Subsidy announced for first 100,000 units of Naya Pakistan housing scheme

07:57 PM | 10 Jul, 2020
Subsidy announced for first 100,000 units of Naya Pakistan housing scheme

ISLAMABAD – Prime Minister Imran Khan announced on Friday to provide Rs30 billion subsidy for Naya Pakistan Housing Program.

The premier stated this while addressing nation after chairing first meeting of National Coordination Committee on Housing, Construction and Development.

He said under this scheme, the government will provide Rs300,000 for each house to first hundred thousand units of the program.

He said the decision has been taken to reduce the cost burden on people with low income.

The prime minister further said that government has shifted focus on developing construction sector that can usher new era of employment opportunities in the country.

He said due to coronavirus pandemic international economies are shrinking and only construction sector can boost economic activities in the country.

He said under International obligations, we can provide relief to the construction sector till 31st December of this year. He urged the investors to take benefit of this limited time opportunity. He said during this period, investors of the construction will not be asked for their source of income.

The prime minister said under one window operation policy to speed up work in construction sector, we have decided to reduce NOCs. He said we have also fixed time limits for all approvals and reduced taxes.

He said for 5 Marla house under Naya Pakistan Housing Program, people will pay just 5 percent interest rate while 7 percent on 10 marla.

The prime minister said State Bank has also directed banks to fix 5 percent of their total portfolio for construction sector and under this initiative 330 billion rupee will be fixed, Radio Pakistan reported.

The committee will meet every week to discuss all challenges faced by construction sector.