No realism is remained unaffected due to the adversity caused by COVID 19.
However, like other sectors, the construction sector has also faced destruction on a heavy scale. Keeping in mind this odd situation, our PM has announced a relief package for the construction industry. Without any doubt, this is big news and useful in boosting the overall economy of the country.
In addition to this, this incentive package contains a grant of Rs30 billion for the Naya Pakistan Housing Project (NPHP). As a matter of fact,the sole objective of the NPHP is to provide lodging to the common masses.Certainly, this will be a colossal step for aiding the lower class of the country.So,these people could have their dream house at an affordable cost.
The registration process will be opened till Dec 31, 2020, and anyone can get benefit from this golden opportunity. By posing this special relief package, PM has tried to allay the sway of the COVID 19 on the economy. As per his orders, the government willdeliver a subsidy of Rs 300, 000 on the construction of the first 100,000 houses (each).
Additionally, a subsidized interest rate will be given to the people who take loans from banks to construct their homes. Also, the liability of tax is computed based on square feet/yard which can be paid in quarterly segments.Thus, five percent for five marla and seven percent for 10 marla house is decided.
Moreover, the withholding tax on getting construction services except providing by companies is also discharged. Relievefrom the withholding tax on the purchase of building material except cement and steel is another privilege. With the prominent reduction in the taxes, PM advised investors to take benefit of this opportunity.
Indeed, this incentive relief package of the Prime Minister will secure the country’s economy. Nonetheless, the package will provide profuse employment opportunities. As of great worth, the construction industry is the world’s second-largest sector of Pakistan.However, the construction sector cannot be overlooked. Besides, this relief package will also facilitate the daily-wagers.