Pakistan seeks investment to build 8m houses

[LahoreEstate]

Published: May 16, 2009
ISLAMABAD (APP) - Pakistan is seeking investment to build eight million low cost houses all over the country as part of its plan to boost economic activity and attract foreign investment, said a top official.
Federal Minister for Investment Waqar Ahmeh Khan, told media in Dubai, “We are offering a huge investment opportunity to foreign investors including Pakistanis and no- Pakistanis to come to Pakistan”, the Gulf News reports.
He said the government would provide free land and the investors would be required to build houses while the profit would be shared. Investors can make upto 33 per cent profit in this project.
“We have earmarked 50,000 acres of land across the country to build these houses and expect some US$15billion investment in this project,” Khan said.
Average cost of a house will be around US $15000 and the government would also provide mortgage to buyers. The project would be carried out under the Pakistan Housing Authority while the Ministry of Investment will facilitate the investors.
Prime Minister last year announced to build one million low cost houses.
“We have expanded the scope of housing projects and are now inviting investors to avail themselves of this great opportunity,” he said. The Minister also invited investment in the agriculture sector.
“We have finalised plans for the corporate farming project and we have the capabilities to meet the food requirements of the GCC countries. A lot of interest has been shown by the GCC countries in the agriculture sector,” he said.
He said that preference would be given to those who would introduce innovative technologies to enhance the yield.
“They will be able to export 50 per cent of the crop while the 50 per cent would be sold in Pakistan,” he said, adding that 6.65 million acres of land for agriculture is available in Pakistan.

http://www.nation.com.pk/pakistan-news-n...-8m-houses