Increase in policy rate by SBP will highly discourage investment,Mian Zahid
BUSINESS

PM Imran Khan’s housing scheme is difficult but can be a game changer: Mian Zahid Hussain

President Pakistan Businessmen and wad Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said that Prime Minister Imran Khan’s initiative of constructing 5 million houses through Apna Ghar scheme is appreciative in all aspects. According to construction’s sector experts, this scheme is very difficult and seems unachievable in the current economic circumstances but possible for sure. If the scheme is accomplished in accordance to Imran Khan’s vision, it will be a remarkable achievement of this government through which 40 interlinked industries with construction sector including Steel, Cement, Iron, Transport, etc.

The veteran business leader while talking to the business community said that according to government’s data 80 percent people in Europe buy homes through mortgage / house financing. In Malaysia, India and Bangladesh the ratio of people opt for house financing is 33 %, 11 % and 3 percent respectively. However in Pakistan this proportion is approx 0.25 % which is very low. To make this scheme a successful venture, the role of banking sector need to be promoted thus help achieving the dream of own house for the poor people. We appreciate the prime minister’s sincere efforts in this regard including establishment of authority, taskforce, research, legislative measures and focus on reducing barriers in the construction sector.

The former minister said that the foreign investment in the Country will flourish through this scheme as property is considered to be the most secured sector of investment across globe. The Apna Ghar scheme is the backbone for various government’s promises and schemes including reduction in unemployment, poverty eradication, industrial growth, economic stability, GDP growth and huge foreign direct investment. If this scheme fails like the similar schemes launched by previous governments due to political deviation, corruption and preferring own interest on national’s interest, the Country will face unbearable consequences.

Mian Zahid Hussain said that constructing 5 million houses in just five years seems an unbelievable dream if all the institutions, provincial governments and political parties joined the federal government, the scheme which is vital in the current economic situation of the Country can be a great success. 40 percent of Karachi’s land is occupied by slums which can be regularized through this scheme thus living standard of Karachi can be improved and cheaper houses can be owned by the poor. Regularizing of slums will help in eliminating social difference in addition to beautification of the City. Builders in Karachi in other cities are facing severe problems which if not resolved can turned the sector into bankruptcy according to the association of builders and developers (ABAD). The future of Apna Ghar scheme will be in danger if problems of this sector has not been addressed and resolved, he added.