SM Tanveer calls for relief measures to revive Pakistan's housing industry

Lahore (Web Desk): SM Tanveer, Patron-in-Chief of the United Business Group (UBG), has called on the government to take decisive action to revive Pakistan’s struggling housing sector.

Addressing a press conference in Lahore alongside office bearers of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), he warned that the country is facing a severe housing shortage, with more than 12 million homes required across the nation.

Tanveer highlighted the importance of the government’s upcoming initiatives, noting that Prime Minister Shehbaz Sharif is expected to announce a package aimed at boosting the housing industry.

He said such measures could play a crucial role in jumpstarting economic growth and generating employment opportunities.

The UBG chief also pointed out that the construction industry has extensive linkages, supporting 78 related sectors, and that home-building activities previously provided jobs for around five million people.

However, he warned that delays and slowdowns in construction have resulted in substantial job losses.

SM Tanveer stressed the need for coordinated efforts to overcome these challenges, stating, “When profits in construction declined, investors withdrew their support.”

He further urged the government to quickly address tax structures for filers, non-filers, and late filers to simplify compliance and encourage investment in housing development.