Government to Extend Added Subsidy to Housing Sector
According to news reports, Asim Shaukat Ali, spokesperson for the Naya Pakistan Housing & Development Authority (NAPHDA), stated that the government will grant additional subsidies to the housing sector in the country.
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This increased subsidy will be provided for construction supplies in light of the dollar’s appreciation. The incentive will take the shape of a tax break on the purchase of building materials and steel products.
In addition, the official indicated that the digitization of state land is advancing rapidly, which will assist decrease land grabbing. The cadastral maps will also aid in the reduction of property-related court cases, thereby accelerating the judicial procedure.
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Regarding the NPHP, he noted that the construction industry is expected to employ 0.9 million people and generate a total of 5 billion PKR in economic activity. Additionally, he declared that banks must accept or reject loan applications within a month. Out of 54,000 applications, 22,000 loan applications totaling PKR 75 billion have been approved to date.
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