July 13, 2020: Minister for Information and Broadcasting Senator Shibli Faraz has urged the construction industry to take advantage of the government's new construction policy by the 31st of December.
Addressing a news conference along with Chairman Naya Pakistan Housing Authority retired Lieutenant General Anwar Ali Haider in Islamabad yesterday (Sunday); he said people availing this facility will not be asked about their source of investment.
He said the government is making all-out efforts to mitigate hurdles being faced by the construction industry.
He said a committee has also been formed to solve issues related to the construction industry.
The Minister said the government has devised a one-window operation to reduce the processing time required for clearance of documents.
He said people, who desire to construct their homes by borrowing from banks, will be given loans at a subsidized interest rate.
Shibli Faraz said the interest rate of five marla houses will be five percent whereas for ten marla houses it will be seven percent.
He said the government has asked the banks to dedicate about 330 billion rupees of their lending for the construction industry.
The Minister said in the first phase one hundred thousand houses will be constructed.
Speaking on the occasion, Chairman Naya Pakistan Housing Authority retired Lieutenant General Anwar Ali Haider said the government is committed to starting construction activity on a large scale.
He said the government has eased the procedures involved in obtaining NoCs and maps to facilitate the investors in the construction industry.
He said a fixed tax regime has been introduced for builders and land developers and the tax has been reduced by 90 percent.