Shehbaz orders steps to expand housing finance access for low-income citizens
PM, Kuwaiti crown prince discuss regional developments in phone call
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday directed officials to take practical measures to ensure that housing finance reaches ordinary citizens effectively, the Prime Minister’s Office said in a press release.
According to the statement, the prime minister chaired a meeting at the Prime Minister’s House to review the affairs of the Federal Ministry of Housing and Works. Addressing the participants, the prime minister said, “Providing housing for low-income groups, launching affordable housing projects, including encouraging private sector participation, and improving public facilities are among our top priorities.”
The meeting received a briefing on the ministry’s strategic roadmap, including ongoing reforms in the construction sector’s tax structure. “Discussions are underway on tax standardisation in consultation with the Federal Board of Revenue and provincial authorities. Draft reforms on house mortgages are also under review,” the statement said.
A public-private partnership (PPP) plan is being developed to build homes for low-income groups, according to the statement. The Real Estate Regulatory Authority will be established to regulate housing and real estate operations.
The press release further states that on housing finance, the Real Estate Investment Trust is being developed jointly by the Ministry of Finance, FBR, Securities & Exchange Commission, and provincial housing departments.
“The meeting emphasised steps to accelerate affordable housing projects, improve public facilities, and implement reforms to support construction and housing finance for all citizens,” the statement concluded.
The meeting was attended by Federal Minister for Law and Justice AzamNazirTarar, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Finance and Revenue Mohammad Aurangzeb, Federal Minister for Housing and Works RiyazPirzada, Federal Minister for Information Technology & Telecom Shiza Fatima, Prime Minister’s Adviser on Interprovincial Coordination RanaSanaullah, Minister of State for Finance and Railways Bilal AzharKiani, and other senior officials. Staff Report
