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Bankers seek right to possess property to boost housing sector

KARACHI (February 21 2003) : Bankers demanded right to possess property like motor cars and said it was the only way to boost the housing sector in Pakistan.

The representatives of some private sector and public sector banks were discussing the possibility of investment in the housing but they mentioned the procedure of recovery as main hurdle in this investment.

However, some bankers shared their experience and observed that change of culture is also required to this type of investment. He said in many parts of the country people get loan but never repay.

A meeting to implement National Housing Policy 2001 was held in Board of Investment. Representatives from banks, Association of Builders and Developers, House Building Finance Corporation participated in the meeting chaired by Arif Elahi, Director General Board of Investment. Member Board of Revenue Subhan Memon was also present at the occasion.

Representatives of the House Building said most of the middle and lower middle income borrowers are defaulters.

Builders pointed maximum involvement of government departments creating problems for the investment in the housing sector. Subhan Memon explained different questions asked him regarding the land.

Arif Elahi said that BoI wants to facilitate the various components of the housing sector, a move to bring activity in this sector and make the National Housing Policy successful.

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