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PM Imran Khan announces Rs30 bln subsidy for Naya Pakistan Housing Program

PM Imran Khan announces Rs30 bln subsidy for Naya Pakistan Housing Program
July 11, 2020
ISLAMABAD (92 News) – Prime Minister Imran Khan has announced a subsidy of Rs 30 billion for Naya Pakistan Housing Program on Friday. He was talking to the media after chairing the first meeting of National Coordination Committee on Housing, Construction and Development in on Friday. The prime minister said that sources of income would not be questioned for the people constructing or purchasing a house. He said that under this scheme, the government will provide Rs 300,000 for each house to first 100,000 units of Naya Pakistan Housing Program. “The decision has been taken to reduce the cost burden on people with low income.” The prime minister said a markup rate of five percent will have to be paid for a 5-marla house, while seven percent on a 10-marla house. “The State Bank of Pakistan has also directed banks to fix 5 percent of their total portfolio for construction sector and under this initiative Rs 330 billion will be fixed,” he added. Imran Khan said that the government is focused on developing the construction sector that can usher new era of employment opportunities in the country. “Under International obligations, we can provide relief to the construction sector till December 31 this year.” The prime minister said that under the one-window operation policy to speed up work in construction sector. “We have decided to reduce NOCs. We have also fixed time limits for all approvals and reduced taxes,” he added.