The government is pushing affordable housing, mortgage reform and public-private partnership projects to boost the construction sector
Prime Minister Shehbaz Sharif chairs a meeting at the Prime Minister’s House in Islamabad to review the Federal Ministry of Housing and Works PHOTO: PMO
Prime Minister Shehbaz Sharif on Wednesday directed officials to take practical measures to ensure that housing finance reaches common citizens effectively, the Prime Minister’s Office said in a press release.
According to the statement, the Prime Minister chaired a meeting at the Prime Minister’s House to review the affairs of the Federal Ministry of Housing and Works. Addressing the participants, the prime minister said: “Providing housing for low-income groups, launching affordable housing projects, including encouraging private sector participation and improving public facilities are among our top priorities.”
The meeting was briefed on the ministry’s strategic roadmap, including ongoing reforms in the construction sector’s tax structure. “Discussions are underway on tax standardization in consultation with the Federal Board of Revenue and provincial authorities. Draft housing loan reforms are also under review,” the statement said.
A public-private partnership (PPP) plan is being developed to build housing for low-income groups, according to the statement. The Norwegian Property Authority is established to regulate housing and property management.
The press release further states that the real estate investment fund for housing finance is jointly developed by the Ministry of Finance, FBR, Securities & Exchange Commission and provincial housing departments.
The meeting was attended by Federal Minister for Law and Justice Azam Nazir Tarar, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Finance and Revenue Mohammad Aurangzeb, Federal Minister for Housing and Works Riyaz Pirzada, Federal Minister for Information Technology and Telecommunication Shiza Fatima, Advisor to Prime Minister Sans Finance Minister Raprov State Coordinator Raprov State. and Railways Bilal Azhar Kiani and other senior officials.
“The meeting emphasized steps to accelerate affordable housing projects, improve public facilities and implement reforms to support construction and housing finance for all citizens,” the statement concluded.
