Monday, May 29, 2023

Govt Boosting construction industry to support low-income people: PM

On Friday, Prime Minister Imran Khan said that the government is offering subsidies and boosting the construction industry in order to assist low-income people in purchasing their first homes.

“Rs35 billion has been given for subsidy on the construction of houses by low-income individuals,” stated the prime minister during a ceremony held during his visit to the Farash Town Apartments project of the Naya Pakistan Housing Authority in Islamabad.

The government, according to him, would pay an Rs300,000 subsidy on each house for the first 100,000 units built.

While 100,000 flats are now under construction, Prime Minister Imran Khan stated that the process would now move forward more quickly now that the system’s structure has been finalized.

He stated that the building industry has received several incentives, including tax breaks, to encourage its growth. He stated that the building industry has begun to benefit from the One Window Operation. According to him, “we provided a 90 percent tax break to the construction industry.”

Read Also: A Pakistani blacksmith, aged 70, has broken a world record

Concerning the Farash Town Apartments, the Prime Minister stated that out of a total of 4,400 units, 2,000 had been set aside for low and middle-income families, and 400 more apartments would be handed to slum inhabitants.

He stated that those who had money could build their own homes, whereas the impoverished could not afford to build their own homes. As a result, he explained, the government wants bank loan installments to be as low as the monthly rent on a dwelling.

“For the first time in the country, banks began to provide loans for the construction of residential buildings. “It took us two years to persuade them that this was the best course of action.”

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