Karachi: Engr. Akber Sheikh, Chairman Association of Builders and Developers (ABAD) North Region and former Chairman Constructors Association of Pakistan (CAP) has suggested to the Government of Pakistan to declare houses up to 4 marla and costing up to Rs. 2.0million as low cost houses.
Welcoming the Prime Minister’s housing initiatives under which 500,000 houses are to be built over a period of 5 years, Engr. Akber Sheikh has suggested that quickest way to deliver these houses is to provide land to private developers and constructors through a transparent mechanism with time bound conditions to develop the housing and sale at pre determined prices under the supervision of the Ministry of Housing & Works.
According to him the low cost housing should be made available to buyers with long term loans carrying a maximum interest rate of 8%. The cost of interest rate subsidy will be more than compensated by the taxes generated by the economic activity resulting from the construction of these houses.
According to Engr. Akber Sheikh, construction of one lac houses per year will add 1% to the GDP growth besides creating one million jobs.