Prime Minister Imran Khan announced an extensive package for the construction industry, fulfilling major demands of stakeholders, including extending the exemption period for disclosing source of income. For a buyer of a constructed project, exemption on disclosing source of income has been extended till June 30 2023.
Addressing the nation, Prime Minister said exemption on Section 111, which requires an investor to disclose source of income when investing in a project, has been now extended for six months till June 30, 2021. For those who have been interested to buying property in any constructed project or otherwise, exemption on disclosing source of income has been extended till March 2023. Fixed income regime on investment in properties has extended till December31st 2021. Alongside this, project competition dates have also been extended for a year.
Prime Minister Imran Khan said the government will digitise government land in Karachi, Lahore and Islamabad. These properties are assets of different federal government departments, he added. He said the banking sector has assured the government that they have cumulatively allocated PKR 378 billion for construction activities. He said foreclosure laws has been cleared by the Supreme Court which has enabled banking sector to invest in the low income housing schemes.
Prime Minister Imran Khan added that so far 186 projects have been registered with the FBR, under the construction package, while projects worth another Rs 116 billon were in the pipeline. He said work on 163 projects has been launched in Punjab, while projects worth Rs 136 billion were in approval phase.
He said it was expected that the measures would generate an economic activity worth Rs 1500 billion and create 250,000 jobs in Punjab alone. Khan said similar projects were in different phases in Khyber Pakhtunkhwa, Karachi and Baluchistan.
He mentioned the approval of the foreclosure law and said now the banks were extending loans for construction of houses for the low-income groups. He said, under the scheme the banks would extend loans worth Rs 378 billion by December 2021.
He said government had previously announced package for the construction sector in April which had boosted economic activity in the country.