ISLAMABAD: More than 400 billion rupees worth construction projects will be initiated by the end of the year, information minister Shibli Faraz has announced, as the government hedges its bets in the realty sector to “revive the economy”.
Addressing a news conference, the minister said to start with, a project envisaging construction of houses and apartments worth Rs 145 billion will start on October 20.
The information minister said: “Prime Minister Imran Khan is giving special emphasis to boosting the construction sector in order to revive the economy, as well as realizing the dream of disadvantaged segments of society to own their houses.”
Faraz said those constructing five marla (about 150 square yards) houses will be given loans at 5 per cent markup while for the ten marla houses, the mark up rate will be 7 per cent. “Installments will be such that the people could easily pay,” he added. He said an additional Rs 30 billion has been set aside as subsidy for Naya Pakistan Housing scheme.
The information minister expressed satisfaction over the recent auctions of Capital Development Authority saying there is an enabling environment for the construction sector in the country.
Faraz said the Prime Minister chaired a meeting of National Coordination Committee on Housing, Construction and Development on Thursday, which was attended by the country’s “prominent investors and builders”.
He said the meeting discussed several proposals to boost the sector, including holding international roadshows for construction-related projects, to attract the investment of overseas Pakistanis. “The Prime Minister has now decided to hold the meeting of the committee every two or three days keeping in view the importance of the sector which is both labour and capital intensive,” he said.