Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal chaired a meeting of the eighth National Economic Mission under the “Uraan Pakistan” framework, focusing on the promotion of the Housing, Construction and Real Estate Market Activation Mission.
Addressing the meeting, the Minister said Pakistan must activate every sector of the economy to achieve the vision of a $1 trillion economy, stressing that sustainable economic growth would not be possible without a significant and sustained increase in exports.
He said Pakistan must enhance its export potential and increase the capacity of its productive sectors, adding that achieving $100 billion in exports by 2035 would be essential for attaining greater economic self-reliance.
Ahsan Iqbal said the real estate and construction sectors were the backbone of any economy, as they were linked with multiple industries and generated significant employment opportunities. The presentation highlighted that construction supports 72 allied industries and accounts for approximately 9.5% of national employment. He noted that Pakistan was facing a serious housing challenge, with population growth increasing demand while a large segment of the population remained without adequate housing facilities. Pakistan’s urban population increased from approximately 76 million in 2017 to 94 million in 2023. Annual housing demand was estimated at 700,000 units against a supply of 250,000 units, leaving an annual shortfall of approximately 450,000 homes.
The Minister emphasized the need to promote vertical development and better utilize limited land resources, while protecting agricultural land from unchecked horizontal expansion. Figures presented at the meeting showed that built-up areas increased by 104% in Islamabad, 59% in Lahore, 43% in Karachi, 44% in Peshawar and 72% in Quetta between 2005 and 2022. He said Pakistan needed to modernize construction practices by introducing new technologies, innovation and more efficient building methods.
He highlighted Pakistan’s strong pool of skilled and technical human resources, noting that Pakistani workers had demonstrated their capabilities in the construction sector across the Middle East. However, he said Pakistani construction companies must also build a strong international presence and compete in global markets.
The Minister Ahsan Iqbal stressed that the public and private sectors must work together to build a stronger economy, while continuity of policies and political stability were essential for sustainable economic development.
He said the private sector must become the engine of growth, adding that Pakistan was already producing quality construction materials and should now focus on developing projects capable of generating exports and foreign exchange.
The Minister emphasized that the construction sector should not remain limited to meeting domestic requirements but must also be developed as a source of exports, investment and foreign exchange earnings.
Member Planning Commission Waqas Anwar briefed the meeting on the proposed housing, construction and real estate reform framework. The presentation outlined proposed targets of 300,000–400,000 housing units annually under the House Ownership Plan for Everyone and increasing mortgage finance from below 0.5% of GDP to 5% by 2035. It also envisaged digitizing land records, permits, valuations and transfers by FY2029, alongside one-window construction approvals, incentives linked to verified construction milestones and secure escrow payments for property transactions.
*-*-*-*-*
