Prime Minister Shehbaz Sharif has directed authorities to ensure that housing finance becomes accessible to low-income citizens.
He issued these instructions during a meeting held at the Prime Minister’s House in Islamabad. The meeting reviewed the performance and future plans of the housing and works sector.
The prime minister said affordable housing is a top priority. He stressed the need to provide homes for low-income groups. He also called for launching more low-cost housing projects. He emphasized improving public facilities and services.
He directed officials to encourage private sector participation. He said public-private partnerships are essential to boost the construction sector. He added that these efforts will help increase housing supply and create jobs.
Officials briefed the meeting on ongoing reforms. These include changes in the construction sector’s tax structure. Discussions are ongoing with the Federal Board of Revenue and provincial governments. The aim is to bring standardisation and transparency.
Draft proposals for mortgage reforms are also under review. These reforms are aimed at making home financing easier for ordinary citizens.
A public-private partnership model is being developed. It will focus on building houses for low-income groups. Authorities are also planning to establish a Real Estate Regulatory Authority. This body will regulate the housing and real estate sector.
Work is also underway on a Real Estate Investment Trust. This initiative is being developed with support from the Ministry of Finance, the Securities and Exchange Commission of Pakistan, and provincial departments.
Several federal ministers and senior officials attended the meeting. They discussed steps to speed up housing projects and reforms.
