ISLAMABAD: The government has decided to provide 30 billion rupees subsidy for Naya Pakistan Housing Program.
This was announced by Prime Minister Imran Khan in a live Broadcast after chairing first meeting of National Coordination Committee on Housing, Construction and Development in Islamabad on Friday.
The Prime Minister said under this scheme, the government will provide three hundred thousand rupees for each house to first 100 thousand units of Naya Pakistan Housing Program. He said the decision has been taken to reduce the cost burden on people with low income.
The Prime Minister said government is focused on developing construction sector that can usher new era of employment opportunities in the country.
He said due to Corona pandemic international economies are shrinking and only construction sector can boost economic activities in the country.
The Prime Minister said under International obligations, we can provide relief to the construction sector till 31st December of this year. He urged the investors to take benefit of this limited time opportunity. He said during this period, investors of the construction will not be asked for their source of income.
The Prime Minister said under one window operation policy to speed up work in construction sector, we have decided to reduce NOCs. He said we have also fixed time limits for all approvals and reduced taxes.
He said for 5 Marla house under Naya Pakistan Housing Program, people will pay just 5 percent interest rate while 7 percent on 10 marla.
The Prime Minister said State Bank has also directed banks to fix 5 percent of their total portfolio for construction sector and under this initiative 330 billion rupee will be fixed.
The committee will meet every week to discuss all challenges faced by construction sector.