ABAD chairman suggests setting up ‘construction zones’

KARACHI: ABAD Chairman Muhammad Hasan Bakshi called for the establishment of dedicated construction zones across the country, including in Karachi, to boost the construction industry. Speaking at an event, he urged that housing facilities for overseas Pakistanis be simplified to encourage the inflow of foreign remittances. Bakshi said between 30,000 and 40,000 housing finance applications have already been approved through banks, but the supply of housing units continues to lag behind demand. He said ABAD has consistently pushed, in meetings chaired by the Prime Minister, for strengthening the supply side of the housing market, stressing that it is untenable for buyers to pay installments over 30 years while construction itself drags on for a similar period. Bakshi said that more than 10 million Pakistanis live abroad, providing them better opportunities to build homes and invest in Pakistan is an urgent need. He informed that under-construction buildings will, for the first time, become eligible for housing finance, a development he called a positive step, and urged builders and the public to take full advantage of the scheme. Meanwhile, Syed Amir Ali CEO, Meezan Bank said that th