ISLAMABAD: Federal Minister for Information and Broadcasting Senator Shibli Faraz Sunday called on the construction industry to benefit from the government’s new construction policy by December 31.

Speaking at a news conference here along with Chairman Naya Pakistan Housing Authority Lieutenant General (R) Anwar Ali Hyder, the minister said people availing themselves of this facility would not be asked about their source of investment.

He said the government was striving to remove the hurdles being faced by the construction industry. He added that Prime Minister Imran Khan’s prime focus was on how to support and alleviate the suffering of the weak segments of the society.

About the government’s endeavours for facilitating the construction industry, he said a committee had also been constituted to solve the issues related to the construction industry, adding that the government had devised a one-window operation to reduce the process time required for clearance of documents.

He said people, who desired to construct their homes by borrowing from banks, would be given loans at a subsidized interest rate. The prime minister said the interest rate of five-marla houses would be five percent whereas for ten-marla houses, it would be seven percent.

The minister said the government had asked the banks to lend about Rs330 billion to the construction industry adding that in the first phase 100,000 houses would be constructed.

Shibli said the government had announced a historic package for the construction industry having the potential to lift the entire economy, as over 40 industries were related to the construction sector.

The government, he emphasized, was very serious about promoting the housing sector, and for this purpose a national construction company on the pattern of NCOC was being set up, which was headed by General Hyder.

He noted that the NCOC had effectively handled the coronavirus challenge. He said for removal of impediments to the house building process, one window operation system would be introduced to reduce the process and time required for clearance of documents.

He said meetings were held with all stakeholders –including the high-ups of provincial governments, the State Bank of Pakistan and Federal Board of Revenue – to achieve the target.

General (R) Hyder said the government was committed to starting the construction activity at a large scale. He said the government had considerably eased the procedures involved in obtaining NOCs and maps to facilitate the investors in construction industry. He said fixed tax regime had been introduced for builders and land developers and the tax had been reduced by 90 per cent.