ISLAMABAD: Minister for Information and Broadcasting Senator Shibli Faraz has urged the construction industry to take advantage of the government’s new construction policy by December 31.
Addressing a press conference along with Naya Pakistan Housing Authority Chairman Lieutenant General (r) Anwar Ali Haider on Sunday, the information minister said that the people availing this facility will not be asked about their source of investment.
He said that the government is making all-out efforts to mitigate hurdles being faced by the construction industry. He added that a committee has also been formed to solve issues related to the construction industry.
The minister said that the government has devised a one window operation to reduce the process time required for clearance of documents. He said that the people, who desire to construct their homes by borrowing from banks, would be given loans at a subsidised interest rate.
Faraz said that the interest rate of five marla houses will be 5 per cent whereas for ten marla houses it will be 7 per cent. He said that the government has asked the banks to dedicate about Rs330 billion for the construction industry. He added that 100,000 houses will be constructed in the first phase.
Speaking on the occasion, Lt Gen (r) Haider said that the government is committed to starting construction activity at a large scale. He said that the government has eased the procedures involved in obtaining no-objection certificate (NoC) and maps to facilitate the investors in the construction industry.
He said that a fixed tax regime has been introduced for builders and land developers and the tax has been reduced by 90 per cent.
Earlier on Friday, Prime Minister Imran Khan had announced a subsidy of Rs30 billion for the Naya Pakistan Housing Project (NPHP), urging the construction industry and investors to “take advantage of the opportunity”, as the government tries to mitigate the economic impact of the coronavirus outbreak.
“This means a subsidy of Rs0.3 million will be given on the first 100,000 houses constructed,” he had said, while addressing the nation after chairing a meeting of the National Coordination Committee on Housing, Construction and Development in Islamabad.