Prime Minister Shehbaz Sharif on Thursday called on relevant authorities to devise and execute an effective plan aimed at enhancing investment in Pakistan’s construction and housing sectors. He emphasized the inclusion of all stakeholders, including provincial governments and representatives from Azad Jammu and Kashmir as well as Gilgit-Baltistan, to ensure a coordinated approach.
During a meeting focused on strategies to increase investment, expand affordable housing, and generate employment, the prime minister underscored that owning a home is a basic right for every citizen. He highlighted that facilitating easy loan access for housing remains a top priority for the government.
Shehbaz Sharif noted the significant investment potential within the housing sector and pledged to eliminate barriers hindering growth to fully capitalize on this opportunity. He also guaranteed full protection for investments made by foreign investors and overseas Pakistanis in this sector.
In a significant development, the prime minister pointed out that boosting investment in construction will not only accelerate economic growth but also create millions of jobs nationwide.
Officials presented updates on proposals from the task force and working groups related to the construction and housing sector, alongside progress reports on previously approved initiatives. They revealed that new measures are being introduced to facilitate investments by foreign nationals and the Pakistani diaspora, which are expected to stimulate residential construction and economic activity.
Moreover, the meeting was informed that legal reforms in the sector are advancing rapidly, with legislation nearing completion. A system providing low-cost loans for affordable housing projects has already been implemented, and the next phase will involve assigning specific targets to banks to support this initiative.
Work is also underway to establish a comprehensive mortgage finance ecosystem across the country. Additionally, a developer-led financing model tailored for the housing construction sector is being developed to further support growth.
The prime minister instructed that these comprehensive measures for the housing and construction sector be finalized promptly and executed effectively to maximize their impact.
The meeting included Federal Ministers Azam Nazeer Tarar, Ahad Khan Cheema, Muhammad Aurangzeb, Mian Riaz Hussain Pirzada, Minister of State Bilal Azhar Kayani, Attorney General Mansoor Awan, State Bank Governor Jameel Ahmad, chief secretaries from all four provinces, Gilgit-Baltistan, Azad Jammu & Kashmir, private sector experts, and other senior officials.
