Karachi: Association of Builders and Developers of Pakistan (ABAD) Chairman Mohsin Sheikhani has urged the government to take steps to reduce the rates of construction materials to support low-cost housing initiatives in Pakistan, according to a news published on June 13.
The chairman iterated that amid the sky-rocketing cost of construction materials, the concept of low-cost housing projects for low-income segments under the Naya Pakistan Housing Development Authority (NAPHDA) has taken a massive hit. He said that it is no longer possible to develop housing units in PKR 4-5 million.
Mr Sheikhani urged the government to initiate talks with the representatives of the construction industry and ABAD to bridge the increasing housing gap in Pakistan. He revealed that the per square foot cost of housing development has reached PKR 5,000 to PKR 6,000. The chairman also hinted at the problems being faced by people in getting loans for construction for housing.
Furthermore, Mr Sheikhani also pointed out that illegal constructions are mushrooming in Karachi and warned that the situation will worsen if the disciplined builders aren’t encouraged. He said that Karachi Development Authority, Malir Development Authority and Liyari Development Authority haven’t introduced any low-cost housing schemes in the past three decades, which has prompted illegal occupation in the region.
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