Govt pushes affordable housing, mortgage reforms and public-private partnership projects to boost construction sector
Prime Minister Shehbaz Sharif chairing a meeting at the Prime Minister’s House in Islamabad to review the affairs of the Federal Ministry of Housing and Works PHOTO: PMO
Prime Minister Shehbaz Sharif on Wednesday directed officials to take practical measures to ensure that housing finance reaches ordinary citizens effectively, the Prime Minister’s Office said in a press release.
According to the statement, the prime minister chaired a meeting at the Prime Minister’s House to review the affairs of the Federal Ministry of Housing and Works. Addressing the participants, the prime minister said, “Providing housing for low-income groups, launching affordable housing projects, including encouraging private sector participation, and improving public facilities are among our top priorities.”
The meeting received a briefing on the ministry’s strategic roadmap, including ongoing reforms in the construction sector’s tax structure. “Discussions are underway on tax standardisation in consultation with the Federal Board of Revenue and provincial authorities. Draft reforms on house mortgages are also under review,” the statement said.
A public-private partnership (PPP) plan is being developed to build homes for low-income groups, according to the statement. The Real Estate Regulatory Authority will be established to regulate housing and real estate operations.
The press release further states that on housing finance, the Real Estate Investment Trust is being developed jointly by the Ministry of Finance, FBR, Securities & Exchange Commission, and provincial housing departments.
The meeting was attended by Federal Minister for Law and Justice Azam Nazir Tarar, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Finance and Revenue Mohammad Aurangzeb, Federal Minister for Housing and Works Riyaz Pirzada, Federal Minister for Information Technology & Telecom Shiza Fatima, Prime Minister’s Adviser on Interprovincial Coordination Rana Sanaullah, Minister of State for Finance and Railways Bilal Azhar Kiani, and other senior officials.
“The meeting emphasised steps to accelerate affordable housing projects, improve public facilities, and implement reforms to support construction and housing finance for all citizens,” the statement concluded.
