AGL 5.77 Decreased By ▼ -0.31 (-5.1%)
ANL 9.01 Decreased By ▼ -0.39 (-4.15%)
AVN 78.40 Decreased By ▼ -3.06 (-3.76%)
BOP 5.16 Decreased By ▼ -0.11 (-2.09%)
CNERGY 4.66 Decreased By ▼ -0.24 (-4.9%)
EFERT 80.54 Decreased By ▼ -1.01 (-1.24%)
EPCL 51.97 Decreased By ▼ -2.03 (-3.76%)
FCCL 13.59 Decreased By ▼ -0.81 (-5.63%)
FFL 5.87 Decreased By ▼ -0.18 (-2.98%)
FLYNG 7.09 Decreased By ▼ -0.47 (-6.22%)
FNEL 4.82 Decreased By ▼ -0.18 (-3.6%)
GGGL 8.89 Decreased By ▼ -0.43 (-4.61%)
GGL 15.89 Decreased By ▼ -0.81 (-4.85%)
HUMNL 5.83 Increased By ▲ 0.14 (2.46%)
KEL 2.60 Decreased By ▼ -0.19 (-6.81%)
LOTCHEM 29.94 Decreased By ▼ -0.61 (-2%)
MLCF 25.40 Decreased By ▼ -2.39 (-8.6%)
OGDC 72.23 Decreased By ▼ -1.77 (-2.39%)
PAEL 15.42 Decreased By ▼ -0.77 (-4.76%)
PIBTL 5.03 Decreased By ▼ -0.20 (-3.82%)
PRL 16.37 Decreased By ▼ -0.92 (-5.32%)
SILK 1.09 No Change ▼ 0.00 (0%)
TELE 9.60 Decreased By ▼ -0.44 (-4.38%)
TPL 7.30 Decreased By ▼ -0.40 (-5.19%)
TPLP 19.18 Decreased By ▼ -0.59 (-2.98%)
TREET 21.93 Decreased By ▼ -1.26 (-5.43%)
TRG 144.54 Decreased By ▼ -2.81 (-1.91%)
UNITY 16.60 Decreased By ▼ -0.59 (-3.43%)
WAVES 10.01 Decreased By ▼ -0.37 (-3.56%)
WTL 1.36 Decreased By ▼ -0.10 (-6.85%)
BR100 4,230 Decreased By -100.1 (-2.31%)
BR30 15,822 Decreased By -474.4 (-2.91%)
KSE100 42,071 Decreased By -832.3 (-1.94%)
KSE30 15,504 Decreased By -300.7 (-1.9%)

PM announces incentive package for construction industry to revive economy amid coronavirus

  • He said the mark-up on bank loans for houses up to five and 10 marlas would be five and seven percent respectively.
Published July 11, 2020
Follow us

ISLAMABAD: Prime Minister Imran Khan on Friday announced an incentive package for the construction industry, including subsidy on five and 10 marla houses, allocation of 5 percent banks' finance for house-building and a one-window operation to facilitate builders.

Chairing the first meeting of newly established National Coordination Committee on Housing here, the prime minister said the decisions were taken to boost the construction industry for economic revival in times of the coronavirus pandemic.

He said for the construction of affordable houses for middle and lower classes under the Naya Pakistan Housing Project, an amount of Rs. 30 billion had been allocated as subsidy for its initial phase.

He said the mark-up on bank loans for houses up to five and 10 marlas would be five and seven percent respectively.

Imran Khan said the world over, loans for the housing sector were easily available, while the process in Pakistan was quite cumbersome.

He said the new committee would also play its role in removing hiccups in the process relating to the State Bank of Pakistan and commercial banks on house-building finance.

He said in consultation with all the provinces, the Federal Government had decided to cut down the number of no objection certificates (NOCs) required for the construction industry.

He said a web portal would provide a one-window operation in that regard while certain time-limits had also been put in place to ensure there were no extraordinary delays in the process.

The prime minister said the objective of the committee was to provide low-cost housing to the people, who could not afford a house of their own.

It would also simplify the laws related to the construction industry and for easing of loan disbursement.

He said the construction industry in Pakistan was facing numerous problems and hurdles, and added that the committee would remove the bottlenecks and ensure that the industry could move ahead at full speed, without any hitch.

Imran Khan said due to the coronavirus pandemic, there was an overall global recession and a large percentage of people had been rendered homeless.

He said the government was focusing on the construction industry as it would create economic opportunities to hundreds and thousands of the poorest of the poor.

The prime minister said the concessions for the construction industry were only for a limited period.

The government would not ask for the source of funding.Under its international obligations, Pakistan could provide incentives to investors for the construction industry till December 31.

He urged the investors, builders and people to avail the opportunity as it was an unprecedented step taken by any government in Pakistan.


Comments are closed.

PM announces incentive package for construction industry to revive economy amid coronavirus

KSE-100 plummets 2% as market reacts to 'surprise' rate hike

TTP ends ceasefire with govt, orders ‘attacks’ in country

Fawad says PTI leadership has ratified Imran's decision to dissolve KP, Punjab assemblies

By-elections will be held in Punjab, KP in case of mass resignations: ECP

Pakistan's delegation leaves for Russia to hold discussions on oil, gas

Rupee largely stable, settles at 223.95 against US dollar

Pak Army’s ‘political quarantine’ will augur well for Pakistan: Gen Bajwa

Oil prices erase 2022 gains as China’s protests spark demand worries

Hina Rabbani Khar to visit Afghanistan on Tuesday: FO

Sufficient stocks of sugar available in Pakistan, Finance Division told