The Punjab government has prepared a proposal for significant amendments to the "Affordable Private Housing Schemes Rules" to promote low-cost housing projects. The primary objective is to attract the private sector toward the construction of affordable homes and increase investment in the housing sector.
Mandatory Allocation for Low-Cost Housing
Official sources in the Housing department revealed that under the proposed amendments, it will be mandatory for private and cooperative housing schemes to allocate at least 20 percent of the residential area for low-cost housing. This portion will be designated as an "Affordable Housing Scheme," and special incentives will be provided to schemes that allocate more than the required area.
Fee Concessions and Incentives
According to the policy, a fee concession of 20 to 80 percent has been proposed for schemes that allocate additional land for low-cost housing. These concessions will cover approval fees for maps, water supply, sewerage, roads, and bridges. Additionally, it has been recommended to reduce the rate of land mortgaged for the completion of development work, aiming to ease the financial burden on developers and expedite project completion.
Streamlined Approval Process
The proposed amendments also focus on making the project approval process easier and faster. A proposal to reduce the approval period for various stages from 90 days to 60 days is under consideration. Officials stated that the new housing policy will be integrated into the upcoming budget to provide effective incentives for the private sector to invest in low-cost housing projects.
