ISLAMABAD: Federal Minister for Information and Broadcasting Shibli Faraz on Thursday announced the initiative taken by the federal government to start construction-related projects worth Rs400 billion.
While briefing media about the meeting of the National Coordination Committee on Housing, Construction and Development, chaired by Prime Minister Imran Khan, he said that Rs400 billion construction-related projects would be initiated in the last quarter of the current year.
The information minister said Prime Minister Imran Khan was laying special emphasis on the uplift of the construction sector in order to revive economy.
He said the welfare of the poor segments of society was the focus of Prime Minister Imran Khan's policies.
A project envisaging construction of houses and apartments worth 145 billion rupees will be started on 20th October, he added.
Faraz said the government decided to give loans on five percent markup to those constructing five marla houses, while for the 10 marla houses the markup rate would be seven percent.
He said an additional Rs30 billion had been set aside as subsidy for the Naya Pakistan Housing scheme.
The federal minister said the prime minister yesterday (Thursday) chaired a meeting of the National Coordination Committee, which was attended by the country's prominent investors and builders.
He said the meeting discussed several proposals to uplift the sector including holding international roadshows for construction-related projects in order to attract investment of overseas Pakistanis.
The prime minister has now decided to hold the meeting of the committee every two or three days keeping in view the importance of the sector, he added.
The information minister expressed satisfaction over the recent auctions of the Capital Development Authority (CDA), saying there was an enabling environment for the construction sector in the country.
"This project has already started, as you can see," he said, referring to the government's initiative to provide houses to residents at low cost.
"You saw the auction of the CDA and how successful it was. All of the plots were sold [for more money] than what was expected," he added.
Faraz said that such meetings between the prime minister and the stakeholders in the construction sector would take place every week in future, and PM Imran would inquire about its updates daily.
"This is an initiative, which will prove to be a milestone in the history of Pakistan," he said.
Faraz said the government wanted to introduce the mortgage system and institutionalise it, so that the system continued to exist.
"We are creating opportunities out of this COVID-19 crisis," he said.
"Through this mechanism, even if a person earns less, he can buy a home for himself."
In response to a question on whether government employees will be able to partake in the housing project, the information replied in the affirmative.
"Of course [government employees can participate in the housing scheme]. This is a project for all Pakistanis," he clarified.
Faraz said the scheme would change housing projects for good in the long run; stressing that it would create employment and investment opportunities for many people.
Speaking to media, Dr Sania Nishtar said the Ehsaas Emergency Cash Programme had attracted praise from all over the world as it had helped out the poor during these difficult times.
She said PM Imran stressed on the need for merit to be followed, when it came to the disbursement of cash among the needy.
Copyright Business Recorder, 2020