Rm95 billion infrastructure allocation will allow greater participation from rural communities - Ireka

Focus

08 Oct 2022 11:54am

Image for illustrative purposes only - BERNAMA

KUALA LUMPUR - The huge sum of RM95 billion for infrastructure allocation under the Budget 2023 will allow greater participation from rural communities in the growing world commerce and facilitate different commercial endeavours such as ecotourism and the growing need for agro-food enterprises.

Ireka Corporation Bhd group managing director Datuk Mohd Hasnul Ismar Mohd Ismail said the measures under the Budget 2023 related to affordable housing would be crucial to promote home affordability and inclusivity of home ownership, especially among the B40 and M40 communities.

"The increase of tax exemption to 75 per cent for purchase of homes valued between RM 500,000 to RM1,000,000 will likely spur economic growth in the real estate industry as the industry steer towards recovery from the aftereffects of the pandemic and sectoral lockdowns,” he said in a statement yesterday.

The Budget 2023, tabled at the parliament yesterday, has announced the construction of 500,000 affordable homes across Malaysia by 2025, the allocation of RM367 million for the development of People’s Housing Projects (PPR) in urban areas and the allocation of RM358 million for the construction of 4,250 affordable homes under the Rumah Mesra Rakyat programme

Mohd Hasnul Ismar also said that the introduction of Kontraktornita initiative and the absorption of veterans into the construction industry would feed more local talent into the ecosystem and contribute towards alleviating the nation’s labour crunch and dependency on foreign labour. - BERNAMA