Since 2018, a total of 161,924 low cost housing units were approved, out of which 45,191 units are under construction and 20,898 units have been completed.
More than 70,000 housing projects valued at Rs 1.4 trillion have been accepted which will have a general influence of Rs 7.3 trillion on the construction industry and almost 1.2 million jobs will be generated, Prime Minister Imran Khan has said.
While leading a conference of the National Coordination Committee (NCC) on Housing, Construction, and Development in Islamabad, the premier said that it is the huge achievement of Pakistan Tehreek-e-Insaf’s (PTI) government that from the total 80,000 applications, 35,420 applications amounting to Rs 130 billion have been accepted.
A whole of Rs 46 billion has been expended to 13,407 candidates up to now.
Moreover, the prime minister said that applications worth Rs 7 billion are being attained weekly out of which Rs 4 billion are accepted and Rs 2 billion is being distributed every week which displays that the planned system is working efficiently.
Imran Khan told the meeting that the PTI’s government has attained enormous signposts regarding the delivery of low-cost housing to the lower and middle-income class. He stated that our government’s main challenge was to alter the exclusive mindset of financial institutions and guarantee to ease of common people in getting loans.
Besides, the meeting was also informed that for the very first time in the history of Pakistan, a justifiable ecosystem for Low-Cost Housing has been established and executed which has allowed the sector to attain exponential growth.
The Foreclosure Law has been realized in letter and spirit and long-term loans (up to 20 years) with funded markup (as low as only 2%) are being given.
Over and above a cost subsidy of Rs 300,000 for low-income housing schemes and 90% tax relinquishment has occasioned in inspiring the private sector, which is vigorously contributing in the building of housing units under the schemes. The schemes are urban, urban regeneration, peri-urban, government-funded and private sector projects.