PM announces Rs30 billion subsidy for Naya Pakistan housing scheme

ISLAMABAD: Prime Minister Imran Khan has announced a subsidy of Rs30 billion for the Naya Pakistan housing scheme in order to support the underprivileged class to build their own homes.

The Prime Minister was addressing the media after chairing a meeting of the National Coordination Committee on Housing, Construction, and Development in Islamabad today (Friday).

In his address, PM Imran asserted that the whole world is worried about how to run its economy during the global pandemic. “In this regard, we have decided to revive our economy through the housing and construction industry so that the job opportunities could increase and we can generate revenue,” he added.

He further said that the government had faced many obstacles while launching the scheme due to some existing legislation. “However despite a lot of hurdles, we were successful in passing the law for Pakistan, which is now implemented around the world,” he added.

He also pointed out the obstacles faced by the construction sector, however, NCC had worked and impressively on formulating policies for its revival.

The premier said, “I, myself, will preside this meeting every week to supervise the working and progress of the committee regarding the Naya Pakistan housing scheme.”

Commenting on the scheme, the premier said that the scheme was aimed at the working class, the welder, the small shop owner, who were not financially capable to build their homes.  

The Prime Minister further explained that an Rs300,000 subsidy will be given to each house in the Naya Pakistan Housing Scheme. This will be for the first 100,000 houses in the projects. He also highlighted that a 5 percent interest is levied on a five-marla house and 7 percent for 10-marla.

PM Imran also said that the government has directed the State Bank to keep 5 percent of the portfolio for the construction industry.

“We have coordinated with all of the provinces for a one-window operation to ease the process for builders and the construction industry. We are decreasing the requirements for no-objection certificates and placing time limits on approvals,” he added.

He informed that the government has also reduced provincial taxes so that people can benefit more and more with the subsidies.

PM Imran mentioned yet another relaxation in terms of questions about the sources of investment, saying it would not be questioned only during the ongoing year “due to recession caused by the coronavirus”.

The Prime Minister also clarified that these conditions were only for the current year due to recession caused by the coronavirus. “We are hoping that these incentives will create employment opportunities for people in these hard times of pandemic,” he concluded.