Pakistan to roll out legal reforms for construction, housing sector growth

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday directed relevant authorities to formulate and implement a practical strategy to promote investment in the construction and housing sector.

He instructed that all stakeholders—both public and private—including provincial governments, as well as Azad Jammu and Kashmir and Gilgit-Baltistan, be involved in the process.

Chairing a meeting to review measures for promoting investment in the housing sector, expanding low-cost housing, and increasing employment opportunities, the prime minister said homeownership is a fundamental right of every citizen. He added that providing loans on easy terms for housing remains a top government priority.

“There is vast potential for investment in the country’s housing sector. Obstacles in the way of investment will be removed to fully utilize this potential”, the prime minister assured.

He also assured that the investments of foreign investors and overseas Pakistanis in the sector would be fully protected.

The prime minister pointed out that promoting investment in the construction sector will not only drive economic growth but also create millions of employment opportunities.

During the meeting, participants were briefed on proposals presented by the task force and relevant working groups on the construction and housing sector, along with updates on the implementation of previously approved measures.

Officials informed the meeting that special initiatives are being introduced to facilitate investment by foreign investors and overseas Pakistanis. These measures are expected to boost residential construction, stimulate economic activity, and create employment opportunities.

It was further informed in the meeting that work on legal reforms in the sector was progressing rapidly, and legislation was in its final stages.

“A system for low-cost loans for affordable housing projects has been implemented; in the next phase, banks will be assigned targets in this regard.”

The meeting was told that work on developing a complete mortgage finance ecosystem in the country was progressing swiftly. “A comprehensive developer-led financing system for the housing construction sector is also being developed.”

The prime minister directed that the comprehensive measures for the development of the housing construction sector be finalized at the earliest and implemented effectively.

The meeting was attended by Federal Ministers Azam Nazeer Tarar, Ahad Khan Cheema, Muhammad Aurangzeb, Mian Riaz Hussain Pirzada, Minister of State Bilal Azhar Kayani, Attorney General Mansoor Awan, Governor State Bank Jameel Ahmad, along with chief secretaries of all four provinces, Gilgit-Baltistan, Azad Jammu & Kashmir, private sector experts, and other senior officials.