Naya Pakistan Housing Scheme – Banks to start financing form next week: Chairman NAPHDA

September 26, 2020: Chairman Naya Pakistan Housing and Development Authority  (NAPHDA) Lt Gen (Retd) Anwar Ali Hyder has said that the federal government has taken four major steps to boost construction industry for providing low cost houses and employment opportunities to masses.

He was addressing a Seminar on Opportunities in Naya Pakistan Housing Scheme for members of BAAD organized by Association of Builders and Developers of Pakistan (ABAD) at ABAD House here on Friday via Video Link. Chairman ABAD Mohsin Sheikhani, Chairman Naya Pakistan Housing Task Force Zaigham Rizvi, Director General Sindh Building Control Authority (SBCA) Askar Dawar, Director General Karachi Development Authority Asif Ikram, Former Chairman FBR Shabbar Zaidi, Head of HBL Islamic Banking Salimullah Shaikh, General Manager of Meezan Bank Syed Tanveer Hussain, Senior Vice Chairman ABAD Sohail Warind, Vice Chairman Abdul Rehman, Chairman Southern Region Ali Muhammad Ratadia, former chairmen ABAD Hanif Gohar, Arif Jeewa, Hassan Bakshi and a large member of ABAD were present on this occasion.

Lt Gen (Retd) Anwar Ali Hyder said that the federal government has taken four major steps for Naya Pakistan housing scheme including Fixed Tax Regime for builders and developers, 90 percent tax relief, provided incentives to private banks for financing Naya Pakistan Housing scheme and banks will start financing from next week. He said that banks were facing problems of providing house financing on low interest rate but the government has taken drastic step to provide house financing on 5 to 7 percent interest rates for which banks will get a number of incentives and I hope that banks will start introducing their products by next week.

Addressing the Seminar Chairman ABAD Mohsin Sheikhani said that Pakistan is facing shortage of more than 12 million houses and ABAD is working on low cost affordable housing since last seven years. ABAD had provided information of low cost housing schemes to Prime Minister Imran Khan and he has taken this initiative as his election declaration and now he is taking serious steps to fulfill his promise to provide 5 million low cost houses to the people of Pakistan. He said that Chief Minister Sindh Syed Murad Ali Shah, during a meeting today, has promised to grant project approval within fifteen days. The Chief Minister has also promised to provide land for starting low cost housing in Sindh like Punjab and KPK.

Chairman Naya Pakistan Housing Task Force Ziagham Rizvi said that the Prime Minister, after taking in-depth briefing of more than 70 allied industries of construction industry, had firmly decided to boost construction industry as this is the only industry which has potential of providing houses to people and a large number of jobs to skilled and unskilled workforce. He said that Pakistan’s banks have provided only 106 billion housing loans during last seventy years which is 0.23 percent of GDP. He said that the government has carved out 10-year housing plan.

Addressing the Seminar Former Chairman FBR Shabbar Zaidi said that construction of low cost house is possible with financing on very low interest rates. The government will have to provide free land and financing for success of Naya Pakistan Housing schemes. 

 

Director General KDA Asif Ikram said that KDA is ready for joint venture with builders and developers for low cost housing schemes. He said that we are trying to provide free land for Naya Pakistan Housing scheme in Sindh.

Speaking on this occasion Head of Islamic Finance HBL Salimullah Shaikh and General Manager Meezan Bank said that banks are ready to provide 80 percent financing for low cost housing schemes on low interest rates.

DG SBCA Ashkar Dawar said that he will provide approvals of building plans within 10 days and ensure that all relevant departments are cooperating.

 

Press Release

Posted on: 2020-09-26T10:25:00+05:00

37132