FPCCI Assures Support to Real Estate & Construction Sector

Group photograph on the occasion of Central Standing Committee on Real Estate, FPCCI with Mian Nasser Hyatt Maggo, President FPCCI at Federation House Karachi. Mr. Asif Sumsum, Convener Central Standing Committee on Real Estate, FPCCI, Mr. Junaid Makda and others are also seen in the picture.

Mian Nasser Hyatt Maggo, President FPCCI, has assured his full support to real estate and construction industry of Pakistan. He maintained that construction industry generates the maximum number of employment opportunities for the workforce of Pakistan. He was speaking on the occasion of FPCCI’s Central Standing Committee meeting; which was well-attended by the top realtors and builders.

Mian Nasser Hyatt Maggo said that when construction activity boosts, it makes 50-60 other industries to grow as well through enhanced demand for construction materials and resultant accelerated pace of production.

Mian Nasser Hyatt Maggo advised FPCCI’s Standing Committee on Real Estate to work with construction industry in close association as this will enable them to make a greater impact on the growth of Pakistan’s economy.

Mian Nasser Hyatt Maggo also suggested that the standing committee needs to prepare a working paper on the issue of substantially decreased number of NOCs being allotted to the builders in Sindh over the past two years; so that, FPCCI can raise this issue with the Government of Sindh – backed by data. He said that this trend needs to be reversed.

Mian Nasser Hyatt Maggo also apprised the audience of his meeting with PM Imran Khan, where he also raised the issues of construction and real estate sectors. He said that banks have been advised to allot at least 5% quota of their housing-related financing to Naya Pakistan Housing Scheme or else they will face penalties. Mian Nasser Hyatt Maggo termed this decision as the real-change and transformational in nature.

Mian Nasser Hyatt Maggo said that the federal government wants to induct one nominee of FPCCI into the top housing board of the country and a decision will soon be made on this.

Asif Sumsum, Convener, Central Standing Committee on Real Estate, FPCCI, said that the real estate sector welcomes Naya Pakistan Housing Schemes; but, on the other hand, cost of the construction materials have gone up substantially since the commencement of the program by PM Imran Khan. This may hamper the program to attain its full potential.

FPCCI demands and anticipating the amnesty scheme for the construction industry to be extended till December 31, 2021 and the same may be announced in the upcoming federal budget.

Brig Iftikhar Opel, SI (M), Retd.
Secretary General (Acting)