Staff Reporter Islamabad
The initiative of Pakistan Tehreek-i-Insaf (PTI) government to construct five million houses for poor homeless and middle class was gaining popularity among masses across the country.
Even amidst the challenges posed by Coronavirus epidemic, the incentives for construction industry had led to massive business activity in construction and real estate sectors and jobs creation.
Keeping in view the importance of the construction sector, the government has taken several far-reaching steps including legislation to facilitate the industry, like tax incentives and extension of fixed tax system till December 31, 2021.
Earlier, the absence of mortgage law was a major hurdle on way to development of the housing sector, but the issue has now been resolved that would have positive effects on the industry.
The State Bank of Pakistan (SBP) has made it compulsory for all the banks to provide 5 percent of their respective domestic private sector credit to the housing and construction industry.—APP