Karachi: Association of Builders and Developers (ABAD) Chairman Fayyaz Ilyas on Friday (July 31) stated that the investment in the construction sector can increase to PKR 2,000 billion if the amnesty scheme is extended for another six months, media sources reported.
According to a statement issued by Minister of State for Information Farrukh Habib, the construction sector received PKR 1,000 billion in investment following the announcement of the amnesty scheme. ABAD chairman noted that sanctions to numerous real estate projects from Sindh were not issued under the special construction package due to approval challenges. He believes if these projects were approved the investment volume could have been doubled.
He went on to add that the Prime Minister (PM) had already extended the package‘s expiration date to June 30. However, due to the fourth wave of COVID-19 and delays in the approval process, the deadline should now be extended to December 31, 2021. He further added that construction activities increased during the second and third waves of COVID-19, causing a noticeable hike in demand for steel products, construction materials, and cement.
ABAD Chairman Fayyaz Ilyas also mentioned that due to increased demand for construction material, the associated industries intend to expand their operations. Some of these firms have imported machinery and have spent billions of rupees for this much-needed expansion. He stated that the continuation of the amnesty scheme will undoubtedly benefit the overall economy of Pakistan.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
