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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)

Tags:

-Maymar, 2 bed rooms, Companies Ordinance, Company Pvt, Disbursement, Escrow Account, Financial Liability, Government Employees, Gulshan, Gulshan-e-Maymar Karachi, Housing Authority, Housing Services, Joint Venture Agreement, Joint Venture Company, Jv Company, Maymar Housing Services, Ministry of Housing, Ministry Of Law, Pakistan Housing Authority Pha, PHA, PHA & Maymar, PHA and Maymar, PHA-Maymar flats, PHA-Maymar Pakistan Housing Authority, PHA-Maymar Towers, President of pakistan, Prime Minister Housing Program Pakistan Housing Authority, public private partnership, SECP, Security and Exchange Commission of Pakistan

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