Islamabad: Minister for Housing and Works Mian Riaz Hussain Pirzada chaired the 2nd meeting of the Task Force for development of the housing sector held in Islamabad today. Minister for Finance and Revenue Muhammad Aurangzeb, Minister of State for Finance and Revenue Ali Parvez Malik, Chairman Federal Board of Revenue Rashid Mahmood Langrial, and all other members attended the meeting.

According to Radio Pakistan, the Task Force was constituted by the Prime Minister and is set to present a consolidated report with recommendations for the revival of the housing sector. During the meeting, a detailed presentation was given on the current challenges faced by the sector, with a consensus reached on the need for policy and banking reforms. These reforms would focus on introducing low-cost housing subsidies with fixed terms and reduced policy rates.

The meeting emphasized that the policy rate should ideally be in single digits to aid low-income populations in accessing housing finances. In addressing taxation issues in real estate and the housing sector, the Task Force members proposed revising existing taxes such as 236-C, 236-K, Federal Excise Duty, and stamp duty to boost the sector while considering affordability for low and middle-income groups.

Discussions also covered removing barriers for private sector involvement through public-private partnerships, urban regeneration, and establishing high-density zones to preserve agricultural lands. Minister Riaz Hussain Pirzada acknowledged the participation of all members and highlighted the housing sector's significant economic potential.