35,000 new housing units soon in Lahore, Mahmood
Minister for Housing and Urban Development Mian Mahmood ur Rashid has said that ground breaking of 35,000 new housing units in Lahore will be performed by Prime Minister Imran Khan on 25th December. He was speaking at the Lahore Chamber of Commerce & Industry (LCCI) on Monday. LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan, Vice President Tahir Manzoor Chaudhry, former President Muhammad Ali Mian and Executive Committee Members were present on the occasion. The Minister said that construction sector today was lucrative and best for investment. He said that Punjab Government has made major changes in LDA rules and regulations to ease the businesses. He said that approval from various authorities for a housing scheme was a problem that has been resolved as all NOCs can be availed under one roof. The department 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 made it compulsory for banks to allocate 5 per cent of their borrowing for housing sector. He said that Punjab government would prepare new master plan for Lahore to meet the requirements for 40 years. He further added that new housing policy has been formulated with the consultation of builders and private sectors. He further stated that there was no rule for sub-division of commercial properties but now law has been changed. He said that constructors are being encouraged to build apartments that would help overcome shortage of houses. He said that these projects are being developed on government’s land. He said that ground breaking ceremony for construction of 35000 apartments in LDA city would be held on December 25th. He said that Ravi Riverfront Urban Development Project is at planning phase and it would be ensured that no industrial unit or residential area is harmed unduly. He said that a project for construction of 50 houses along with a village is well on the way and these houses would be given to the homeless people on easy installments. He said that govt cannot cope with the challenges alone and support of private sector is a must to achieve the targets of 5 million houses. Mian Tariq Misbah said that inclusion of private sector in the housing and construction sectors would help boost trade and economic activities. He said that private sector should be facilitated in this regard and hurdles should be removed on priority basis.
He said that as per Government’s estimation, Pakistan is currently facing an overall housing shortage of 11-12 million units in Pakistan. The urban housing shortage is estimated to be around 4 million. Since Punjab houses 53 per cent population of the country, the housing needs in Punjab are way more than the other provinces. He said that Naya Pakistan Housing Program has given some hope to such people who can only dream to have their own house.