A subsidy of PKR 30 Billion will be provided for small houses, for the low income housing scheme ‘Naya Pakistan Housing Project (NPHP)’. Prime Minister Imran Khan said during his address to the nation of 10 July, 2020, that the construction industry and the investors can take advantage from this opportunity. He further stated that according to this, PKR 0.3 million will be given on the first 100,000 houses that will be constructed.
He started his address to the nation by saying “If you look at India, housing financing by banks is 10pc and almost 90pc in Europe. In Pakistan, it is 0.2pc,” which shows the interest of the government in the construction sector and is an amazing Naya Pakistan housing scheme update.
He further stated that “Then there were delays for the construction industry. They had various taxes, didn’t get permission, had troubles with loans.”
Therefore, the government has decided to step in and do everything necessary to provide ease to the construction industry, so that the overseas Pakistani’s invest in the country. He always has been of the view that the construction is the only sector where daily wage and even un-skilled labor can earn for their families. That’s why the opportunity of Naya Pakistan housing program 2020 should be taken advantage of.
Ease for construction industry:
He further added that the construction industry will be provided relief as well as quick processing regarding the various processes. The Naya Pakistan housing scheme updates are as under.
The people that will take loan from the bank for the construction of 5 to 10 marla houses, the interest rate will be 5 and 7 percent respectively only. Regarding this the government has had discussion with the State Bank of Pakistan and the various banks in the country. The government has asked them to set aside five percent of the portfolio specifically for the construction industry. This five percent amounts to about PKR 330 Billion.
One window operations in all provinces will be set up. Their purpose would be to grant NOCs in a limited time and various approvals from different authorities will also be fast tracked through these one window operations.
In order to increase investment from overseas and international community, he further stated that the taxes will not only be reduced, but also the source of income will not be questioned if people want to invest in Pakistan before 31st December 2020.
Therefore, he strongly urged all the investors to take advantage of this window of opportunity before 31st December 2020 and invest in the construction sector. This Naya Pakistan housing scheme updateis especially needed during the corona pandemic to turn the wheel of economy and provide opportunities for the lower class.