ISLAMABAD: Minister for Information and Broadcasting Shibli Faraz on Wednesay said banks have allocated Rs378 billion – five percent of their total loan portfolio – for the low-cost housing scheme.
Addressing a news conference after a cabinet meeting, Faraz said the cabinet was given a briefing on activities in the construction industry. According to him, the government will not construct houses under the Naya Pakistan Housing Scheme itself but will act as a facilitator for those who do not own houses due to low incomes. He said there were different kinds of hurdles such as difficulties in getting approval of NOC and maps as well as other permissions, adding that the government had taken measures to simplify the NOC procedures.
According to him, facilitating the construction sector will not just let the poor segments of society make houses for themselves but will also boost the economy.
He said the government has introduced a system to complete all the processes in a short period – from 30 days to three months – depending on areas in big cities, adding that banks would allocate Rs378 billion – five percent of their total loan portfolio – for low-cost housing scheme and the “low-costing housing loans is also a reasonable five percent for a five-marla house”.
The government has successfully cleared foreclosure law from the court and limit of low-cost housing is Rs35 lac (3.5 million) including the cost of land.
A boost to construction industry would put in motion more than 40 allied industries and create new employment opportunities.
He said that under Naya Pakistan two cities are being constructed, - Bundle Island and the Ravi Urban.
The Ministry of Housing’s 11 pending projects have been reactivated and 35,725 units would be constructed with a cost of Rs140 billion, the minister said and added that the ongoing six projects comprising 21,377 units are being constructed with a Rs210 billion cost and the cost of 14 projects of 54,061 units is Rs 272 billion. The reactivated projects would be completed by June 2021.
He said 153,646 and 229,295 units costing Rs657 billion and Rs830 billion, respectively, will be completed by December 2021, he added.
The minister said that housing industry had been activated whose greater impact would be on overall economic activities.
The minister said the federal cabinet deliberated on a campaign against the land mafia and the minister for railways has been directed to recover railways land from illegal occupants.
He said that occupation of land by land grabbers creates a sense of insecurity among those living abroad and at home.
“We have to take strict measure so that people should not be concerned about their land, he added.
The minister said the present government believes in freedom of press as the media is important source for communicating the government message and performance to the people, and added that opposition parties have opposed the law for the protection of media persons.
Shibli said the PM has condemned the “culture of protocols and extra security staff” and also directed the ministers to stop such protocols.
Replying to questions, he said the opposition parties must be asked that “January 31 has gone and their resignations have not been submitted”.
He further stated that the prime minister chairs weekly meetings on inflation, and adding that the prices of some commodities have declined. He, however, acknowledged that the prices of imported goods, whether edible oil or petrol, are on the higher side.
“The government does not want any no-go areas,” said the minister in response to a question about a road that has been blocked in the federal capital. He added the government has approached the Supreme Court for guidance on whether the Senate election could be held through open ballot or show of hands to ensure transparency as all the political parties have been complaining, some in the past, about use of money in the senate elections.
Copyright Business Recorder, 2021
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