Construction projects worth over Rs400 billion will be initiated in the last quarter of the current year, informed Minister for Information and Broadcasting Shibli Faraz.

Addressing a news conference in Islamabad on Thursday, the minister informed that a project envisaging construction of houses and apartments worth Rs145bn will commence from 20th October.

About the government’s loan program for house construction, Shibli informed that those constructing five marla houses will be provided loans on 5 percent markup, whereas, for those building 10 marla houses, the markup rate is raised to 7pc. The minister said the public will be able to pay off loans through easy installments.

Furthermore, an additional Rs30bn has been set aside as a subsidy for the Naya Pakistan Housing scheme. The Information Minister was of the view that the construction sector is a priority of Prime Minister Imran Khan in order to revive the economy.

While expressing satisfaction over the recent auctions of Capital Development Authority Shibli Faraz was of the view that there is an enabling environment for the construction sector in the country.

The minister informed that the Prime Minister chaired a meeting of the National Coordination Committee on Housing, Construction, and Development today, WHICH WAS attended by some of Pakistan’s leading investors and builders.

Shibli informed that several proposals to uplift the construction sector were discussed including holding international roadshows for construction-related projects in order to attract investment of overseas Pakistanis.