After the successful series of national and international Exhibitions for exposure of various business sectors and activities, Rawalpindi Chamber of Commerce and Industry has organized International Construction, Electrical and Electronics Expo (ICEE 2021) at the Pak-China Friendship Centre, Islamabad from 31st July to 2nd August. The event stands in appreciation of Prime Minister's vision of promoting construction sector amidst Covid 19 pandemic.
ICEE 2021 has provided a platform for consultants, buyers and other stakeholders from the construction industry to meet and discuss the latest trends in this industry. Considering importance of the Naya Pakistan Housing Scheme, the government has adopted a multi-pronged approach to address the issue of housing in the country, particularly for low income segment of the population.
Through this scheme, the government has embarked upon construction of low cost housing by Federal /Provincial Government housing authorities and development entities. Around 45,000 low cost housing units are currently under construction all over the country, including recently inaugurated projects at LDA City Lahore, Jalozai, Alipur Farash Islamabad, Zone V, Islamabad and Punjab Peri urban housing scheme inaugurated at Sarghoda.
Encouraged by the facilitation / incentives offered by the government, the private sector is now keen on low cost housing. It has so far submitted 210 proposals to the Naya Pakistan Housing and Development Authority (NAPHDA) for construction of more than 3 million housing units. Out of these, 48 projects comprising 70,000 housing units have already been shortlisted.
Facility of Mortgage/ Housing Finance with Markup Subsidy has been provided to the low and middle income groups enabling them to build or buy their houses/ apartments. The government is providing markup subsidy over the period of next ten years to make the installments of mortgage affordable for the low and middle income population. Banks have received loan applications worth Rs.127 billion. Out of these, loans worth 46.15 billion have already been approved. Under the Kamyab Pakistan Programme, housing loans through Micro finance institutions will be granted on 2% service charges.
Such events will further accelerate the momentum that has been geared through the government policies, by bringing the stakeholders together.