Studies are being conducted to invite investors into the housing project

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As sources told the Reporter newspaper, urban development, housing and construction ministry is conducting a study to find ways of inviting local and overseas investors into the country’s housing projects. In the past ten years government have constructed about 170, 000 homes in various cities across the country.

But currently around 950,000 people are registered to get home from the housing project. And from the rate the housing projects are being carried out, about 25, 000 houses per year, it is evident that the housing demand will not be satisfied in the near future. Therefore, the ministry in charge of the housing projects is conducting a study to find ways of incorporating investors into the housing project.

The result of the study is hoped to collect and provide policy advice to the government for ways of incorporating local and international investors into the housing project. It is estimated that the integration of private construction firms into the housing project will enable to build about 100,000 homes per year which would help fulfill the project’s objective within reasonable time scale.