ABAD urges govt to unveil revival package

Association of Builders and Developers Chairman North Zone SM Nabeel has expressed hope that the federal government will soon announce a revival package for the construction industry to address challenges and drive sustainable development. He extended gratitude to Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb and Housing Minister Riaz Hussain Pirzada for their proactive role in revitalising Pakistan's housing sector. Nabeel praised the formation of a dedicated task force and highlighted ABAD's proposals, including a reduction in withholding tax, elimination of federal excise duty and introduction of fixed-rate mortgages to attract investment and boost economic activity.

He urged banks to prioritise construction financing while pointing out that Pakistan had the lowest home mortgage-to-GDP ratio in the region. He also emphasised the need for policies that could expand financial accessibility and incentivise formal sector participation to stimulate real estate investment. Nabeel believes the real estate sector holds a foreign direct investment potential of $100 billion, which can significantly boost economic growth. The construction and housing industry is the second-largest employer in Pakistan, playing a crucial role in economic stability.