ISLAMABAD, Mar 18 (APP):Prime Minister Shehbaz Sharif on Wednesday directed the relevant authorities to take practical steps to ensure effective access to housing finance for the common people.
PM orders swift actions to make housing loans accessible for people
ISLAMABAD, Mar 18 (APP):Prime Minister Shehbaz Sharif on Wednesday directed the relevant authorities to take practical steps to ensure effective access to housing finance for the common people.
He said that providing housing to low-income groups, promoting affordable housing projects, including encouragement of the private sector, and improving public facilities were among the government’s top priorities.
The prime minister was speaking while chairing a meeting on the matters related to the Federal Ministry of Housing and Works held at the Prime Minister’s House.
During the meeting, a briefing was given on the strategic roadmap of the Ministry of Housing and Works.
It was informed that reforms were being made to the tax structure related to the construction sector. “Consultations between the Federal Board of Revenue (FBR) and the provinces are ongoing regarding tax standardization for the construction industry, and discussions are also underway on draft reforms concerning housing mortgages,” the meeting was told.
The meeting was further informed that a framework was being prepared for the construction of homes for low-income groups under Public-Private Partnership (PPP).
The briefing added that a Real Estate Regulatory Authority will be established to regulate the real estate and housing sectors.
“Regarding housing finance, the Ministry of Finance, FBR, the Securities and Exchange Commission, and provincial governments are working together with the Ministry of Housing on Real Estate Investment Trusts (REITs).”
The meeting was attended by Minister for Law and Justice Azam Nazeer Tarar, Minister for Economic Affairs Ahad Khan Cheema, Minister for Finance and Revenue Muhammad Aurangzeb, Minister for Housing and Works Riaz Pirzada, Minister for Information Technology and Telecommunication Shaza Fatima, Adviser to the Prime Minister on Inter-Provincial Coordination Rana Sanaullah, Minister of State for Finance and Railways Bilal Azhar Kayani, and other senior government officials.
