December 19, 2024 (MLN): The Prime Minister has established the Task Force effective immediately to address challenges in the housing sector and accelerate its development.
The task force has been tasked with designing a framework to bridge the demand-supply gap in housing, focusing on improved access to finance.
It will also propose revisions in urban planning policies to encourage vertical housing in federal areas and evaluate the current taxation regime, recommending reforms to support equitable growth in the construction sector.
Additionally, the task force will explore ways to reduce construction costs by rationalizing taxes on inputs and will present short-term, medium-term, and long-term measures to support its proposed framework.
The feasibility of introducing sector-specific incentives within the country's macroeconomic framework will also be assessed.
The task force will report its findings to the Prime Minister within a month, with the Ministry of Housing & Works providing secretarial support and issuing formal notifications.
