PM Shehbaz vows to provide affordable housing for needy

ISLAMABAD: Prime Minister Shehbaz Sharif has said that providing affordable housing for low-income earners is a priority.

An important meeting was held under the chairmanship of the Prime Minister on the affairs of the Ministry of Housing and Works, in which reforms in the housing sector and provision of housing for the low-income group were considered.

Prime Minister Shahbaz Sharif said that affordable housing projects, encouraging the private sector, and improving public facilities are among the top priorities of the government.

He also issued instructions to expedite practical steps to effectively provide house finance facilities to the common man.

The meeting was briefed on the strategic roadmap of the Ministry of Housing and Works, in which it was informed that reforms are being made in the tax structure of the construction sector, and consultations are underway between the Federal Board of Revenue and the provinces in this regard.

It was further informed in the briefing that work is underway on a draft of house mortgage reforms, while a plan for the construction of houses for low-income earners under a public-private partnership is also being prepared.

According to officials, a proposal to establish a Real Estate Regulatory Authority to regulate the real estate and housing sector is under consideration. In addition, the Ministry of Finance, FBR and the provinces are working together with the Ministry of Housing regarding the Real Estate Investment Trust to promote house finance.

The meeting was attended by Federal Ministers Muhammad Aurangzeb, Azam Nazir Tarar, Ahad Cheema, Shaza Fatima and other officials.