35,000 new housing units in city soon: minister

LAHORE:Housing Minister Mian Mahmood-ur-Rashid said on Monday that groundbreaking ceremony of 35,000 new housing units in Lahore would be performed by Prime Minister Imran Khan on Dec 25, 2020.

Talking to business community here at Lahore Chamber of Commerce & Industry (LCCI), the minister said that today construction sector is lucrative and the best for investment. He said that the Punjab government had made major changes to the LDA (Lahore Development Authority) rules and regulations to ease out the businesses, adding that approval from various authorities for a housing scheme was a biggest problem that had been resolved as all NOCs (No Objection Certificates) could now be obtained under one roof at the LDA, which is bound to give approval for a housing plan within 60 days.

He said that financing for construction of houses was also a major challenge and banks were not ready to finance these projects. Now State Bank of Pakistan has bounded the banks to allocate five per cent of their borrowing for housing sector.

Mian Mahmood said that the Punjab government is going to work out a new master plan for Lahore to meet the requirements for next 40 years, and new housing policy has also been formulated with the consultation of builders and private sectors. He mentioned that there was no rule for sub-division of commercial properties but now law has been changed.