Pakistan Realog

KARACHI: Pointing out that people of Pakistan are facing an acute shortage of housing units, the Association of Builders and Developers has said that construction industry requires maximum benefits from the government so that it may concentrate fully towards its basic goal of expansion and increase in housing projects, without any hindrances and diversions. Referring to announcement by the President for building one million housing uunits, the ABAD in an open letter to the government’s top notch stressed the need for unhindered provision of finances which, it said, is the life line for the housing and construction sector.

“The President’s announcement for building of one million housing units will play an important role in materializing the dream of Shaheed leader for providing maximum benefits to the masses”, ABAD said adding that vision about this will go a long way in solving the housing issues of the masses.

In its open letter, the ABAD said there are several factors responsible for this shortage, the most important being the dearth of housing finances on easy and affordable terms. The construction of one million Homes, it said, requires a sizeable amount and this could only be achieved by coordination between public and private sector.

As the main stake holders, the Government of Pakistan and State Bank of Pakistan have a very crucial role to play, ABAD said adding that it will be prudent that HBFC is involved so that it can disburse loans on easy terms.

According to the apex builder’s body, adequate structural support to HBFC is vital as without this support the low and middle income group will be neglected. The Government must chalk out a plan to utilize the services of HBFC to its maximum and only this way, the public also will be using its share of required finances which will ease the burden on the Government.

ABAD said the dream to own home in the context of international recession, of which Pakistan is also a victim, the scarcity of finances had cast a very negative effect on the housing and construction sector. It pointed out that HBFC disbursed loan during the first six months of this year was approximately 500 million which is very meager. It said in the housing Policy 2001, it was also mentioned that loan disbursement should be enhanced to Rs. 7 billion by the year 2007 and should increase further. In the year 2006 HBFC and IFC through Canadian Mortgage Finance Corporation conducted a study which strongly suggested raising the disbursement to 9 billion in the year 2009 and further enhancing it up to 15 billion in 2014-15. ABAD said freezing of capital has left many housing projects incomplete, which were at various stages of completion, in an uncertain situation.

Source: Daily Times

Also Check:

1. Islamabad: 768 housing units planned in sectors G10, G11 for low-paid federal workers
2. Letter to Ports, Shipping Ministry: AEDB wants projects’ list to seek $510 million ADB financing
3. Pakistan invites Iran to invest in housing sector
4. KARACHI:Low-cost housing schemes attract public interest
5. Islamabad: CDA to engage private firm for Sector F-12 land acquisition
6. Islamabad: Six housing projects ‘to be launched next week
7. Karachi : President urges for faster industrialisation
8. Rs 1b Islamabad Club to be built in F-12 sector
9. CDA plans to re-develop G-6 sector
10. I-15 development contract cannot be awarded by the CDA
11. CDA’s ill plans worsen housing needs
12. Islamabad: PHA all set to meet housing need
13. Islamabad: Mega housing project in the offing
14. Islamabad: Six housing projects ‘to be launched next week’
15. KARACHI: Country facing shortfall of 6million housing units
16. Land being acquired for Sector D-14:Islamabad
17. Rawalpindi: NAB urges citizens not to invest in fake housing societies
18. Islamabad: Delay in Sector I-15 development
19. Karachi: Work on major housing projects halted
20. Pakistan Housing Authority constructs flats/apartments for general public under PM housing scheme
21. ISLAMABAD: PM launches housing scheme for low-income workers
22. Low-cost housing in Sindh Pakistan: govt to sign MoU with UNDP
23. Work on major housing projects halted: HBFCL freezes sanctioning of loans
24. Islamabad: PHA gets NOC for housing scheme
25. SBP developing secondary housing mortgage market
26. Fraud cases in banking sector on the rise
27. Islamabad: Zardari urges investment in housing sector
28. Furniture and pharmaceutical sectors: SBP extends long-term financing facility
29. President asks for investment in housing sector
30. Karachi: Kamal for low cost housing projects in city
31. $1.7 billion power machinery imported in fiscal year 2009
32. Construction industry in hot waters
33. Pakistan has immense potential in construction industry particularly w.r.t low cost housing
34. Construction cost slide sets stage for revival of big housing projects
35. Textile leaders say new policy to boost exports
36. KSE: Margin financing may be launched next week
37. Initiative launched to boost remittances to $1 billion per month
38. KCCI urges PNSC to end cartelisation in shipping sector
39. HBFC new chief vows to overcome crisis
40. GI registration can boost exports to $60bn: TDAP
41. Govt to seek Chinese financing for replacing satellite
42. Govt to seek Chinese financing for replacing satellite
43. IMF urges Pakistan to raise revenues, introduce VAT
44. Punjab invites Malaysian firm to build 160,000 housing units
45. SBP announces financing scheme for ginners
46. CDGK to spend Rs four billion on social sector
47. HBFC’s planned privatisation amid bankruptcy: Construction industry fears slowdown
48. Advances, off-balance sheet items: banks can make one percent provision: FBR
49. Islamabad: CDA financial health unlikely to improve by sale of plots in sector I-16
50. SBP launches new scheme ‘Pakistan Remittance Initiative’ (PRI) to boost remittances