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Islamabad: Federal Minister for Housing and Works Mian Riaz Hussain Pirzada led the second meeting of the Task Force on housing sector development, held at the Ministry of Housing and Works in Islamabad. The meeting aimed to address pressing issues in the housing sector with input from key government officials and private sector representatives.
According to a statement by Press Information Department, the Task Force, constituted by the Prime Minister of Pakistan, includes members from relevant government institutions and the private sector. The Task Force is tasked with preparing a consolidated report with recommendations for revitalizing the housing sector. The meeting featured a detailed presentation on current challenges, including a housing unit deficit of 12 million, urban sprawl, and planning constraints.
During the meeting, taxation, finance access, urban planning, and regulatory frameworks were discussed by four working groups. The discussion highlighted issues such as high taxes on property transactions, low mortgage penetration, and high interest rates on housing loans. It was agreed that reforms in policy and banking, including low-cost housing subsidies and single-digit policy rates, are needed to improve access to housing finance.
Innovative mortgage solutions, such as incremental housing microfinancing and digital financing platforms, were also considered. The need to revise existing taxes and establish the Real Estate Regulatory Authority (RERA) under the RERA Act was emphasized to boost the sector while ensuring affordability for low and middle-income groups.
The Task Force also discussed incentivizing vertical expansion and removing barriers for private sector involvement in urban regeneration and high-density zones. In his closing remarks, Minister Pirzada acknowledged the sector’s potential and promised comprehensive recommendations with quantifiable measures for short, medium, and long-term development.
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