PM housing scheme: ABAD demands reducing prices of construction materials

BUSINESS

KARACHI: Chairman Association of Builders and Developers of Pakistan (ABAD) Muhammad Hassan Bakshi has urged Prime Minister Imran Khan to ensure reduction in prices of cement, steel bars, tiles and other construction materials to make success Naya Pakistan Housing Scheme of 5 million houses. He also urged the Prime Minister to appoint leading personality from private construction sector as the head of PM Task Force for this scheme.

Chairman ABAD Muhammad Hassan Bakshi addressing a press conference regarding opportunities and challenges of Prime Minister’s initiative for affordable housing here at ABAD House on Monday. Senior Vice Chairman ABAD Anwar OK, Vice Chairman Abdul Karim Adhia, Chairman Southern Region Ibrahim Habib, former Chairman Junaid Ashraf Taloo and Chairman SR Asif Sumsum are also seen on the dais.

He was addressing a press conference at ABAD House here on Monday, flanked by Senior Vice Chairman ABAD Anwar OK, Vice Chairman Abdul Karim Adhia, Chairman Southern Region Ibrahim Habib and others.

ABAD has supported Prime Minister’s initiative of Naya Pakistan Housing scheme wholeheartedly and the association will enhance strength and membership of ABAD for early implementation of this scheme. He said that the State Bank of Pakistan (SBP) is carving out a financing model, under which the SBP will land 50% percent amount of total cost of a house to commercial banks at the rate of one percent mark up and commercial banks will provide to allottees at the rate of 4 to 5 percent and another 20% will be borne by allottees. he said

He said that only members of ABAD will be allowed to work for the PM Housing scheme, however; he hurriedly clarified that we are not for establishing monopoly of ABAD but we want to bring all builders and developers under one umbrella. He said that other builders and developers from private sector will also be provided to one window facility.

Chairman ABAD demanded of the government to restore Fixed Tax Regime (FTR) for the construction sector. He said that members of ABAD will construct and hand over possession of houses within one and half year with minimal profit under Naya Pakistan Housing scheme.

He also urged the government not to run this housing scheme as the CPEC and give equal opportunities to local investors and builders and bound foreign investors to work on partnership basis with local investors and builders and developers.