Amraiz Khan
Punjab Minister for Housing Mian Mahmoodur Rashid on Monday said that groundbreaking ceremony of 35,000 new housing units in Lahore will done by the Prime Minister Imran Khan on December 25.
He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah presented the address of welcome while Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry, former President Muhammad Ali Mian and Executive Committee Members also spoke on the occasion.
The Minister said that construction sector today the lucrative and best for investment. He said that Punjab Government has made major changes in LDA rules and regulations to ease out the businesses. He said that approval from various authorities for a housing scheme was a biggest problems that has been resolved as all NOCs can be availed under one roof at LDA.
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 bounded the banks to allocate 5% of their borrowing for housing sector.
Mian Mahmoodur Rashid said that the Punjab government is going to plan a 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. Mian Mahmoodur Rashid said that constructors are being encouraged towards apartment buildings that would not only help overcome shortage of land but would also divide the cost of land and people would be able to have their own apartment at low cost. He said that these projects are being developed on government’s land.
He said that earth breaking ceremony for construction of 35000 apartments in LDA city would be held on December 25th.
The Minister 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 government cannot cope the challenges alone and support of private sector is a must to achieve the targets of 5 million houses.
LCCI President Mian Tariq Misbah said that inclusion of private sector in the housing and construction sectors would help flourish trade and economic activities. He said that private sector should be facilitated in this regard and hurdles should be removed on priority basis.
