Construction projects worth Rs. 660 billion to start during current year, PM told

ISLAMABAD: Prime Minister Imran Khan was told on Thursday that the construction projects worth Rs. 660 billion would start in the country during the current year.

He was presiding over the weekly meeting of the National Coordination Committee on Housing, Construction and Development (NCCHCD).

The prime minister was also briefed in detail by the Secretary Housing about the progress on the economical and low cost housing projects of Ministry of Housing.

Naya Pakistan Housing Authority Chairman Lt. Gen. ® Anwar Ali Haider briefed the meeting about the encouraging results achieved through the forum of NCCHCD with respect to tax incentives, bank financing, markup subsidy, facilitation regime and foreclosure laws.

He also apprised the participants about the progress made so far regarding the public and private sector housing and construction projects

The State Bank governor briefed the meeting about the more than expectations’ success in the set targets of financing for the housing sector.

About the acquisition of bank loans by general public for the construction of house with ease, the SBP governor told the meeting that the State Bank of Pakistan (SBP) had established an online portal, to be launched next week, for the redressal of complaints in that respect.

It was further told that the establishment of online portal would help eliminate the hardships and delays faced by the people in the acquisition of loans from banks. In that respect special counters have been established in 19 regional offices of the State Bank for the facilitation of people.

Due to the portal, Regional Focal Persons and Chief Managers of the State Bank would be able to monitor and address the hurdles regarding implementation of the applicants for acquisition of loans on priority basis.

Besides, the meeting was told that with respect to the acquisition of loans, measures would be taken on priority for the redressal of public complaints.

The prime minister while welcoming the establishment of online portal by the State Bank, said it would help ease the problems of common man in the acquisition of loan for the construction of house.

He called for giving special attention to the completion of housing projects within the stipulated time so as to ensure the provision of cheaper and low cost self-owned shelter to masses.

The prime minister gave a special direction to immediately addressing the problems and removing hurdles regarding the investment of Overseas Pakistanis in the housing and construction sector.

The Lahore Development Authority (LDA) vice chairman briefed the meeting about the progress on the apartments’ scheme for the low income class under a joint venture with Naya Pakistan Housing and Development Authority and said the project would be launched soon.

The Ministry of Overseas Pakistanis briefed the meeting about the progress on the residential projects of Workers’ Welfare Fund.

The Khyber Pakhtunkhwa chief secretary briefed the meeting about progress regarding the current schemes of constructing low cost houses in various districts of the province along with the development of additional sites.