ISLAMABAD, MAR 25 /DNA/ – President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Tahir Mehmood has urged the government to take urgent and coordinated measures in collaboration with the private sector to address Pakistan’s growing housing crisis, which has been aggravated by rapid urbanization and population growth.
Talking to a group of visiting businessmen belonging to the Construction sector here on Wednesday, he said that Pakistan is currently facing a housing shortfall estimated at around 10 million units, while the annual addition of new housing units is far below the growing demand. With rapid migration to urban centres in search of better employment opportunities, the pressure on housing infrastructure in major cities is continuously increasing, making affordable housing a serious challenge for a large segment of the population.
Sardar Tahir Mehmood emphasized that the housing and construction sector holds immense potential to stimulate economic growth, generate employment and activate over 40 allied industries. He stressed that the government should formulate a comprehensive housing policy that encourages public-private partnerships and facilitates private sector investment in affordable housing projects.
The ICCI President further called for simplifying regulatory procedures, reducing approval timelines, and ensuring the availability of land and infrastructure to encourage developers and investors to undertake large-scale housing initiatives. He also underscored the need to introduce incentives such as tax relief, low-cost housing finance schemes, and facilitation for construction materials to make housing projects viable for both builders and buyers.
He said that financial institutions should also be encouraged to expand housing finance facilities so that middle- and low-income groups can access affordable mortgages and fulfill their dream of owning a house.
Sardar Tahir Mehmood noted that addressing the housing shortage would not only improve living standards but would also contribute significantly to economic activity and sustainable urban development.
He reiterated that the Islamabad Chamber of Commerce and Industry stands ready to work closely with the government and relevant stakeholders to promote practical solutions for overcoming the housing deficit and ensuring planned urban growth in the country.
