Consultative session highlights need for streamlined processes and vertical housing solutions.
In a recent consultative session held by the State Bank of Pakistan's Rawalpindi office, commercial banks proposed the establishment of a one-window documentation process at the Rawalpindi Development Authority (RDA) to facilitate the prime minister's housing initiative. This program, titled 'Ghar Ho Tou Apna, Apna Ghar Programme', aims to address the various implementation challenges currently faced.
The session saw participation from representatives of 25 commercial banks, officials from the RDA, members of the Rawalpindi Chamber of Commerce and Industry, students, and representatives from 34 housing societies. Chief Manager Rizwan Khaleel Shamsi emphasized the importance of promoting vertical housing as a sustainable and affordable option amidst growing environmental concerns due to the conversion of green belts into housing projects.
Shamsi highlighted successful low-cost housing models from other countries, suggesting that these could be adapted to local contexts. During the meeting, banking representatives expressed their concerns regarding documentation processes and provided housing societies with essential information about the scheme to enhance customer awareness.
Additionally, banks requested the appointment of designated focal persons within revenue authorities and the RDA to streamline processing. The session included discussions on mortgage and lien marking issues, allowing stakeholders to voice their challenges and suggestions.
Senior Deputy Chief Manager Umar Siddique Khattak announced plans for high-level events in the future and proposed the formation of a working group tasked with tackling challenges and developing recommendations aimed at promoting affordable housing solutions.
