Development and displacement: Federal govt to aid extension of city’s storm drains
Project may take two years to complete, affecting some 1,200 houses in the process
December 22, 2020
The prime objective of the construction relief and amnesty scheme is to revive the coronavirus-hit national economy and create job opportunities, especially for daily-wage earners. PHOTO: FILE
KARACHI:
Following the devastation caused by last season’s torrential rains, the government has started civil works to widen Karachi’s storm drains in advance before the next monsoon season.
Measurement work along the drains and riverbeds is underway as part of the project’s initial phase. In the later stage, various encroachments in the area are to be cleared, to make way for the extension of the drains and sewage lines. In addition to that, two proposals pertaining to the rehabilitation of families affected by the clearing of encroachments are also under consideration, but a final resettlement pla
Tussles over margins in construction industry as boom picks up - Newspaper
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PMRC Establishes Rs 15 Billion Fund to Support Low-Cost Housing Finance
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PMRC establishes Rs15 billion fund
Scheme aimed at covering losses of financial institutions on low-cost housing finance
In a first, Pakistan Mortgage Refinance Company (PMRC) - which provides long-term financing to banks for their housing and construction consumers at fixed and comparatively cheaper rates - has established a fund worth Rs15 billion to cover losses, if any, of financial institutions on low-cost housing finance.
The initiative is aimed at encouraging financial institutions - both Shariah-compliant and conventional - to extend housing finance for up to 20-25 years to small loan-seekers.
Earlier, banks were reluctant to offer mortgage financing to people from low and middle-income groups for multiple reasons.