House construction increases by 65 percent in Tehran

Business Materials 11 July 2011 00:16 (UTC +04:00)

Azerbaijan, Baku, July 10 /Trend/

The volume of house construction in first three months of current solar year (started on March 20, 2011) increased by 65 percent to 42,000 units in Tehran, Iranian daily Donya e Eqtesad reported.

Current boom in house construction indicates remarkable profit in this field.

Meantime the government encourages constructors to renew old houses during spring and the number of construction permits issued by government increased by 65 percent.

Iranian President Mahmoud Ahmadinejad recently stressed that implementation of Mehr Housing project should be complete by September 22. At present, about 600,000 rural houses are under construction.

The Iranian banking sector, particularly Bank Maskan, has so far given loans up to $10.2 billion to applicants of Mehr housing project.

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