PM breaks ground for Rs100b projects to construct 20,000 housing units
ISLAMABAD: Prime Minister Imran Khan Wednesday performed the ground-breaking of Rs 100 billion housing projects for the construction of 20,000 housing units for low income groups and salaried people in Islamabad, Rawalpindi, Lahore and Quetta.
Among the projects being initiated under the present government’s flagship Naya Pakistan Housing Programme, six pertained to the Federal Government Employees Housing Authority (FGEHA), whereas one would be executed by the Pakistan Housing Authority Foundation (PHAF).
Speaking on the occasion, the prime minister said the government had undertaken huge efforts for the start of constructing five million houses in the country as the initiative often drew criticism from the political opponents.
But now after the breakthrough and path-finding, the journey had started towards realization of that initiative, he added.
The prime minister also expressed his pleasure over the decision of Lahore High Court regarding the foreclosure laws, and said the LHC judgment would bring a revolution in the housing sector through increased financing by the banks.
In the West, he said, bank loaning facility was being extended for the construction of residential houses at affordable rates. The percentage of mortgage facility for housing in Pakistan stood at mere 0.2% as against 80% in the United States and the United Kingdom, 30% in Malaysia and 12% in India.
The prime minister said as inflation had started easing out, it would also bring down the interest rates. “All the figures show that inflation is going down, and the interest rates will also gown down,” he added.
He said in line with the government’s vision of ease of doing business, all impediments in the way of the construction industry had been removed, and that was why the FGEFH was made an authority through legislation.
The prime minister said as the government employees, particularly the class four employees and police personnel, could not construct their own houses with salaries, the government could arrange bank financing for them.
He said attention was never paid to such issues in the past. Affordable housing would target those people and would also benefit 40 industries allied with the construction sector, creating job opportunities and pushing economic growth. – APP