Low-cost housing projects in Pakistan: PM takes step to fuel growth
- Says projects will stimulate economic growth and create much-needed employment opportunities
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said that low-cost housing projects will not only make homeownership more accessible for citizens but also stimulate economic growth and create much-needed employment opportunities.
Speaking at a meeting of the taskforce on housing sector development, he emphasised that facilitating access to affordable housing will be a key priority for the government, and urged that efforts be accelerated to secure financing for low-cost housing initiatives.
He directed the taskforce to collaborate with the Ministry of Finance and banks to put forward recommendations for funding, which are expected to be included in the upcoming budget proposals. He highlighted the critical role of the construction sector in supporting sustainable economic growth, describing it as a key driver for the country’s development.
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The prime minister was briefed on the progress of government-led initiatives aimed at expanding low-cost housing options. It was revealed that the Condominium Act 2025 and proposed amendments to the Foreclosure Law are nearing final approval, which will make it easier for citizens to access loans for the construction and ownership of homes under affordable housing schemes.
The taskforce also provided an update on the progress of ongoing construction projects, with particular focus on the launch of new low-cost housing schemes.
Copyright Business Recorder, 2025
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