Govt facilitating construction of housing units: PM

Prime Minister Imran Khan said on Tuesday the government was facilitating the construction of affordable housing units for the salaried and low-income groups through provision of subsidies and waving interest rates on the house financing.

Addressing the inauguration ceremony of the Pakistan Housing Authority (PHA) Officers Residencia, Prime Minister Imran emphasised that the construction sector served as an industry and the driving force which could lift the country’s economy.

The project was conceived in 2008 over 90 acres of land. Imran appreciated the Housing Ministry for completing the stalled projects for the government employees. He stressed that the authorities should ensure timely completion of further 88,000 housing units.

The prime minister described the construction sector as an industry and the driving force to lift the country’s economy. “When the construction industry thrives, about 30 more allied industries also move on,” he said.

The prime minister said there was shortage of housing units in Pakistan. “The people could own residences if they had cash, otherwise, in the past, there was no option for seeking bank loans for the construction of homes on easy instalments due to pending foreclosure law before the courts,” he said.

“Moreover, the banks had no trained people to entertain the loan seekers,” he added. “For the first time in country’s history, housing projects worth Rs124 billion through bank loans have been approved and a loan of Rs40 billion has already been released by the banks,” he continued.

The prime minister admitted that the price hike had hit the salaried class hard. He added that it was his cherished dream to enable the low income groups and salaried class to get their houses. “The banking mortgage law will now enable the people to divert the rent of their rented houses to pay for the instalments for the construction of their residences,” he said.

While referring to the global price hike due to coronavirus pandemic, Imran said that the World Bank’s report had confirmed Pakistan growth rate at 5.37%. He added that due to boom in the construction industry, about 40 to 60% increase in the income of labour class was witnessed.

“The World Bank report over the four indicators for the country showed that poverty had been reduced,” he opined, adding that during pandemic, the government did not shut the construction industry.

Also read: PM urges banks to facilitate salaried class seeking housing loans

“Our exports have surged whereas record remittances and tax collection is witnessed,” the prime minister said. “The future of the country has been set in the right direction as indicated by the Bloomberg, which acknowledged that Pakistan’s economy is put on the high trajectory.”

The prime minister expressed the confidence that the economic situation of the country would improve further. Earlier, the prime minister inspected the multi-storey apartments project in Sector I-16/3, which was initiated at the total cost of Rs8 billion.

Meanwhile, talking to Sri Lankan business delegation led by Trade Minister Dr Bandula Gunawardhana and State Minister for Regional Cooperation Tharaka Balasuriya, Prime Minister Imran stressed the need for optimal use of the bilateral free-trade agreement (FTA).

The prime minister appreciated the initiative of Dr Gunawardhana to visit Pakistan along with a business delegation. He invited the attention of the visiting delegation on the rich Buddhist heritage of Pakistan, and expressed the hope that more Sri Lankans would come to the country for religious tourism.

Dr Gunawardhana thanked the prime minister for extending warm hospitality and goodwill towards Sri Lanka. He expressed his desire to expand cooperation with Pakistan in diverse areas of trade, through B2B contacts, joint ventures, investments in high potential sectors and technology transfers etc.