In a significant move to revitalize the construction industry, the Prime Minister set to unveil a comprehensive Construction Package in the first week of November. This initiative aims to provide much-needed facilities and incentives to enhance growth in the sector.
What is Prime Minister Construction Package?
Sources indicate that the upcoming Construction Package will focus on promoting multi-story buildings and improving housing options for the public. Although there will be no tax amnesty included, the package designed to facilitate construction projects and stimulate economic activity within the industry.
Among the notable provisions expected in the package are:
- Encouragement for Multi-Story Buildings: The package will support the construction of multi-story buildings, allowing for better utilization of urban spaces.
- Residential Rooftops: Homeowners may granted permission to construct living spaces on rooftops, maximizing property value and usage.
- Third Floor Allowance: Owners of two-story buildings may have the opportunity to add a third floor, enhancing housing options and increasing living space.
- Affordable Housing Initiatives: The package aims to promote the construction of affordable homes, addressing the growing demand for budget-friendly housing solutions.
- Reduction in Plan Fees: Plans are underway to reduce fees associated with building designs, making it more accessible for individuals and developers to commence construction projects.
As the details of the Prime Minister’s Construction Package emerge, stakeholders in the construction sector are optimistic about the potential benefits it could bring. With a focus on affordability and flexibility, this initiative poised to boost the housing market and stimulate economic growth in the coming months.
Stay tuned for further updates as the Prime Minister prepares to announce this impactful Construction Package, marking a significant step forward for the construction industry in Pakistan.
