Islamabad July 15 2021: During the meeting, Prime Minister was informed that due to the facilitation / incentives offered by the government like ease in approval of projects through one window digital portal, housing and development finance by banks, reduction in provincial taxes and introduction of fixed tax regime for housing and construction, a remarkable progress has been registered in the construction industry in financial year 2020/21 as compared to previous two financial years.
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In Punjab, approvals granted for residential projects by LDA, RDA, FDA and MDA rose from 8.61 million square feet in 2018/19 to 17.4 million square feet in 2019/20, and 33.09 million square feet in 2020/21. There is 100% increase in the approved million square feet area as compared to the previous year. Approvals granted for commercial projects by LDA and RDA rose from 2.91 million square feet in 2018/19 to 11.84 million square feet in 2020/21. There is 400% increase in the approved million square feet area as compared to the previous years. In 2020/21, total 23,492 x projects worth PKR360 Billion have been approved. Economic impact / expected turnover because of construction activity is PKR1802 Billion. This has created over 311,321 jobs in the province.
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Similarly in KPK, approvals granted for residential projects rose from 2.05 million square feet in 2018/19 to 4.39 million square feet in 2019/20, and 8.38 million square feet in 2020/21. There is 100% increase in the approved million square feet area as compared to the previous year. Approvals granted for commercial projects increased from 3.45 million square feet in 2018/19 to 5.16 million square feet in 2019/20, and 11.77 million square feet in 2020/21. There is 100% increase in the approved million square feet area as compared to the previous year. In 2020/21, total 4,664 x projects worth PKR70.54 Billion have been approved. Economic impact / expected turnover because of construction activity is PKR352.7 Billion. This has created over 60,463 jobs in the province.
