KARACHI: Prime Minister Mian Muhammad Shehbaz Sharif has constituted a ‘taskforce’ to develop a growth framework and to focus on financing accessibility for the housing sector.

According to the notification, a new taskforce, which has been established through an immediate order from the Prime Minister’s Office in Islamabad, brings together key stakeholders from the establishment and public-private sectors to address critical housing challenges.

The taskforce has been given a comprehensive mandate with seven key Terms of Reference (ToRs):

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Developing a growth framework for the housing sector, focusing on financing accessibility;

Proposing changes to urban planning policies, particularly for vertical development in federal areas;

Reviewing and recommending improvements to the current taxation regime;

Working on reducing construction input costs through tax rationalization;

Proposing short, medium, and long-term measures; exploring sector incentives within macroeconomic constraints, and addressing related ancillary issues.

The taskforce, which will be chaired by the Minister for Housing & Works, has 11 prominent members, including the Minister for Finance, the Minister of State for Revenue, the Chairman of FBR, a representative of the military Welfare & Rehabilitation department, and leaders from private sector organisations such as ABAD and the Federation of Realtors Pakistan.

The taskforce has been given a one-month deadline to submit its report to the Prime Minister. The formation of this high-level task force reflects the government’s commitment to addressing housing sector challenges through a coordinated approach involving both public and private sector expertise.

Copyright Business Recorder, 2024