Prices of construction material should be controlled: Mian Zahid Hussain

Karachi, September 03, 2021 (PPI-OT):Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday lauded the State Bank of Pakistan (SBP) for allowing bank financing for the under-construction projects.

Now people will be able to get bank loans for under-construction houses which will boost the construction sector according to the vision of Prime Minister Imran Khan, he said. Mian Zahid Hussain said that the central banks has directed commercial banks to provide loans to the people who want to purchase a new house.

Talking to the business community, the veteran business leader said that earlier this facility was not available to the masses and banks would ignore this sector and the allotment letter issued by builders was not considered an important document by banks. He said that SBP has also taken certain steps to reduce the risk of commercial banks which will improve their confidence which is necessary for improved economic activities.

This development will trigger demand for houses pushing builders and developers to boost their investments which will also help dozens of other industries resulting in better growth and employment opportunities. He said that builders and developers have been complaining about increasing prices of building material including steel rods, iron, cement, aluminium, and wood, etc. which must be probed. The authorities should immediately intervene to keep the momentum of PM’s scheme lest it fails, he warned.

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