Common man’s dream of low-cost house comes at high price
The Association of Builders and Developers (ABAD) Chairman Mohsin Shaikhani has said that the government had not provided any incentive for low-cost housing in the recently unveiled federal budget for the fiscal year 2022-23.
The federal government, Friday, tabled the annual budget in the National Assembly with a total outlay of Rs9.502 trillion.
Talking to SAMAA TV, Shaikhani said it has become impossible for a common man to construct their own house due to a massive increase in construction cost.
Currently, it is impossible to construct a house in Rs4million to Rs5million, he added.
“A 1000-sq feet house could cost Rs6m as the per feet construction cost has reached to Rs5000 to Rs6000,” he said, adding that this cost is in addition to the price of land cost.
Shaikhani said the price of cement price has doubled in the last two year, while the government’s low-cost housing schemes have been halted due to rising construction costs.
Shaikhani lamented that banks hesitate to provide loans to middle and low-income people to construct their houses.
In the absence of a viable financing option and low-cost housing schemes by the government, a common man cannot even dream of constructing their house, he added.
“[Karachi Development Authority] (KDA), [Malir Development Authority] (MDA) and [Lyari Development Authority (LDA) have not launched any low-cost housing scheme for last 30years and this vaccum is benefiting those involved in illegal constructions.”
Shaikhani suggested the government to sit with the construction industry to resolve the issue of housing shortage.
He said if the builders don’t get a favorable work environment, illegal constructions and haphazard housing will increase briskly.