Minister for Housing and Works Mian Riaz Hussain Pirzada chaired the 2nd meeting of the Task Force for development of 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.

The Task Force was constituted by the Prime Minister which will present a consolidated report with recommendations for the revival in the housing sector.

During the meeting, a detailed presentation was given on the current challenges faced by the housing sector.

It was agreed in the meeting that policy and banking reforms for introducing low-cost housing subsidies with fixed terms and less policy rates are pressingly needed.

It was further agreed that policy rate should be preferably in single digit to support low income strata of population for smooth access to housing finances.

While discussing the taxation issues in real estate and housing sector, the members of the Task Force proposed the revision of existing taxes including 236-C, 236-K, Federal Excise Duty and stamp duty in a way that may give a boost to the entire sector keeping in view the affordability and inclusivity of low and middle-income groups and the overall impact on the business activity in the industry.

Issues of removal of barrier for involvement of private sector on the pattern of public-private partnership, urban regeneration and establishment of high-density zones to preserve agricultural came under discussion.

In his remarks, Minister for Housing and Works Riaz Hussain Pirzada appreciated the participation of every member and termed the housing sector as the leading sector of economy with a huge potential.