ABAD Welcomes PM’s Housing Initiative to Construct 5 Lac Low Cost Homes
Karachi (Tuesday, November 5, 2013) – Association of Builders and Developers (ABAD) North Region Chairman and former Constructors Association of Pakistan (CAP) chairman Engr Akber Sheikh has suggested the government of Pakistan to declare houses up to 4.0 marlas and costing up to Rs 2.0 million as low cost houses. Welcoming the prime minister’s housing initiatives under which 500,000 houses are to be built over a period of five years.
Engr Akber Sheikh has suggested that the quickest way to deliver these houses is to provide land to private developers and constructors through a transparent mechanism with time bound conditions to develop the housing and sale at pre-determined prices under the supervision of the Ministry of Housing and Works.
According to him the low cost housing should be made available to buyers with long-term loans carrying a maximum interest rate of 8.0 percent. The cost of interest rate subsidy will be more than compensated by the taxes generated by the economic activity resulting from the construction of these houses