Pakistan’s top builders ready for projects of Rs1.3 trillion

[Shahzaz ud din]

Pakistan’s top builders ready for projects of Rs1.3 trillion
04/11/2020 admin 0 Comments
Pakistan’s National Coordination Committee on Housing, Construction and Development has turned out to be a morale booster for the builders and developers who are completely satisfied with the support being provided by the present government towards resolving their issues and providing them a conducive environment for undertaking greater activity in the construction sector.
With enhanced satisfaction level, 13 leading builders of the country assure the prime minister of launching various projects during next 4-5 months that will generate an economic activity up to Rs1.3 trillion and addition of 100,000 housing units.
For the first time, not only the processes of seeking No Objection Certificates (NOCs) are being streamlined and duration is reduced but also the private banks are also encouraging builders and developers to avail credit portfolio reserved for construction, house building and development activities, stated the representatives of Association of Builders And Developers of Pakistan (ABAD) during the meeting.
The assurance was made during weekly meeting of National Coordination Committee on Housing, Construction and Development with Prime Minister Imran Khan in chair.
Besides all Chief Secretaries of the provinces in attendance, leading builders and developers from Karachi, Islamabad and Lahore were also present during the meeting representing Association of Builders and Developers of the country. ABAD is a national level representative organization of builders and developers to unify and streamline the construction activities of private sector.
The Prime Minister appreciated Governor State Bank of Pakistan (SBP) for his proactive role in encouraging private banks to extend much-needed support to the construction sector.
The builders and developers present during the meeting assured the Prime Minister that the present system will help expeditious resolution of their issues and pending approvals enabling them to undertake projects worth billions of rupees. In addition to the pledges made by the 13 builders who were present during the meeting, other commitments by builders and developers of ABAD will also follow soon.
The Prime Minister while expressing satisfaction over the confidence of the builders community reiterated the commitment of the government to provide every possible facilitation in the construction sector. He observed that big cities serve as engine of growth and offer huge opportunities to the builders and developers. Increased construction activities will help wealth and job creation which will enable to country to gain economic stability and reduce its debt burden.
The Prime Minister said that construction sector and promotion of small and medium industry was among the foremost priorities of the government and the government will extend every possible support to these sectors.
On the issues related to provision of utilities for the new projects, the Prime Minister assured expeditious processing of the applications and directed the concerned to take strict action against officials involved in creating hurdles in provision of basic amenities such as electricity and gas etc.
The Prime Minister also stated that online application, tracking and monitoring system being introduced and one-window facilitation centers will further improve ease of doing business in the construction sector.
Adviser to Prime Minister on Finance and Revenue Dr.Abdul Hafeez Sheikh chaired the meeting of the Economic Coordination Committee of the Cabinet (ECC) Wednesday at the Prime Minister office.
ECC decided to allocate 150,000 metric tons of wheat to the Pakistan Army from PASSCO resources on payment basis for the year 2020-2021.
ECC also approved the prices of tobacco recommended by the Price and Grade Revision Committee in pursuance of section 8(1) of the PTB Ordinance 1968. ECC also directed that the MNFSR shall also give a detailed presentation on the mechanism of determination of prices and will also point out the gaps in the system.
ECC also approved “Mark up subsidy for Housing Finance”, proposed by Naya Pakistan Housing and Development Authority. Prime minister has on July 10, 2020 announced special incentives for housing and construction sector to revive economic development amid COVID-19 pandemic. Markup subsidy shall be provided for 10 years on bank financing. Accordingly, end user markup rate on housing units measuring up to five Marla will be five per cent for first five years and seven per cent for next five years. For housing units measuring 10 Marla, end user markup rate will be seven per cent for first five years and nine per cent for next five years.
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[313ghazi]

Rs1.3 trillion and addition of 100,000 housing units.

Seems a bit expensive! 100,000 houses for 1.3 trillion rupees. Are they building 1 lakh mansions for the super wealthy?

 

[Pakistansdefender]

Seems a bit expensive! 100,000 houses for 1.3 trillion rupees. Are they building 1 lakh mansions for the super wealthy?

Even if they are then what...
The wealthy also need those mansions. That would also free up lot of space increases competition and lower the housing prices.
Thousands and thousands of people would be employed with tons of local products such as bricks, cement, marble, electrical products, steel is used. The carpenter, electrician, landscapers, inferior decorater all get the acess.
Please stop being anti rich...
If a rich person earned his money throuh halal means and not using it for wrong gains then it is ok.
Had english not built those mansions for the elite then london today would 'nt be the most expensive realstate in the world.

 

[313ghazi]

Even if they are then what...
The wealthy also need those mansions. That would also free up lot of space increases competition and lower the housing prices.
Thousands and thousands of people would be employed with tons of local products such as bricks, cement, marble, electrical products, steel is used. The carpenter, electrician, landscapers, inferior decorater all get the acess.
Please stop being anti rich...
If a rich person earned his money throuh halal means and not using it for wrong gains then it is ok.
Had english not built those mansions for the elite then london today would 'nt be the most expensive realstate in the world.

As long as no government money is being spent towards it, I don't mind. In fact I appreciate govt efforts to streamline the paperwork and reduce red-tape for the industry.

What concerns me is the talk of subsidy in the final paragraph. I hope that refers to a separate project of low cost housing, not these mansions.
Also the London property prices are a curse for most Londoners.

 

[xyxmt]

Seems a bit expensive! 100,000 houses for 1.3 trillion rupees. Are they building 1 lakh mansions for the super wealthy?

infra building for 100000 houses requires a lot of spending too not just houses. Roads, bridges, water, sewage, gas and bla bla

 

[313ghazi]

infra building for 100000 houses requires a lot of spending too not just houses. Roads, bridges, water, sewage, gas and bla bla

Good point. Never considered that.

 

[Ghessan]

Seems a bit expensive! 100,000 houses for 1.3 trillion rupees. Are they building 1 lakh mansions for the super wealthy?

this is an investment initiative for economic activity for the construction sector, 100,000 houses in the first phase is another thing.

 

[Marker]

Seems a bit expensive! 100,000 houses for 1.3 trillion rupees. Are they building 1 lakh mansions for the super wealthy?

I think other civic buildings are also included in the project such as schools and colleges, hospitals, banks, housings for various government, utility and service departments, playgrounds and recreation centers. Furthermore area development charges for roads and sewerage system may also be the part of project.

 

[313ghazi]

You don't have to buy one. So STFU

You're not selling one so you STFU you daft chamcha. Projects like this are great examples of government corruption if government money is involved.

Idk where you clowns come from. This is a discussion forum, not a cheerleading session. Why should I bury my head in the sand and not ask questions?

If that is the case then I assume you must be COAS Bajwa otherwise you have no business commenting on defence matters either? Cartoon.


Re-read this topic, look at how everyone else responded. That is how a discussion forum works. They corrected my assumption about costs, I appreciated thier remarks.

Only you jumped up and down.

 

[Chakar The Great]

Massive !!