Prime Minister Shehbaz Sharif (PM Shehbaz) has directed authorities to take practical measures to deliver house finance facilities to the common man. He chaired a meeting at PM House in Islamabad on Wednesday regarding the Ministry of Housing and Works.
PM Shehbaz emphasized that housing for low-income groups and the development of affordable housing projects remain a top priority. He highlighted the importance of encouraging private sector participation and improving public housing facilities to meet growing demand.
Officials briefed the meeting on the strategic roadmap of the Ministry of Housing and Works. The plan includes reforms in the construction sector, particularly in the tax structure. Consultations are ongoing between the Federal Board of Revenue (FBR) and provincial governments to standardize taxes for construction projects.
A policy for housing construction under public-private partnerships is also under preparation. Additionally, a Real Estate Regulatory Authority will be established to oversee rules and regulations in the housing and real estate sectors.
On house finance, the meeting was informed that the Ministry of Housing is working closely with the Ministry of Finance, FBR, the Securities and Exchange Commission, and provincial authorities to implement Real Estate Investment Trusts (REITs). This initiative aims to provide better financing options for housing projects.
PM Shehbaz stressed that effective implementation of these initiatives will ensure housing accessibility for all income groups, increase transparency in the sector, and encourage private investment in affordable housing.
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Officials said these measures are part of a broader strategy to strengthen Pakistan’s housing sector. The initiatives will provide practical solutions for the common man and support long-term growth in affordable housing.
