Government promotes affordable housing, mortgage reforms and public-private partnership projects to boost construction sector
Prime Minister Shehbaz Sharif chairs a meeting at the Prime Minister’s House in Islamabad to review the affairs of the Federal Ministry of Housing and Works PHOTO: PMO
Prime Minister Shehbaz Sharif on Wednesday asked officials to take practical steps to ensure that housing finance reaches ordinary citizens effectively, the Prime Minister’s Office said in a press release.
According to the statement, the Prime Minister chaired a meeting at the Prime Minister’s House to review the affairs of the Federal Ministry of Housing and Works. Addressing the participants, the Prime Minister said: “Providing housing for low-income groups, launching affordable housing projects, including encouraging private sector participation, and improving public amenities are among our top priorities. »
The meeting received a briefing on the ministry’s strategic roadmap, including ongoing reforms in the tax structure of the construction sector. “Discussions are underway on tax normalization in consultation with the Federal Board of Revenue and provincial authorities. Projects for reforms on real estate mortgages are also under study,” the statement said.
A public-private partnership (PPP) plan is being developed to build housing for low-income groups, the statement said. The Real Estate Regulatory Authority will be established to regulate housing and real estate operations.
The press release further said that in housing finance, the Real Estate Investment Trust is jointly developed by the Ministry of Finance, FBR, Securities & Exchange Commission and provincial housing departments.
The meeting was attended by Federal Minister for Law and Justice Azam Nazir Tarar, Federal Minister for Economy Ahad Khan Cheema, Federal Minister for Finance and Revenue Mohammad Aurangzeb, Federal Minister for Housing and Public Works Riyaz Pirzada, Federal Minister for Information Technology and Telecommunications Shiza Fatima, Adviser to the Prime Minister on Inter-Provincial Coordination Rana Sanaullah, Minister of State to Finance and Railways Bilal Azhar Kiani and other senior officials.
“The meeting focused on measures to accelerate affordable housing projects, improve public amenities and implement reforms to support the construction and financing of housing for all citizens,” the statement concluded.
