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August 1, 2020

Over dozen builders commit projects to add 100,000 units

Business

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August 1, 2020

ISLAMABAD: About 13 leading builders of the country have committed to launch construction projects within four to five months to add 100,000 housing units and generate economic activity up to Rs1.3 trillion.

An assurance to this effect was made by the builders during the weekly meeting of National Coordination Committee (NCC) on Housing, Construction and Development chaired by the Prime Minister Imran Khan on Thursday.

The meeting was told that the builders and developers had expressed complete satisfaction over the support being provided by the government towards resolving their issues and providing them enabling environment for undertaking greater activity in the construction

sector.

Besides chief secretaries of all the provinces, the meeting was also attended by leading builders and developers from Karachi, Islamabad, and Lahore representing Association of Builders and Developers (ABAD).

The ABAD representatives expressed satisfaction over streamlining of the no objection certificates’ (NOCs) issuance process in reduced time frame, and the private banks’ encouraging the builders and developers to avail credit portfolio reserved for the construction, house building, and development activities.

The Prime Minister Khan appreciated the State Bank governor for his proactive role in encouraging the private banks to extend the much-needed support to the construction sector. The builders and developers assured the prime minister that the present system would help expedite resolution of their issues and pending approvals to enable them undertake projects worth billions of rupees.

According to the minutes of the meeting, in addition to the pledges made by the 13 builders, present during the meeting, other commitments by builders and developers of ABAD were also set to follow soon.

Khan, while expressing satisfaction over the confidence of the builders’ community, reiterated the government’s commitment to extend maximum facilities to the construction sector. He observed that major cities served as engines of growth and offered huge opportunities to the builders and developers.

Increased construction activities would lead to wealth and job creation bringing economic stability and reducing the debt burden. He added that the construction sector and promotion of small and medium industry were among the government’s priorities.

On the issues of providing utilities like electricity and gas for the new projects, the Prime Minister assured the builders of expeditious processing of the applications and directed the authorities to take strict action against officials involved in creating hurdles.

Khan said an online application, tracking and monitoring system was being introduced and one-window facilitation centres would further improve ease of doing business in the construction sector.