ISLAMABAD, Oct. 10 (Xinhua) -- Pakistan Prime Minister Imran Khan on Wednesday launched a housing project under which the government will build 5 million houses for under-privileged over the next five years.

The prime minister, who unveiled the project "Naya (new) Pakistan Housing Program" at a special ceremony in the capital Islamabad, said the target of his government is to ensure provision of affordable houses.

He said the government will also start its first project for its employees and registration for the same would begin from Oct. 11.

"I am confident that the program would not only help realize the dream of a shelter for the poor but also create employment opportunities. It will also attract local and foreign investment and stimulate about 40 related industries," Khan said at the ceremony held at the prime minister's office.

A "Naya Pakistan Housing Authority" will be set up to serve as one window for all construction related formalities. The Authority would be set up in three months and till then a Task Force would look after the housing project.

A National Financial Regulatory Body would be set up in two months to remove hurdles in financing of construction of houses.

A legal framework would also be prepared to ensure that there are no legal hurdles in the way of implementation of housing project.

"A Land Bank would be established to identify land with the Federal Government, the Housing Ministry, provincial governments and local governments," the prime minister said.

He said pilot projects would be launched in Islamabad and seven districts of the country in the first phase.

A registration process would be initiated in these districts from Thursday with the cooperation of the National Database and Registration Authority to collect data for housing needs of the people.

"The government would serve as a facilitator while construction activity would be undertaken by the private sector," Khan explained.