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Prime Minister Imran Khan on Friday announced a grant of Rs30 billion for Naya Pakistan Housing Project (NPHP), urging the construction industry and investors to take advantage of this opportunity as the government tries to ease the economic impact from coronavirus.
He said, “This means a grant of Rs0.3 million will be given on the first 100,000 houses constructed.” He said this while addressing the nation after chairing a meeting of the National Coordination Committee on Housing, Construction and Development in Islamabad.
He added “Further those people who will borrow from the bank to build their homes will be given a subsidized interest rate. The interest rate of 5 marla houses will be five per cent and 10 marla houses will be seven per cent.”
He also said that the government has talked with the State Bank of Pakistan and all other banks and have asked them to set aside five per cent of their portfolio which will be used for the construction industry. Which makes a total of Rs330 billion.
In addition to it, Imran Khan said: “After consulting with all the provinces we have also decided to decrease the NOCs (No objection certificates) and have made a one-window operation in all provinces.” He added that there will also be a time limit which approvals would have be granted by the relevant authorities.
He said that taxes will also be reduced in these provinces. “Also and this is the only because of the pandemic, the source of investment until 31st of December will not be questioned. No one will ask where the funds come from.
He said, “we are offering these because we have spoken to the international community and have learned that our economy is mainly undocumented so we have until 31st of December.”
He concluded his address by urging investors to take advantage of these short windows of opportunity.
In the beginning, the prime minister began his speech by saying that “the main objective of NPHP was to provide housing to the common man. But we have faced many obstacles in our journey.”
He added “If you look at India’s housing financing by banks in 10pc and almost 90pc in Europe. In Pakistan, it is 0.2 pc adding that the first step was to address this problem. Then there was a delay in the construction industry. They had different taxes, didn’t get permission, and had troubles in loans.”
He supported that the purpose of NCC on Housing, Construction and Development was to remove obstacles in the way of the construction industry, adding that the provinces were also taken on board. The prime minister will himself be administrating over the committee’s meeting every week.
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