Iranian government to inject $3 billion to house construction

Business Materials 10 July 2011 11:26 (UTC +04:00)

Azerbaijan, Baku, July 10 /Trend/

Iranian President Mahmoud Ahmadinejad called on immediate assignment of $3 billion from National Development Fund to housing sector, IRNA reported.

"This figure will increase to $7 billion by mid September and continue to rise until the house prices will be under control," he said.

Ahmadinejad stressed on improving Mehr Housing project should be complete by September 22.At present, about 600,000 rural houses are under construction.

The Iranian President expressed hope the Mehr Housing project reduces the housing prices. The Iranian banking sector, particularly Bank Maskan, has so far given loans up to $10.2 billion to applicants of Mehr housing project.

Currently, close to 135 million square meters of urban and rural houses are under construction.