Govt asked to improve conditions for real estate sector

Business leaders urge changes in policies to help push country out of economic quagmire

ISLAMABAD:

Real estate business leaders Sunday asked the government to improve business conditions for the real estate sector to grow in order to contribute to the economic development of the country.

According to a statement, the Islamabad Estate Agent Association (EAA) President said the real estate sector can play a crucial role in bringing the country out of the current economic challenges.

He said this while addressing the All Pakistan Real Estate Conference, organised by the EAA and the Federation of Realtors Pakistan here at a local hotel in the federal capital.

In addition to Chairman of Realtors Pakistan Ejaz Khan, real estate leaders from across the country and Rawalpindi Chamber of Commerce President Saqib Rafiq, and leaders from related industries from the four provinces also spoke on the occasion.

Sardar Tahir Mehmood said that the real estate sector is the second largest sector of the country in which the investment volume is $88 billion.

The EAA president said that every year overseas Pakistanis invest $4 billion in this sector which can be increased to $8 billion.

Meanwhile, addressing the conference, he demanded that the government should implement tax rationalisation, abrogation of 7E, pave the way for overseas investment and reduce the tax rate.

Sardar Tahir said that with these measures, investment will increase in the country and the economy of the country will flourish.

At present, this sector is facing major challenges, in which the excess of Gain tax, property registration and other taxes is a threat to this sector, he said.

He said that the government can take the country's economy from recession to growth by developing this sector.

Published in The Express Tribune, January 9^th, 2023.