawing / dinning & lounge)
Project will be completed in three & half year with complete civic amenities. The apartment would be available for allotment to Government Employees including employees of provincial government, semi government, autonomous & semi autonomous bodies, uniform personnel etc as well as to general public on 50:50 basis. The important aspect is that a concept of cross subsidy is employed in the project to make house affordable for both government employee and general public.