Karachi: Prime Minister Imran Khan met a delegation of Association of Builders and Developers (ABAD) and informed them that a housing ministry would be formed which would facilitate builders and developers from the private sector, according to a news report. The members of the delegation said that an operation needs to be set up to deal with bottlenecks including poor urban planning, absence of secondary mortgage market, high transaction costs of properties, unorganised real estate sector, and various other regulations to facilitate associated industries as well.
They also asked the government to facilitate them for low cost housing schemes, which ABAD would be doing as part of its Corporate Social Responsibility initiative. The delegation further highlighted that as per World Bank and State Bank of Pakistan’s statistics, the housing shortage in the country stands at 12 million, and there is a huge potential to attract foreign investment of almost USD 223 billion for the construction of residential units.
This meeting was attended by ABAD Chairman Arif Jeewa, ABAD Vice Chairman Hasan Bukshi, and former ABAD Chairman Mohsin Sheikhani.
