ISLAMABAD: Builders have expressed concerns about the construction of houses at the old rates due to inflation, which has led the government to further subsidize the construction sector.
According to Naya Pakistan Housing Authority spokesman Asim Shaukat Ali, the government has decided to provide more subsidies to the construction sector.
He said that it is difficult for the government and builders to build a house at a cost of Rs. 2.7 million. Therefore, tax exemptions will be given to reduce the cost of construction materials and more subsidies will be given to the steel industry.
Asim Shaukat Ali said that work on land digitization is underway across the country. This will reduce the burden of land-grabbing cases on the courts.
He further said that economic activities worth Rs. 5,000 billion would provide employment to 900,000 people. A spokesman for the Naya Pakistan Housing Authority added that banks are bound to approve or reject loan applications within a month. Out of 54,000 loan applications worth Rs196 billion, 22,000 worth Rs75 billion have been approved, so far by the banks, he added.