In an impressive development, Pakistan plans to launch building projects worth Rs. 1.3 trillion this year
It was revealed that the new developments have majorly satisfied Pakistan’s top builders.
The latest weekly meeting of the National Coordination Committee on Housing, Construction, and Development revealed some fruitful developments. PM Imran Khan chaired the meeting, and the attendees included representatives of the Association of the Builders and Developers (ABAD).
During the meeting, ABAD members acknowledged the Federal Government’s efforts to streamline the NOC obtaining process, which has considerably reduced the duration to acquire one.
ABAD members were also delighted by the fact that the private banks are urging builders to use the reserved credit portfolio for construction, house building, and development activities.
Measures were taken by the National Coordination Committee on Housing, Construction, and Development have provided builders with a conducive environment to expand the country’s construction sector. The meeting revealed that the new developments have majorly satisfied Pakistan’s top builders.
To date, 13 notable builders have geared up to launch different projects by the end of the year. The government is assured that the plans, showcasing 100,000 housing units, will generate total revenue of Rs. 1.3 million.
Prime Minister Imran Khan also played his role in the betterment action by issuing directives to ensure that the new projects are provided basic amenities continuously. Warnings were issued against officials that aim to impede the process. If any authority decides to intervene, stern action may be taken against them.
PM Imran Khan said:
The construction projects in major cities will provide builders with vast growth opportunities. It will also help Pakistan with job and wealth creation, which will enable the country to achieve economic stability. Thus, the promotion of the construction sector is the paramount priority of the Federal Government. I would do everything to extend maximum support to the industry.
The Prime Minister disclosed details of further initiatives being taken to facilitate the construction industry. These initiatives include an online application, tracking and monitoring system, and open window facilitation centers.
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