Financial Tribune - The first stage of the government-sponsored housing development project, known as “National Housing Initiative”, has seen the enrollment of 240,000 applicants, of whom 58% have been found to be eligible, the head of the housing division of Roads and Urban Development Ministry said.

“The provinces of Ardabil, Khuzestan, Sistan-Baluchestan and Kermanshah account for the largest number of eligible applicants,” Mahmoud Mahmoudzadeh added.

The official put the turnover of National Housing Initiative, excluding land price, at more than 1,000 trillion rials ($6.94 billion).

Out of the construction of a total of 400,000 homes planned by Roads Ministry over two fiscal years (March 2019-21), New Towns Development Company will build 200,000 and Urban Development and Renovation Company 100,000, while the Housing Foundation of the Islamic Republic of Iran will build the remaining 100,000 residential units over three years.