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