“35,000 new housing units scheduled to be added to LDA city,” said the minister for Housing and Urban Development, Mian Mahmood Ur Rashid. He said that groundbreaking for these units will take place on the 25th of December. Premier Imran Khan will be present at the event. Mian Mahmood Ur Rashid broke this news at the Lahore Chamber of Commerce and Industry where the LCCI current and former Presidents were present. The minister said that there were amendments made to the rules under LDA to facilitate business activity in the real estate sector
He ensured the meeting that the long outstanding issue of obtaining NOC’s was resolved and real estate was now a lucrative and booming sector for all investors. He went on saying that the banks are playing their part as the State Bank of Pakistan has made it compulsory for all banks to put aside 5% of their borrowing for housing. He said that developers are being encouraged to build apartments as they are the ideal remedy for housing shortages. He said all these developments are part of LDA’s plan for development for the next 40 years. While this rapid development takes place, he assured all involved that no damage would be done to any neighboring land.
Another project of 50 houses and a village is underway where these houses would be given to the homeless on a very easy installment plan. All mutually agreed that the government is facing a crisis in the housing sector and attaining the ambitious goal of 5 million houses is one that cannot be achieved without the support of the private sector. All also mutually agreed that the involvement of the private sector will boost economic activity and trade hence it is the government’s job to make it easier for the private sector to partake in the industry’s activities. Lastly, the minister emphasized the role of Imran Khan’s Naya Pakistan Housing Program and how vital it is to lift up the housing sector especially in Punjab where relative to population, there are more homeless people than in any other province of the country.