Govt determined to boost construction sector: Shibli

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By Shakeel Ahmed

ISLAMABAD: Minister for Information and Broadcasting Senator Shibli Faraz has urged the construction industry to take advantage of the government s new construction policy by 31st of December.
Addressing a news conference along with Chairman Naya Pakistan Housing Authority retired Lieutenant General Anwar Ali Haider in Islamabad today (Sunday); he said people availing this facility will not be asked about their source of investment. He said government is making all out efforts to mitigate hurdles being faced by the construction industry. He said a committee has also been formed to solve issues related to construction industry. The Minister said government has devised a one window operation to reduce the process time required for clearance of documents. He said people, who desire to construct their homes by borrowing from banks, will be given loans at a subsidized interest rate. Shibli Faraz said the interest rate of five marla houses will be five percent whereas forteen marla houses it will be seven percent. He said government has asked the banks to dedicate about 330 billion rupees of their lending for construction industry.
The Minister said in first phase one hundred thousand houses will be constructed.
Speaking on the occasion, Chairman Naya Pakistan Housing Authority retired Lieutenant General Anwar Ali Haider said government is committed to start construction activity at a large scale. He said government has eased the procedures involved in obtaining NoCs and maps to facilitate the investors in construction industry. He said fixed tax regime has been introduced for builders and land developers and the tax has been reduced by 90 per cent.
Federal Minister for Broadcasting and Information Shibli Faraz on Sunday said that they had established an NCOC-type national construction committee to facilitate the housing sector in the country, media reported.
“Facilitating the lower segment of the society remains the foremost priority of the incumbent government,” he said while addressing a presser as the government announced a special relief package for the construction industry.
40 other aindustries are connected with the construction industry and it will also provide job opportunities for labour class, Shibli Faraz said. He said that they had directed banks to provide five percent funds for home financing while government policy would also help people in saving Rs 300,000 on the purchase of five marla residential land.
The minister further announced that builders and developers will be able to avail from the government relief package till 31 December 2020. “State Bank of Pakistan and FBR will cooperate with them in implementing the policy,” he said. Speaking on the occasion, Chairman Pakistan Housing Scheme, Lieutenant General (retd) Anwar Ali Haider said that they had resolve tax issues on the relief policy announced by the incumbent government in April this year.
“Capital gain tax is being lifted for anyone constructing his residence,” he said. We have also lowered the fixed tax rate for loans acquired for the construction industry, the chairman said.
He further announced that they had set a target of 100,000 homes for low-income people in the country. “Government policy will bring the price of low-cost housing structure to Rs 1,500,000 from 2,000,000.”