PM Wants Improved Economic Activity Through Housing: Mian Zahid Hussain
Umer Jamshaid Published October 17, 2020 | 12:18 PM
The move will reduce unemployment and add billion in economy, Amnesty scheme should be improved, extended by six months
Karachi (UrduPoint / Pakistan Point News - 17th Oct, 2020) President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Prime Minister Imran Khan is determined to improve housing market which will resolve the issue of economic sluggishness.
His efforts will tackle the shortage of houses in the country, balance price of plots and reduce unemployment while over fifty industries will get a boost.
Mian Zahid Hussain said that the PM was very serious about providing affordable houses to the people but some issues were hindering the initiative including the cold response by the banks.
Talking to the business community, the veteran business leader said that now the situation has changed for good and all the concerned institutions are on the same page.
Central bank has directed commercial banks to issue housing loans however the success of the initiative is linked to an extension of six months in the amnesty scheme.
He said that apart from builders and developers, the first buyer of property has been given amnesty while the second or third buyer will have to provide a source of his or her income which should be relaxed for the success of the initiative.
Providing relaxation to buyers will add billions to the economy, he said, adding that foreclosure laws, land record, effective regulator, tackling black sheep among the developers, controlling patwari mafia and action against qabza groups can change the investment situation in this important sector.
He noted that majority of expats lose their lifetime earnings do mafia when they try to buy a plot or house in Pakistan and that if their investment can be shielded they would send home billions of dollars changing the entire economic landscape.
Mian Zahid Hussain said that recommendations of the Association of Builders and Developers (ABAD) can help improve the PM’s package.
Related Topics
Recent Stories
Finance Minister rules out rupee devaluation in talks with IMF
National team determined for good performance against New Zealand: Babar Azam
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 18 April 2024
Today Gold Rate in Pakistan 18 April 2024
Saka and Odegaard start for Arsenal, Guerreiro in Bayern midfield
Qatar PM says re-evaluating Israel-Hamas mediation role
Govt spokesperson terms allegations of PTI's Marwat against Saudi Arabia 'heinou ..
Minister appreciate UAE’s support for Pakistan economic challenges
Manchester City v Real Madrid Champions League starting line-ups
MIGA's support Pakistan in attracting foreign investments: Federal Minister for ..
Walker returns to captain Man City for Real Madrid clash
Action taken against price list violations in Khanewal district
More Stories From Business
-
Finance Minister rules out rupee devaluation in talks with IMF
37 minutes ago -
EXCHANGE RATES FOR CURRENCY NOTES
3 hours ago -
Foreign exchange rates
3 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 18 April 2024
4 hours ago -
Today Gold Rate in Pakistan 18 April 2024
4 hours ago -
Minister appreciate UAE’s support for Pakistan economic challenges
13 hours ago
-
MIGA's support Pakistan in attracting foreign investments: Federal Minister for Finance, Muhammad Au ..
13 hours ago -
International financial partners to invest $1.8 bln in KP: Advisor
14 hours ago -
Uzbek envoy invites FPCCI leadership to attend Tashkent Int'l Investment forum
15 hours ago -
Women development imperative for sustainable economic prosperity: Lansana Wonneh
15 hours ago -
Finance Minister, highlights geo-economic fragmentation, its impact on Pakistan
15 hours ago -
High Tobacco tax prevails over propaganda, reduces cigarette consumption
16 hours ago