Prime Minister Imran Khan has made an announcement that concealing property will be a criminal offence in Pakistan. In the Federal Cabinet meeting this decision was taken.
In Pakistan it is a common phenomenon to keep your land and property hidden.
PM Khan said, “Over recent months, we have retrieved occupied land worth Rs500 billion just in Islamabad. People have become billionaires by occupying lands and hiding properties. Till today, property and holdings are being hidden from the government.”
The announcement was made by PM Imran Khan in Islamabad at the International Housing Conference. The focus of the conference was around the ambitious plan of PTI government to develop 5 million affordable homes in Pakistan.
The private sector has been urged by the Prime Minister to actively participate in this initiative. It will give a boost to 40 related markets and improve the struggling economy of Pakistan.
PM Khan said that it is important that private sector plays its part and young entrepreneurs contribute to this initiative. Furthermore Malaysian companies have shown interest in the housing projects going on in the country.
He said, “We want the private sector to participate and want young to contribute. Chinese and Malaysian companies have expressed interest in housing projects here, while the response from overseas Pakistanis has also been positive.”
The work on the project will begin in April 2019 and for the project the government has also collaborated with the World Bank.