Pakistan Property & Real Estate News

CDA asks govt to pump Rs 6.67bn into PSDP projects

ISLAMABAD: Capital Development Authority (CDA) has sought Rs 6.67 billion from the government for completing work on 28 Public Sector Development Programme (PSDP) projects during the next fiscal year.

Of them, 17 are new and 11 ongoing developments schemes valuing Rs 5.4 billion and Rs 1.26 billion respectively.

The CDA has submitted a summary in this respect to the Planning Commission for approval, Daily Times has learnt.

The government’s PSDP funding to the CDA for financial year 2008-09 totals Rs 1.92 billion.

Ongoing projects: As indicated by a CDA official, Rs 600 million is required for adding 3rd and 4th lane to Kashmir Highway from Peshawar Morr to Golra Morr, Rs 316 million is required for the 2nd phase of construction work at the Supreme Court building, Rs 139 million for the IJP Road’s construction, Rs 60.12 million for building residential and non-residential accommodation for police at Aiwan-e-Sadr and Rs 48.9 million for renovating Aiwan-e-Sadr.

He also said the CDA had sought Rs 26.1 million for rehabilitating/replacing 32 lifts at Pak Secretariat, Rs 25.77 million for improving HVAC (heating, ventilation and air-conditioning) system and furnishing of residences at Aiwan-e-Sadr, Rs 12.2 million for raising flats for the AGPR (Auditor General of Pakistan Revenue) employees in F-5/2, Rs 11.33 million for replacing two lifts at former USAID building, Rs 10.07 million for constructing official residence for the National Assembly speaker and Rs 10.01 million for installing closed-circuit television (CCTVs) at the senate’s hall.

New projects: The official said the CDA’s new projects, which required government funding during the next fiscal, included the Rs 800 million rehabilitation and the widening of Islamabad Highway from Koral Chowk to GT Road, Rawat, the Rs 790 million rehabilitation of air-conditioning system at Foreign Affairs Ministry, the Rs 600 million addition of two rigid lanes to the IJP Road and the widening of bridges over it, the Rs 600 million construction of two interchanges on IJP Road, the Rs 500 million addition of one lane to Murree Road and the Rs 500 million for installing pedestrian bridges on Islamabad Highway.

The official said the CDA had also demanded Rs 500 million for construction of additional family suites for parliamentarians and 500 servant quarters at parliament house, Rs 500 million for building offices for the senate standing committees’ chairmen, Rs 152 million for renovating parliament house’s building, Rs 66.04 million for installation of Personnel Access Control System at parliament house and Rs 50 million for construction of Presidential Estate Colony at Aiwan-e-Sadr.

According to him, Rs 96.13 million is required for installation of security system at parliament house, Rs 82.02 million for installation of LED screens at Jinnah Convention Centre, Rs 63.7 million for up-gradation and renovation of public address, simultaneous interpretation and automatic vote costing system in the senate hall, Rs 37.97 million for installation of air conditioning system, fire alarm equipment and CCTVs at parliament house, and procurement of spares for lifts at the building, Rs 37.43 million for fitting security equipment and fire alarm system at Cabinet Block’s building and Rs 26.73 million for installation of CCTVs and SIS system at parliament house.

Mirza Adam Khan Road, half landfill, half encroachment

Karachi: Smoke covers the Lyari Expressway Project starting point as the Mirza Adam Khan Road is engulfed in fumes from burning garbage littered along the road.

Part of the major road which helps connect Keamari, Saddar, Site, Garden and Lyari towns is being used as a garbage dump while one of its lanes has been encroached upon. Lyari Town Municipal Officer Afaq Saeed told The News that the maintenance of the road located along the Lyari Expressway Project is the responsibility of the City District Government Karachi (CDGK).

The government and civic bodies concerned, howeverm have forgotten Mirza Adam Khan Road that links Mauripur road to Garden. The road has reportedly been occupied by encroachers who use a wide portion for commercial purposes. Lyari Town officials told The News that they have received complaints from locals that trucks carrying solid waste from other town administrations have been dumping waste along the road while unaware people continue to burn it daily, polluting the entire neighbourhood. However, now, he claimed they have deployed staffers at some points to check if truckloads are dumping waste there.

Lyari Town officials also took the matter to the CDGK authorities. According to one official, on rare occasions when the town authorities are able to persuade the CDGK officials, the garbage is actually shifted to the proper dumping sites. The CDGK has purchased 200 vehicles but has not provided a single vehicle to Lyari Town for lifting garbage.

Now the town is using its limited resources to lift 250 to 300 tonnes of garbage daily, which is affecting its budget allocated for the uplift schemes. He said around 74 tons of garbage is being dumped on the road daily by neighbouring union councils. CDGK sends vehicles once or twice a week to clean heaps. However, even minor delays by the CDGK cause immense inconveniences to the residents.

He said that the CDGK officials want Lyari Town to provide diesel for vehicles to lift garbage, which the Town authorities can not afford, due to their limited resources.

Lyari Town spokesperson also said that the Town Anti-encroachment cell has planned to demolish illegal infrastructure along the roadside to keep it clean. She said it was being done on the complaints from the local people that they are facing problems while traveling through the dilapidated road.

Mirza Adam Khan road was major project launched 15-20 years ago to reduce the distance for people residing in the area. It was said to be the modern road with all facilities. But later the project was abandoned as it was resisted due to the presence of three mosques in the area.

Since then the road has not been used properly. There has been no maintenance and with the conception of the Lyari Expressway Project, Mirza Adam Khan Road has been turned into a dumping site while encroachers have found it useful for their businesses and set up shops and garages.

The area activists say conditions on Mirza Adam Khan Road reflected the performance of the civic agencies. Despite claims to keep the roads and streets clean, the major road has been discarded, allowing land grabbers to flourish their business there.

Though, the Lyari Town administration claims to have launched an anti-encroachment campaign in the area to demolish illegal infrastructure, on the ground there is no change, activists said. According to them, common people are alienated from the situation and the influential are on a land encroachment rampage.

Source: [The News]

Complicated issue of plot allotments

Islamabad: How plots are being allotted in posh and expensive sectors of Islamabad is an interesting phenomena and new facts are throwing light on this process. In one case the officer who allots plots to others has himself acquired an expensive plot, and says he has the right to do so.

Federal Government Employees Housing Foundation (FGEHF) Director General Sher Afzal, however, said that the plot was allotted to him in accordance with rules.

But interestingly before he got the plot in Sector I-8, the FGEHF Executive Committee offered plots to CDA chairman and all the six CDA members in other sectors.

But these offers were not meant to bribe CDA for getting the plot in I-8 sector, Mr Sher Afzal told ‘The News’.

According to official documents, Sher Afzal, who is responsible for allotting plots to federal government employees from junior cadres to federal secretaries, is a grade-19 officer, who was appointed as the foundation’s DG in January this year but had joined the FGEHF six months back. No plots were available then in sector I-8 with FGEHF.

CDA provides required plots to FGEHF in sector I-8 measuring 600 square yards to officers in Grade 20 and above but still a Grade-19 officer got one because he is head of the FGEHF.

Currently FGEHF is making allotments to federal government employees in sector G-14. However, according to DG Sher Afzal, plots could also be allotted in other sectors if available. The location wise value of plots in the capital city Islamabad is very different from other cities as according to real estate experts the prices of plots existing in luxurious sectors like I-8 are extremely high than those existing in far flung sectors like G-14.

According to one such expert the price of 600 square yard plot in sector I-8 is Rs30 million while that a plot with the same measurement in sector G-14 is merely Rs3 million to Rs4 million.

When Sher Afzal was asked that plots to other federal government employees were being allotted in sectors G-13 and G-14, how could he allot himself a plot in sector I-8, he replied that as plots were available in sector I-8 so he got one.

Asked that according to information with ‘The News’ plots in sector I-8 were in fact not available and that he had offered 7 plots to top CDA officials including CDA Chairman Tariq Mehmood, member finance Saeed-ur-Rehman, member administration SM Farooqi, member P&D Syed Tanveer Hussain Bokhari, member engineering Tahir Shamshad, member environment Mazhar Hussain and member Estate Brigadier ® Asad Munir and in return demanded plots in Sector I-8, Sher Afzal replied that these plots were offered to these CDA officials, but this offer was never meant to bribe them to create more plots in I-8.

The DG, FGEHF told this correspondent last Wednesday that CDA chairman and CDA members had accepted the offer and were ready to get their plots. However, on Monday he said that all the members and chairman have now refused to accept the offer.

‘The News’ had also learnt reliably that all the CDA officials were ready to take the plots, but when they came to know the scandalous nature of the whole episode and learnt that media had started probing it, they dropped the idea to take these plots.

CDA members Briggadier ® Asad Munir and Saeed-ur-Rehman told ‘The News’ that they were not availing the plots offered by FGEHF. Sources close to members SM Bokhari and Tahir Shamshad say that these two members are also not willing to avail the offer. Syed Tanveer Hussain Bokhari was of the view that he didn’t avail any plot so far, but offer of FGEHF was not in a good spirit and FGEHF) should not lay ambiguous conditions for it.

Mazhar Hussain was of the view that though he has already taken a plot back in 1985 from CDA, he will only avail this opportunity if there is nothing wrong legally in availing it. “If I will avail the offer, I will avail publicly and not secretly,” Mazhar said.

CDA Chairman Tariq Mehmood told ‘The News’ that he was never officially offered a plot by the FGEHF. “Verbally some officials offered me a plot, which I refused and will not accept it,” he said.

While giving his response to ‘The News’, Sher Afzal said: “Allotments of plots to the officers of FGEHF are made on the basis of one per cent quota only to those employees who have served 10 years in government and have served in FGEHF for not less than six months. In my case I have more than 13 years service and I have completed six months of mandatory service in FGEHF. No deviation from the rules and law has been made in my case. Everyday we issue dozens of allotments to federal government employees, and if one allotment has been made as per rules in my favour, it is not a major event.” Sher further added: “Executive committee of housing foundation in its 105th meeting has confirmed category-I allotment in my favour.” Asked that he was only a Grade-19 officer and could not get a Category-2 plot, how he had managed to get a plot for Grade-20 and higher officials, Sher Afzal replied that the Executive Committee had allotted him the plot in Sector I-8.

On the other hand head of the executive committee and federal secretary housing and works GM Sikandar, while talking to ‘The News’ said that executive committee never allotted any plot to Sher Afzal in sector I-8. “He may himself have allotted the plot to himself,” Sikandar said.

Another member of the executive committee, Syed Tanveer Hussain Bokhari, who is also member planning CDA, said that executive committee members were not aware that Sher Afzal was in grade-19 rather they were considering him a grade-20 employee as he was DG, FGEHF which is a grade-20 post.

He too said that executive committee has nothing to do with the allotment to Sher Afzal in sector I-8. He said that he was even unaware that whether executive committee has permitted Sher to get a category-I plot.

Gulistan-e-Jauhar residents suffer as encroachments go on

Karachi: Since 1992, Atoof Ahmed had been fighting in court over a plot of land in Block-6, Gulistan-e-Jauhar, that legally belonged to him. The plot, however, was taken over by a powerful land mafia, and Ahmed eventually died of a heart attack on court premises without getting it back.

Like Ahmed, as many as 22 people who had been allotted a plot on the 65-acre piece of land next to Dubai Palace in Block-6, Gulistan-e-Jauhar, have died without seeing their dreams of owning property fulfilled. Land grabbers, meanwhile, have claimed the land is their property and have divided it into two goths: Shahbaz Gabol Goth and Mir Khan Gabol Goth.

The law that is being manipulated, the Gothabad Housing Scheme, was launched in 1987 to give land ownership rights to those who can rightfully claim a piece of land is a goth. Now, many of those who have been affected say that land grabbers claim empty plots are goths so they can take control over it.

In a similar vein, a dominating group is allegedly involved in encroaching vacant plots in Deh Safooran, Scheme 36. A total of 404 people have been affected, and they say that group has the backing of influential people, along with police officers and the staff of the Board of Revenue, Saleem Khan, Mirza Arshad Beg, and Rauf Ahmed.

The land had been divided into 226 plots measuring 240 square yards each, 123 plots measuring 400 square yards each, 48 plots measuring 600 square yards each, and seven plots in the FL (flat) category.

However, Shafi Muhammad, who heads the group, claims that his forefathers used to live on the land, meaning that he has rightful ownership. While talking to The News, Zaka Ullah and Abdul Naeem, victims, quoted Muhammad as saying of his forefathers, “They lived here well before the independence. Since then it has belonged to our community.”

Those who have been affected by encroachment point out that in such an event, anyone claiming a piece of land as a goth should provide identity cards, birth certificates, ration cards, and a name in voter lists as evidence.

“In our case, the encroacher is using an ID card that does not belong to Karachi,” they said. “He has used the same card to claim other pieces of land. How is it possible that his grandfather lived in different parts at the same time?”

The victims have filed a lawsuit to reclaim their ownership rights, but until the filing of this report, the court has not announced a decision.

According to M. Ismail Shaheedi, one of the victims of the encroachment of the 65-acre plot in Gulistan-e-Jauhar, the same person is said to be involved in claiming several other piece of land in Gulistan-e-Jauhar. “This group has submitted false claims to snatch huge pieces of land,” said other victims.

Allegedly, the same land mafia, in collaboration with other groups, has also taken control of land in Gulistan-e-Jauhar’s Block-7, claiming it to be Mullah Buksh Goth, and Block-8, Block-10 and Block-11, which they say is called Bingo Goth.

Inquiry of DHA occupation of Punjab govt land shelved

LAHORE: An inquiry against the Defence Housing Authority (DHA) for occupying Punjab government land worth Rs 40 billion has been put on the back burner.

Reliable sources in the Punjab government told Daily Times on Wednesday no progress had been made on the issue, which was earlier referred to the Chief Minister’s Inspection Team (CMIT) for holding an inquiry.

The matter was raised by MPA Mian Naseer Ahmed during the proceedings of the Punjab Assembly’s (PA) 10th session on November 28, 2008. The MPA had asked the Revenue Department through a question about the exact area of land occupied by the DHA, and whether the Punjab government had been paid for it.

In its reply, the Revenue Department said the land in question measured 4,638 kanals, and the DHA had not made any payment to the government. The department informed the House that the land in question was situated in the Kamhan, Hare, Bangali and Barki areas. Minister for Colonies Haji Muhammad Ishaq said on the floor of the House the former Punjab government had allotted the land to the DHA, and stressed the need to recover its price. The department’s reply generated a lot of debate, and MPAs called for the formation of a committee to investigate the matter.

Minister for Law and Parliamentary Affairs Rana Sanaullah during the proceedings suggested that the matter be referred to the CMIT for investigation. The matter was handed over to the CMIT as it was believed that formation of a committee would delay the process for about 6 months.

Speaker Rana Iqbal directed that the matter be handed over to a CMIT officer enjoying the confidence of the MPAs. However, the mover of the question and some opposition members objected to the decision. They said a committee should be formed and they were ready to wait for six months. The speaker also asked for a report on the issue to be presented to the next session of the assembly. The 11th session was held from February 12, but no report was presented in it.

Residents: The mover of the question, MPA Naseer, told Daily Times nothing had been done about the said matter so far. He said no committee was formed, and the CMIT did not do anything because the members asked to inquire the matter were also DHA residents.

Subjudice: The law minister told Daily Times the inquiry had been handed over to the CMIT. “The CMIT required some necessary and relevant documents, which I asked the concerned department to provide to the CMIT. However, it was learnt that some case regarding that land was in court and the matter is subjudice.”

Attractive Bargains Draw Buyers As Home Prices Continue Southwards

Investors interest in Dubai’s residential real estate has perked up as home prices on average have nearly halved since the fourth quarter of last year, according to property broker Asteco. According to a report released on Wednesday, Asteco said that the drop in sales prices is seeing an increase in transaction activity as buyers take advantage of lower-priced units. Apartments in Jumeirah Beach Residence and Dubai Sports City reported the highest average decline in sales prices of 53 per cent less than the prices in Q4 2008. Palm Jumeirah and Dubai Marina followed closely behind at 46 per cent and 44 per cent respectively. The report noted that the demand is high for properties in Dubai Marina, Jumeirah Lake Towers, Discovery Gardens and Emirates Living but due to non availability of mortgage, cash buyers currently are highly sought after. Villa developments experienced a greater decrease in sales prices as compared with apartments, with prices falling an average 43 per cent across the emirate. Most affected were units in Jumeirah Island and Springs, which reported a drop of 65 per cent and 61 per cent respectively.

Arabian Ranches and Meadows also saw a reduction of 55 per cent in property prices during the first quarter.The global financial crisis has affected the liquidity in the domestic banking sector. The banks have tightened lending requirements and are demanding higher down payments for mortgages. The banks, which were doling out 95 per cent of the property value as mortgage, are now offering loans as low as 40 per cent of the property value. The non-availability of housing loans has discouraged investors from buying. Interest rate for mortgages has also increased. According to Asteco, the interest rates offered by various banks are in the range of 7.75 to 10.6 per cent, compared to an average of 5 per cent before the liquidity crisis.

Real Estate Report Lists Policy Ideas for Recovery

A real estate company has called upon the government to grant residency visas to those who purchase property across the UAE. In an exclusive preview of its annual report, Better Homes has revealed a list of recommendations about how legislators can manage the property 
market downturn. There are certain steps in which (regulators) can influence a faster recovery once the market beings to turn and move in a progressive direction,” said Kilby Mahoney, spokeswoman for Better Homes. She said that in addition to granting residency visas, the government should also intervene to ensure that service charges better reflect the decline in property prices. This can make buying and holding onto property more attractive and ensure rental yields are not affected by overpriced service charges,” said Mahoney.

The 50-page report will be released at the end of April and was prepared in co-ordination with Investment Boutique, a Dubai-based real estate
research organisation. It will aim to give a clearer picture of current market conditions, as well as offering forecasts for the future. Mahoney said that researchers had predicted a recovery by the end of the year. “If lending becomes available and the prices level off by Q3, then Q4 should see an increase in the volume of transactions,” she said. As soon as it is clear that the market is bottoming out, finance becomes available and a stronger global picture begins to emerge, a recovery will inevitably occur due to the return of confidence. Many of the measures suggested in the report have already been mooted by government bodies.

In February the Federal National Council discussed creating a UAE-wide temporary residency plan for owners of freehold property. In the wake of growing concern over service charge hikes, the Real Estate Regulatory Authority, or Rera, in Dubai introduced a freeze on service charges in February, pending the creation of owners’ associations. The 50-page report contains four chapters including Residential Sales & Leasing, Commercial Sales & Leasing, Hospitality and Retail. It will be available for download by the end of April.

New Karachi emerges as most beautiful town

KARACHI: In the past, the town was said to be ugly but the present City District Government Karachi (CDGK) took keen interest in it and has converted it into one of the most beautiful towns in the city.

The town has evolved into one of the richest in terms of greenery as it now has 13 beautiful parks, which are duly maintained and looked after by the Town Municipal Administration.

New Karachi Town Nazim Akhtar Hussain stated this while exclusively talking to Daily Times on Saturday during the ‘Appreciation Ceremony’ held in the honour of New Karachi Town’s officers, staffers and the town’s law enforcement agencies including the police and Rangers.

Hussain said that the town is the largest in the city and has hundreds of arteries opening to every nook and cranny of the city because they have been made according to international standards. It is roughly estimated that New Karachi Town has carpeted around 50, 000 square feet of roads within just three months while the entire length is not mentioned here.

The town has the honour of pioneering the launch of dedicated rescue services. The rescuers are all educated and they have been equipped with the latest means of communication and they are on patrol round the clock. The rescue team comprises of six highly trained doctors with 12 paramedics and the vehicles have all been equipped with an ECG machine, oxygen tanks, Ultrasound and other facilities, claimed Hussain.

The town has also launched door-to-door garbage collection, free of cost and for the first time in the history of Pakistan, New Karachi Town has taken the process one step further by floating tenders for such purposes, added Hussain.

The town has the highest number of sanitary workers employed on contractual basis and the number is higher than 1,200. It is, for the first time, that a dinner was hosted for the New Karachi Town officers at a valued venue. The 1,200 sanitary workers were awarded with appreciation letters alongwith cash reward, said Hussain.

It is also pertinent to mention here that the New Karachi Town administration has silently rehabilitated the affectees of the fire that erupted within the limits of Bilal Colony police station, claiming the lives of around 35 men, women and children. Those who had survived have been provided homes and all necessities of life in New Karachi Town’s Kaneez Fatima Society’s Yaroo Goth, said Hussain.

The town is the second largest in Karachi, having a large population and 13 Union Councils. New Karachi Town has the single largest network of non-stop roads with many U-Turns and it is linked to many main arteries of the city, including the MA Jinnah Road towards the port and is connected with the airport via Signal Free Corridor-II. The New Karachi Town has one imminent industrial zone known as the New Karachi Industrial Area, which has hundreds of small and big industrial units including food processing units, textile mills and pharmaceutical firms, said Hussain.

MNAs from Muttahidda Qaumi Movement including Abdul Waseem, Sheikh Salahuddin, Provincial Minister Abdul Haseeb, MPA Adil Khan, Sindh Chief Minister’s Adviser Khawaja Izhar-ul-Hassan, SITE Town Nazim Izhar-ud-Din, Union Council nazims, councilors, police officials, Rangers officials and dignitaries of New Karachi Town were awarded certificates of appreciation and New Karachi Town’s souvenirs.

Beautification at the cost of civic amenities

PESHAWAR: The local government is spending millions of rupees on beautifying Town-1 but appears to be indifferent to the locals’ problems.

During a Daily Times’ visit to the Town-1’s union councils on Sunday, people complained of water and gas scarcity, dilapidated roads, insanitation, open manholes and overflowing gutters.

They said sewerage system was in tatters causing sewage and filthy water to accumulate in the streets and on the roads. They also said the area roads were in bad shape to the inconvenience of motorists and pedestrians alike.

The locals said regrettably, millions of rupees were being spent on the town’s beautification especially roundabouts, while people were without basic civic facilities.

Town-1, the historic area of Peshawar, has 25 union councils and is populated by around 58,090 people.

Shabbir, Gul Mohammad and Hafeezullah Khan, of Mohallah Tauheedabad of Wazir Bagh Union Council, said they had repeatedly apprised nazims, MNAs and MPAs of water shortage, poor gas supply, insanitation and broken roads during the last one year but the complaints went unheard.

Zahir, of Shuba Bazaar, and Naeem, of Shahi Bagh, said the Town-1 administration spent thousands of rupees to beautify GT Road, major intersections and the central prison’s front side but had no money to correct the poor drainage system.

They said water supply to Tauheedabad was inadequate. They said tap water was not fit for human consumption, adding more and more people especially children are complaining of water-borne diseases. There are also complaints that most of the Shahi Bagh, Halfa 1, Yaka Tut, Wazir Bagh and Bhana Mari municipal staff often remained absent from duty but no one bothered.

CDA to demarcate land for cricket stadium

ISLAMABAD: Capital Development Authority (CDA) has agreed in principle to demarcate 40 acres of land in National Park Area of Zone-II for the construction of a cricket stadium of international standard in the federal capital.

Details of an agreement between CDA and Pakistan Cricket Board (PCB) would be worked out as quickly as possible while a memorandum of understanding (MoU) would be signed by the end of this month.

According to a press release, a delegation of PCB, led by its Chairman Ijaz Butt, met CDA Chairman Tariq Mahmood Khan at CDA headquarters on Thursday.

The construction of a cricket stadium of international standard in Islamabad was discussed in the meeting. The PCB requested CDA to demarcate land for construction of cricket stadium in Islamabad. Butt said PCB intended to have a stadium of International standard like the one in Dubai.

Khan said cricket was a binding force among different provinces of the country and it promotes patriotism among the people, said a press release.

He said CDA was a development agency responsible for provision of civic facilities and they would cooperate positively with PCB for construction of a cricket stadium in the city.

CDA Member Estate Brig ® Asad Munir, Member Finance Saeedur Rehman, Member Planning and Design Syed Tanvir Bukhari and others official attended the meeting.

FBR proposes new benchmark for undeclared property

ISLAMABAD: Federal Board of Revenue (FBR) has proposed new valuation benchmarks for unexplained and undeclared immoveable property such as open plot, agricultural land and constructed immovable property for taxation purposes.

Hidden assets upon detection by the tax authorities would be valued for taxation according to the District Officer Revenue or provincial authority authorised stamp duty rates in case of open plot. Agricultural land value to be determined according to the provincial revenue record and value of constructed immovable property shall be determined at the fair market value or value fixed by the District Officer (Revenue) which ever is higher.

FBR had allowed existing as well as new taxpayers to get legalised by paying 2 percent investment tax by declaring their unexplained or hidden assets by December 31, 2008.

Now onwards, the tax authorities are expected to launch a drive to detect hidden or unexplained immoveable property for realising due taxes from these tax defaulters according to the proposed amendments in the Income tax rules.

The Proposed Rule 228 states that for sub-rule (1) the following shall be substituted, namely: “(1) The valuation of immovable property for the purposes of section 111 shall be taken to be-(a) in the case of open plot, the value determined by the development authority or government agency on the basis of the auction price in respect of similar plots in the area where the plot in question is situated or in case where such value is not determined, the value fixed by the District Officer Revenue or provincial authority authorized in this behalf for the purposes of stamp duty; (b) in the case of agricultural land, the value equal to the average sale price of the sales recorded in the revenue record of the estate in which the land is situated for the relevant period or time; or © in the case of constructed immovable property, value shall be determined at the fair market value as defined in section 68 or the value fixed by the District Officer (Revenue) whichever is higher.”;

Section 111 of the Income tax Ordinance, 2001 related to the Unexplained Income or assets which states that where (a) any amount is credited in a person’s books of account; (b) a person has made any investment or is the owner of any money or valuable article; or © a person has incurred any expenditure, and the person offers no explanation about the nature and source of the amount credited or the investment, money, valuable article, or funds from which the expenditure was made or the explanation offered by the person is not, in the Commissioner’s opinion, satisfactory, the amount credited, value of the investment, money, value of the article, or amount of expenditure shall be included in the person’s income chargeable to tax under head “Income from [Other Sources”] to the extent it is not adequately explained. (2) The amount referred to in sub-section (1) shall be included in the person’s income chargeable to tax in the tax year [immediately preceding the financial year] in which it was discovered by the Commissioner.1[(3) Where the declared cost of any investment or valuable article or the declared amount of expenditure of a person is less than reasonable cost of the investment or the valuable article, or the reasonable amount of the expenditure, the Commissioner may, having regard to all the circumstances, include the difference in the person’s income chargeable to tax under the head “Income from Other Sources” in the tax year immediately preceding the financial year in which the difference is discovered.

Existing Rule 228 on valuation of assets.- (1) The valuation of immovable property for the purposes of section 111 of the Income Tax Ordinance 2001, shall be taken to be-(a) in the case of open plot, the value determined by the development authority or government agency on the basis of the auction price in respect of similar plots in the area where the plot in question is situated; (b) in the case of properties given on rent, the value equal to ten years capitalized value assessed on the annual rental value; © in the case of agricultural land, the value equal to the average sale price of the sales recorded in the revenue record of the estate in which the land is situated for the relevant period/ time; or (d) in any other case, the value determined by the District Officer (Revenue) or provincial authority authorized in this behalf for the purposes of stamp duty.

Costa Ballena - the Spanish resort they got exactly right

Even when applying the magic formula of ‘sun + beach + golf’ many holiday resorts come a cropper. Over-built, over-crowded and over-hyped. But not Costa Ballena. This Andalusian Tourist Board masterminded development at the heart of Spain’s southern coastline constitutes something of a blueprint for holiday resorts of the future.

Costa Ballena was founded almost ten years ago on a four million square metre tranche of land between the ancient fishing villages of Chipiona and Rota. Displaying proud Royal roots the land once belonged to members of the Spanish Royal Family - manzanilla barons Orleans-Borbón - who remained involved in the development throughout. In fact the matriarch of the family, Doña Beatriz de Orleans-Borbón, is current president of the golf club. Today the resort declares itself to be one of the most advanced tourist resorts in Europe and this is largely based on its social and environmental awareness.

Chris Mercer, Director of real estate company Mercers based in nearby Jerez explains, “The planning of Costa Ballena was extremely strict and up to the present day only 25% of the project is occupied by buildings. The rest is given over to open space in the shape of parks, orchards, lakes, beaches and golf courses – of which there are 36 holes in total. Construction is restricted to three storeys, has to be over 300 metres from the shoreline and a revolutionary pneumatic refuse collection system reduces the presence of heavy vehicles and nasty odours throughout the community. Costa Ballena’s architects have managed to blend a respect for the past with a keenness to embrace the future and the result is quite outstanding. We wondered why the foreign investor hadn’t fallen for Costa Ballena before, but it seems that native Spaniards snapped-up the entire development from the plans and kept it their little secret. Only today with resales emerging have other buyers been able to take a slice of the magic.” Costa Ballena even has a quaint tale behind its name. Back in the days when animals spoke to humans (oh yes they did) a group of sailors returning from a voyage across the seven seas spotted a whale (‘ballena’) off the coast of Cádiz emitting a jet of misty air from its blowhole. The whale explained that he had spent his life searching for a land where the seasons were mild, the sun warm, with golden beaches, clear rivers and rolling fertile plains. Knowing that he’d at last found his idyll the whale decided he was tired and passed away on the sand in the company of a beautiful sunset. Legend told and Costa Ballena named.

At the heart of sherry country, Costa Ballena borders more than 6.5km of unspoilt wedding white beach lapped by clear waters and dotted with lively toe-in-sand chiringuito beach bars. The resort itself is gated and has every conceivable facility from four star hotels through to Spas and shops through to restaurants. Sporting amenities range from relatively sedentary cycle tracks and swimming pools through to energetic tennis courts, windsurfing schools and horse-riding centres.

Twice Masters winner José Maria Olazabal’s championship golf course is a true highlight of Costa Ballena. Opened in 1995, many of the 27-holes run spectacularly close to the Atlantic and its many water hazards and tricky bunkers provide a real golfing challenge. Meanwhile the 9-hole par three is a perfect complement to the on-site golf school.

Stepping outside of Costa Ballena, the traditional towns of Rota, Chipiona, Sanlucar de Barrameda and El Puerto de Santa Maria festooned with monuments, fiestas and gastric delights whilst Jerez (30 mins) Seville (1.5 hours) and Gibraltar (1.5 hours) are all served by low-cost airlines direct from the UK.

Costa Ballena has not remained immune from Spain’s ‘new lower prices’ and can now offer discounts of up to 40% from the peak prices of three years ago. Now is without doubt the best time to buy in Spain’s model holiday resort.

On the market in Costa Ballena:

CBR101 - Penthouse This two bedroom penthouse arranged across two floors enjoys an elevated position affording spectacular panoramic golf views from the lounge and large private terrace of over 25m² in area. Southwest facing, the property is flooded with light and has a spacious equipped kitchen, a balcony from the master bedroom, family bathroom, lift access to underground parking and the use of two communal pools. Price – 159,000 euros

CBR103 - Apartment Situated in Playa Ballena III, one of the closest communities to the beach at just two minutes’ walk, this one bedroom one bathroom apartment couldn’t be better positioned. With a fitted kitchen, private patio, underground parking and access to two communal pools, this property is also fully furnished and therefore ready to move into. The owner is motivated to sell – so make an offer. Price 210,000 euros

CBR102 - Townhouse Tastefully decorated to a high standard this two bedroom one and a half bathroom townhouse is far from your average bland holiday home. The kitchen has unique styling with stainless steel appliances whilst the bathrooms are finished in natural materials in earth tones. The home enjoys two patios, a rear with laundry and storage and a southwest facing front patio looking across to a large freeform swimming pool surrounded by sweeping lawns, some of the most private in the entire resort. Price 244,900 euros

Law ministry for transfer of naval land to Gwadar Port Authority

ISLAMABAD: Law ministry has given a go ahead to Ports and Shipping ministry to transfer 584 acres of naval land at East Bay to Gwadar Port Authority (GPA) to establish Free Industrial Zone.

Ports and Shipping ministry will move a summary within few days to seek Prime Ministers approval for transfer of land to GPA in the light of the opinion given by Law ministry, well placed sources in the ministry of Ports and Shipping told Business Recorder here Wednesday.

Sources revealed that earlier Prime Minister had rejected the summary and the P&S ministry has now sought legal guidance from the Law ministry that has backed the transfer of land to GPA.

Law ministry has said that if the land is not transferred to GPA, it would be difficult for the Authority to follow the confessional agreement signed with Singapore Port Authority (SPA), sources maintained. "The ministry further said that denial of land transfer would lead to legal complications with the SPA" sources added. Ports and Shipping ministry had informed the Law ministry in its letter that land was transferred to Defence ministry that could be used for Pakistan navy.

The ministry in a letter addressed to the Law ministry said that Balochistan government had 9000 acres with sea access to 278 acres, which is available for the ministry of Defence to shift its infrastructure to safeguard the coastal belt of Gwadar, sources added.

On the other hand sources said P&S ministry in its letter opined that by not transferring the Free Zone land to the Port of Singapore Authority (PSA) in accordance with the terms of the agreement is tantamount to breach of the pact.

The concession Agreement also provides that the Free Zone Area will be custom free and grants may be established in the Zone. Under clause 5.3.3 of the concession Agreement, it is mutually agreed by both the parties that GPA shall acquire the land for the Free Zone Area on or before the following dates.

In the letter, the P&S ministry has proposed that if the ministry desires transfer of Defence land to GPA on gratis basis, then PMs approval may be obtained for the transfer of the said land.

Sources further added that the port was formally inaugurated on March 20, 2007 and is presently handling wheat and urea shipments successfully. The operation of the port has been assigned to the PSA, the operators of international repute, for a period of 40 years under a concession Agreement signed between GPA and the PSA on February 6, 2007. The scope of the concession agreement includes cargo/terminal operations at the existing facilities and development of additional berths on 4.2Km space, which is available for this purpose.

Sources said that Free Zone is key to meeting Gwadar ports primary objective of transshipment. There could be no Free Zone without transshipment. The purpose of the free zone is to augment and supplement port activities and to value-addition of cargo, thereby attracting more shipment into the port which is the real source of revenue generation, sources maintained.

Realising the importance of the Free Zone Area, the then President and the Prime Minister directed on February 2, 2007 that 584 acres of land in the possession of Pakistan Navy at East Bay, Gwadar should be handed over to GPA, for the said purpose as soon as possible.