Arif Habib said the Pakistan construction industry has the full support of the federal government as Prime Minister Shehbaz Sharif pushes measures to remove hurdles for the sector.
The Arif Habib Group founder on the ARY News programme, On My Radar, said committees had worked for months on proposals to promote construction and housing activity.
Habib said the federal government now understands the sector’s role in job creation, allied industries and housing supply. He also said construction generates higher tax activity than many other sectors.
He said Prime Minister Shehbaz Sharif had called for removing every possible obstacle to construction growth during a meeting with stakeholders.
Habib said taxation was not the biggest issue for builders and buyers. He said mortgage financing remained the main requirement, while many homebuyers lacked reconciled wealth.
Read: Punjab Disburses Rs191 Billion Under Apni Chat Apna Ghar Scheme
He said the government could consider allowing cash transactions for first-time home purchases of up to Rs. 100 million after requests from stakeholders and the Association of Builders and Developers.
Habib said his estimates showed that about Rs. 350,000 in investment creates one job. He added that public-private partnership projects worth Rs. 10 trillion to Rs. 15 trillion could mobilise private capital already available in the market.
He said investors had strong interest in such projects and that construction activity could support multiple industries while creating large-scale employment
