Government Support Low-Income Groups For Construction Of Housing Unit
ISLAMABAD: Prime Minister Imran Khan Tuesday 25 Jan 2022 said that the government was facilitating Contractors & Builders for constructing affordable housing units for the salaried and low-income groups through provision of subsidies and waiver of interest rates on the house financing.
The prime minister praised the ministry of housing for completing stalled housing projects for government employees that had been halted for a decade, and he emphasized that the authorities should also assure the timely completion of an additional 88,000 housing units.
The prime minister was speaking at the Officers Residence, Kurri Road, Pakistan Housing Authority (PHA) opening event. The Capital Development Authority supplied 90 acres of land for the project, which was conceived in 2008.
The project cost Rs6.5 billion in total and included 588 grey structure dwelling units in three categories. The initiative was introduced specifically for federal government personnel.
The prime minister went on to say that construction was an industry and a driving force that could help the country’s economy. When the construction business thrived, roughly 30 more affiliated industries followed, adding that the construction industry in Pakistan has been growing over the previous two years, with record cement and steel sales.
The prime minister stated that the completion of housing projects for government employees was significant because they did not have the ability to purchase and own their homes. He also praised the government for completing stalled projects in less than three years.
“Around 88,000 housing units will be completed this year,” the premier said and added that for the first time in the country’s history, housing projects worth Rs124 billion through bank loans had been approved and a loan of Rs40 billion had already been released by the banks.
In 2018, full-scale physical construction on the halted project was resumed in response to the prime minister’s objective of giving shelter to Pakistanis. The project also contains 88 commercial stores, 66 residences, a community center, and other amenities.
Housing projects worth Rs124 billion had been sanctioned through bank loans and a loan of Rs 40 billion had already been granted by the banks.
He stated that the banking mortgage law will allow individuals to redirect the rent from their rental dwellings to make simple payments for the construction of their homes.
In contrast to mortgage finance in the United States and Europe, which is about 80%, the prime minister stated that in Pakistan, it is less than 1% of GDP.
In reference to the worldwide price increase caused by the coronavirus epidemic, the prime minister stated that the World Bank study verified Pakistan’s growth rate at 5.37 percent.
He stated that the growth in the building business resulted in a 40 to 60% rise in the labor class’s income.
He also recognized that the price increase had a negative impact on the salaried class. It was his long-held desire to make it possible for low-income families and the salaried class to have inexpensive housing.
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