Unfortunately no govt in Pakistan supported the low income people for construction of houses: Imran Khan
government is providing subsidy and incentivizing construction industry to help low income people to have their own houses.
Says 100,000 residential units being constructed for the low income people under Pakistan Housing Project
ISLAMABAD ( Web News )
Prime Minister Imran Khan says the government is providing subsidy and incentivizing construction industry to help low income people to have their own houses. He said that 100,000 residential units are being constructed for the low income people under the Pakistan Housing Project. He said that the banks have received 61,000 applications worth Rs 226 billion financing, adding that out of which the banks have approved applications worth Rs 90 billion. He said that the banks have already issued Rs 24 billion for the construction of the houses. He said that it took two years time to develop the infrastructure for the Pakistan Housing Project, adding that now the houses could be constructed with fast pace. PM Imran Khan said that unfortunately no government in Pakistan supported the low income people for the construction of houses.
PM Imran Khan was speaking at a ceremony during his visit to Naya Pakistan Housing Authority’s project Farash Town Apartments in Islamabad on Friday. PM Imran Khan said that in India more than 10 percent houses are built on mortgage while securing financing from the banks, in Malaysia 30 percent houses are constructed while securing money from banks and in Western countries the ratio is over 80 percent, adding that in Pakistan only 0.2 percent people were securing financing from banks for the construction of houses till 2018, adding that it took two years to government for getting clear the foreclosure law from the courts. He said that the government has waved off 90 percent taxes for the construction industry and started one window operation for them for the construction of the low cost houses for the low income people.
The Prime Minister said 35 billion rupees have been allocated for subsidy on construction of houses by the low income people. He said the government will provide three hundred thousand rupees subsidy on every house for the first one hundred thousand units.
The Prime Minister said while one hundred thousand apartments are under construction, the process will now speedily move forward as the structure of the system has been finalized.
He said the construction industry has been incentivized in different ways including tax relief. He said One Window Operation has also been started to facilitate the construction sector.
Regarding Farash Town Apartments, the Prime Minister said of the total 4400 apartments, 2000 each have been allocated for low income people and middle income people and four hundred apartments will be provided to slum dwellers. He said that the total land of the Farash Town Apartments project is Rs15.3 billion. He said that this project consists of 670 canals.
Meanwhile Prime Minister Imran Khan has directed the authorities concerned to remove illegal encroachments on state land. He gave the directions whilst chairing a meeting of National Coordination Committee on Housing, Construction and Development.
The Prime Minister said the provincial governments should immediately complete anti encroachment legislation. The Surveyor General of Pakistan briefed the meeting about the ongoing Cadastral Mapping in the country. It was informed that eighty eight percent mapping of the state land has been completed which has helped identify illegal encroachments on the state land.
It was informed that the digitalization of the private land will be carried out with the cooperation of provincial governments in the next phase. The Prime Minister expressed his satisfaction over the Cadastral Mapping and asked the provinces to complete the verification process of the Cadastral Mapping’s data in two months’ time. He also directed the provincial governments and Islamabad Capital Territory to effectively pursue the pending cases against illegal encroachments. He said plantation should be carried out on the state land cleared of encroachments.
Meanwhile Prime Minister Imran Khan says Ravi Urban Development Authority and Central Business District projects will promote modern, self-sustained, clean and green residential and business facilities in the country.
Chairing a review meeting in Islamabad on Friday, he said these projects are very crucial for attracting foreign direct investment in housing and construction sectors in the country. The Prime Minister directed the authorities to win over maximum investment for both the projects.
Earlier, the Prime Minister was informed that work on the development of basic infrastructure including roads, sewerage and drainage in the Central Business District is in full swing and is likely to be completed ahead of schedule. Moreover, the construction work on Bab-e-Pakistan Project will also start soon.
The Prime Minister was apprised that Ravi Urban project is all set to develop its Saphire Bay Project. Moreover, a state of the art industrial estate, powered by renewable energy, is also ready to be launched very soon.