LAHORE - Prime Minister Imran Khan on Thursday said the development of the construction sector is the key to stability and growth of the national economy. He was chairing the weekly meeting of the National Coordination Committee for Housing, Construction and Development in Islamabad.

The Prime Minister said the government attaches top priority to the development of construction industry and provision of facilities to investors, builders and developers. The Prime Minister directed all the chief secretaries to swiftly complete the process of approval of pending applications for construction and decide on them within the stipulated time. 

The Chairman of the CDA apprised the Prime Minister about the various developments in the construction sector including concessions given in the construction sector in the Federal Capital Territory, the approvals given so far for commercial, residential construction, new projects, Park Enclave III project and Blue Area.

He also briefed him on the progress in auction of commercial plots and complete automation of CDA. The Prime Minister was informed that the fee for floor area ratio has been reduced by 55%. Insurance and mortgage facilities have been simplified. 

A representative of the Islamabad Chamber has been included in the design voting committee. The problems of E-11 have been solved. Since mid-June, 429 out of 578 applications for residential and commercial projects have been approved while work on the rest is in progress.

Speaking on the occasion, Punjab Chief Secretary said that since July 1, 2129 applications have been received out of which 1285 have been approved while 844 are in the process of approval.

Khyber Pakhtunkhwa Chief Secretary of said that out of 1935 applications, 802 commercial, 332 residential and 64 housing societies have been approved while the rest are under consideration. Balochistan Chief Secretary said that the tax rate has been reduced in the province on the pattern of Punjab and work is underway to provide facilities of portal and one-window for the enterprisers of the construction sector.

Federal Minister for Information and Broadcasting, Senator Shibli Faraz, Special Assistants Malik Amin Aslam, retired Lieutenant General Asim Saleem Bajwa, SBP Governor, Naya Pakistan Housing Authority chairman, retired Lieutenant General Anwar Ali Haider; secretaries of relevant ministries were also present in the meeting.