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Fixed rate regime for Construction Sector extended to December 2021

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Announcements for Construction Industry:

Extensions in last dates:

▪ Fixed rate regime: up to December 2021

▪ Projects completion dates: September 2024

Exemptions:

Source of income disclosure:

▪ Investors: June 30, 2021

▪ Buyers: March 31, 2023

ISLAMABAD, Pakistan: Prime Minister Imran Khan on Thursday announced to extend the fixed rate regime for the Construction Sector to December 2021.

In a televised briefing in Islamabad on Thursday afternoon, the prime minister said economic activities of around Rs 1,500 billion would be started in Punjab only and would generate around 250,000 jobs as a result of the massive package announced by the government for the Construction Sector.

The prime minister said so far 186 construction projects had been registered on the FBR portal while work on projects worth Rs 163 billion had already begun.

Imran Khan said banks had reserved Rs 378 billion for December 2021 to support the Construction Sector. He said a subsidy of Rs 30 billion would be provided to low-income people enabling them to get their own house under the affordable Housing Scheme.

The premier said loan subsidy at the interest rate of 5 and 7 percent respectively would be available on houses of five Marla and above. He said a grant of Rs 300,000 would be given to the first 100,000 houses.

The prime minister said an automated approval regime had been introduced in the Federal Capital, Punjab, and Khyber Pakhtunkhwa for speedy approval to start a Housing Project.

In addition, he said land digitization in Karachi, Lahore, and Islamabad would be completed by August next year. Besides, he added that the record of state land in those Cities was also being completed on a priority basis.

The prime minister further said new Master Plans of all big Cities of Pakistan would be prepared to prevent the unplanned spread of urbanization and to protect agricultural land. He said the unplanned spread of Cities might create food security problems for Pakistan in the future.

Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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