March 12, 2020: Prime Minister Imran Khan says government will facilitate the construction sector to help provide housing facility to the people.
Addressing a ceremony in Islamabad on Wednesday after the ground breaking of construction of 20,000 housing units in seven projects, he said the construction of houses will be undertaken by the private sector and the government will provide it full facilitation in this task.
Appreciating the decision of Lahore High Court on foreclosure laws, he said this step will revolutionize the housing sector in Pakistan.
He said in Pakistan the housing financing is 0.2 percent, which is very low compared to many regional and international countries.
The Prime Minister said he realizes the interest rate is quite high but it was necessary to contain inflation and deficits.
However, the financial situation has improved in recent months and it will now be easier for people to construct homes after taking loans from banks.
Imran Khan said the government is taking steps to facilitate the construction sector by removing bottlenecks and impediments in their way.
The Prime Minister said the Naya Pakistan Housing Authority will not only provide housing facility to federal employees, but will also give strength to forty industries allied with the construction sector, and creating employment opportunities for youth.
Defending the vertical housing concept, the Prime Minister said new master plans of the cities will cater to the availability of green areas and land for farming and other activities.
The Prime Minister said the proceeds obtained from the launching of Blue Area in Islamabad and two other commercial projects in other cities will be used to accommodate people of slums and shanty areas so that they get a decent living in vertical housing units.