PTBP Web Desk
Prime Minister Shehbaz Sharif has reaffirmed the government’s commitment to low-cost housing as a vital component of its development agenda, calling it a key solution for both increasing homeownership and stimulating the national economy.
Speaking during a meeting of the taskforce on housing sector development on Wednesday, the prime minister underscored the urgent need to make affordable housing more accessible to ordinary Pakistanis. He emphasized that the government would treat this initiative as a top priority, citing its potential to generate employment, spur investment, and strengthen the construction sector, which he described as a “key driver of sustainable economic growth.”
Prime Minister Shehbaz Sharif stressed that affordable housing initiatives are not only socially significant but also economically beneficial. “Our goal is to make homeownership achievable for low- and middle-income families while unlocking the immense economic potential of the housing and construction sectors,” he said.
He directed the housing taskforce to collaborate closely with the Ministry of Finance and commercial banks to develop comprehensive proposals for housing finance. These recommendations are expected to be included in the upcoming federal budget, reflecting the government’s serious commitment to turning this vision into reality.
During the meeting, the prime minister urged all stakeholders to accelerate efforts to secure sustainable financing options for low-cost housing schemes. He noted that access to affordable housing loans remains a major barrier for millions of Pakistanis.
To address this, Shehbaz Sharif tasked the relevant departments with formulating policy recommendations that would expand access to credit, especially for first-time homebuyers. He also called on banks to be more flexible and inclusive in their lending practices, particularly in collaboration with government-backed housing programs.
The prime minister also instructed the housing taskforce to propose innovative financing models, including public-private partnerships (PPPs), microfinance solutions, and subsidized interest rate schemes. These would ensure that low-income households can finally realize the dream of owning a home.
The prime minister was also briefed on the legal and policy reforms currently underway to make housing finance more accessible. Among the developments highlighted was the Condominium Act 2025, which is now nearing final approval. This new law will provide a modern legal framework for shared housing projects, such as apartment complexes and residential communities.
In addition, proposed amendments to the Foreclosure Law are also in the final stages. These amendments aim to simplify the loan recovery process for financial institutions, thereby increasing their willingness to offer mortgage financing to the public. Once enacted, these legal changes are expected to unlock the housing finance market and pave the way for large-scale home construction across the country.
Prime Minister Shehbaz Sharif pointed out that the construction sector is not only integral to housing development but also plays a crucial role in job creation and economic growth. It supports numerous industries, including cement, steel, glass, paint, and furniture, and creates direct and indirect employment for millions of people.
“The housing and construction industry is a powerful engine for economic growth,” he said, “and we are committed to supporting its development through policy reforms and targeted investment.”
According to economic analysts, every one million rupees invested in construction generates employment for an estimated eight workers and creates demand across more than 40 allied industries. Therefore, government-backed housing schemes are seen as a strategic economic intervention.
The taskforce also provided a detailed update on the progress of ongoing low-cost housing projects. These include government-supported schemes targeting urban centers as well as rural areas. Officials reported that several new housing developments are currently in various stages of planning and construction.
The prime minister was particularly encouraged by the planned launch of new affordable housing schemes in underserved regions. He reiterated his support for equitable development and called for special attention to housing needs in backward areas, including southern Punjab, Balochistan, and interior Sindh.
In line with this vision, the Naya Pakistan Housing Programme (NPHP) and other similar initiatives will be restructured to ensure efficiency, transparency, and maximum public benefit.
