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70,000 Housing Projects To Cross Impact Of Trillions In Pakistan


70,000 Housing Projects To Cross Impact Of Trillions In Pakistan

Islamabad: Prime Minister Imran Khan on Thursday while chairing a meeting of the National Coordination Committee (NCC) on Housing, Construction, and Development said that the Approval Of 70,000 Housing Projects amounting to Rs 1.4 trillion would have an overall impact of 7.3 trillion on the construction sector of Pakistan. The PM told that the boom in the construction industry would also create 1.2 million jobs. He informed that an amount of Rs 46 bn has already been dispursed among 13407 applicants and out of a total of 80,000 applicants 35420 applications worth 130 billion have been approved. He said that applications worth 7billion are being received weekly and Rs 4 billion are approved and Rs 2 billion are disbursed every week which shows the government has achieved a landmark in the housing and construction sector.

The PM further added that the incumbent government has achieved a milestone by providing low-cost housing to the lower and middle classes. He said that the biggest challenge to the government was to accommodate common people in having access to the loans by changing the elitist model of financing. He said, “PTI’s government has achieved huge milestones regarding the provision of low-cost housing to lower and middle-income class.” PM highlighted that the 148% increase in financing for the housing sector in 2021 and expected approvals of Rs 517 bn by the end of 2022 speak of the achievement of the current government for the promotion of low-cost housing in the country. He said, “In line with the manifesto of PTI, the government is moving in the direction to add 1% every year in housing finance against our GDP that will result in the construction boom and provision of houses to the lower and middle-income class”

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The chair was briefed that since 2018 a total of 161,924 low-cost housing units have been approved, 20,898 have been completed and around 45,000 are under construction. Moreover, around 2500 projects amounting to Rs 627 billion have been registered that would have an impact of about 3.13 trillion on the economy. The meeting was attended by federal ministers Shaukat Tarin, Fawad Chaudhary, Minister for State Farrukh Habib, SAPM Dr. Shehbaz Gill, Governor State Bank of Pakistan, and other notables from federal and provincial ministries and departments. It is pertinent to mention here that the incumbent government is striving to promote economic activities in the country through housing and construction.

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