The Pakistan government will pay Rs300,000 of the total cost of a house for the first 100,000 houses constructed under the Naya Pakistan Housing project, says Prime Minister Imran Khan.
The whole world is worried about how to run their economy, he said, adding that aid packages are being given in all countries.
The premier said Pakistan has decided to run its economy in the pandemic through the housing and construction industry.
PM Khan was addressing the media after chairing a meeting of the National Coordination Committee on Housing, Construction and Development in Islamabad on Friday.
A Rs300,000 subsidy will be given to each house in the Naya Pakistan Housing Scheme. This will be for the first 100,000 houses in the projects.
The second decision was that people will have to pay only 5% interest on a five marla house.
Another decision made in the meeting was that the State Bank of Pakistan has instructed banks to keep 5% of their total portfolio for the construction industry. This makes up Rs330 billion.
Fourth decision made with consensus from all provinces was to make it a one-window operation to ease the process for builders and the construction industry.
“We are decreasing the requirements for no-objection certificates and placing time limits on approvals,” the premier said.
These conditions, he clarified, are only for this year because of the coronavirus pandemic. We will have to adhere to our international obligations after December 31, 2020, he said.
No government has ever given such incentives to the construction industry, he said, adding that the government common people