PM Imran announces Rs30 billion subsidy for Naya Pakistan housing programme

PM Imran announces Rs30 billion subsidy for Naya Pakistan housing programme

Islamabad (Web Desk): Prime Minister Imran Khan on Friday announced Rs30 billion subsidy for the Naya Pakistan housing programme.

The premier announced the package in a live Broadcast after chairing first meeting of National Coordination Committee on Housing, Construction and Development in Islamabad, the Radio Pakistan reported.

“Under this scheme, the government will provide Rs 300, 000 for each house to first 100 thousand units of Naya Pakistan Housing Programme,” the PM said.

He said the decision has been taken to reduce the cost burden on people with low income.

PM Imran said that the government is focused on developing construction sector that can usher new era of employment opportunities in the country.

“Due to corona pandemic, international economies are shrinking and only construction sector can boost economic activities in the country”, the PM noted.

The prime minister said under international obligations, we can provide relief to the construction sector till 31st December of this year.

He urged the investors to take benefit of this limited time opportunity. He said during this period, investors of the construction will not be asked for their source of income.

Imran Khan said under one window operation policy to speed up work in construction sector, we have decided to reduce NOCs. He said we have also fixed time limits for all approvals and reduced taxes.

“For 5 Marla house under Naya Pakistan Housing Program, people will pay just 5 percent interest rate while 7 percent on 10 marla,” the PM said.

The prime minister said that the State Bank has also directed banks to fix 5 percent of their total portfolio for construction sector and under this initiative Rs330 billion will be fixed.