Housing Sector Seen as Crucial Driver of Economic Growth at Islamabad Meeting

ISLAMABAD: The housing sector’s pivotal role in driving economic growth was underscored during a high-level meeting chaired by Minister for Housing and Works Mian Riaz Hussain Pirzada. The session, which marked the second gathering of the Task Force for the development of the housing sector, saw the participation of key government figures including Minister for Finance and Revenue Muhammad Aurangzeb and Chairman of the Federal Board of Revenue Rashid Mahmood Langrial.

According to a statement by Ministry of Information and Broadcasting, the Task Force, constituted by the Prime Minister, is tasked with compiling a comprehensive report aimed at revitalizing the housing sector. The meeting featured a detailed presentation on the sector’s current challenges, emphasizing the need for policy and banking reforms to facilitate low-cost housing.

The meeting’s attendees agreed on the necessity of introducing subsidies with fixed terms and lower policy rates, ideally in the single digits, to enable accessible housing finance for low-income groups. Discussions also touched on the revision of taxes such as 236-C, 236-K, Federal Excise Duty, and stamp duty, all aimed at boosting the sector by considering affordability for low and middle-income groups.

Additional topics included the removal of barriers to private sector involvement, urban regeneration, and the establishment of high-density zones to preserve agricultural land. Minister Pirzada expressed appreciation for the collaborative efforts of the task force members, highlighting the housing sector’s potential as a leading economic driver.

The post Housing Sector Seen as Crucial Driver of Economic Growth at Islamabad Meeting appeared first on pakistannewsgazette.com.

Check Also

Kashmir: A Persistent Nuclear Flashpoint, Says Pakistani Parliamentary Committee Chair

Islamabad: Chairman of the Parliamentary Committee on Kashmir, Rana Muhammad Qasim Noon, has highlighted the unresolved status of Kashmir as a critical issue stemming from the partition of the subcontinent, labeling it a potential nuclear flashpoint i...

The post Kashmir: A Persistent Nuclear Flashpoint, Says Pakistani Parliamentary Committee Chair appeared first on pakistannewsgazette.com.