Islamabad: According to news reports, Asim Shaukat Ali, a spokesman for the Naya Pakistan Housing & Development Authority (NAPHDA), announced on Monday (October 25) that the government will grant additional subsidies to the country’s housing sector.
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In light of the rising dollar value, an increased subsidy on construction materials will be granted. The incentive will be in the form of a tax break on building materials and steel products purchases.
The spokesperson also claimed that the digitization of state land is moving along quickly, which will assist to decrease land grabs. The cadastral maps will also assist in reducing the number of property-related cases in the courts, which would speed up the judicial procedure.
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In terms of the NPHP, he added that the construction industry is expected to employ 0.9 million people and generate PKR 5 billion in economic activity. He went on to say that banks must accept or reject loan applications within a month’s time. Out of 54,000 loan applications, 22,000 had been approved for a total of PKR 75 billion.
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