ISLAMABD: Prime Minister Imran Khan has directed the Finance Division and the State Bank of Pakistan (SBP) that the process to make the provision of subsidy to the commercial banks easy for promoting mortgage system in the country for the construction of low-cost houses for ordinary and low-income group people.
A day after a meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by the Adviser to the Prime Minister on Finance, Dr Abdul Hafeez Shaikh, allocated Rs33 billion mark-up subsidy for housing finance for the loans tenor of 10 years for Naya Pakistan Housing Scheme, the prime minister chaired a meeting of the National Coordination Committee on housing construction and development on Thursday, and directed the chief secretaries of the provinces to make one-window facility for the construction sector operational within a week's time.
He also directed them to submit a complete plan regarding introducing online system for issuance of no-objection certificates (NOCs) by the government, payment of fees etc., and make sure that the NOCs and other processes were completed within the time frame.
The prime minister was for taking action against those creating hurdles. The prime minister also directed to complete the consultation process with respect to real estate regulatory authority, so that it could formally start working.
He also directed that the use of information technology should be ensured at every stage of construction sector to make the process fast and easier. The Chief Secretaries of Punjab and Khyber Pakhtunkhwa informed the meeting about the steps taken to make the system facilitative for construction, such as establishment of portal and E-facilitation centers.
The Chief Secretary Sindh informed the meeting that on the instructions of the prime minister the number of taxes in the province on construction sector had been reduced and brought to the level of Punjab and Khyber-Pakhtunkhwa. The chairman Lahore development Authority gave a briefing to the meeting with regards to the LDA's 'city project' under the Naya Pakistan Housing Scheme.
While addressing the meeting, the prime minister said the government had given an historic incentive package for the construction sector with the objective to creating economic activity in the country by promoting various industries linked with the sector, and to fulfill the dream of low-income people to have their own houses. The prime minister said that activities in construction sector would also create employment opportunities in the country.
Copyright Business Recorder, 2020
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