Islamabad: Real estate business leaders from across the country have called for better tax management and facilities to encourage growth in the real estate sector, as the sector can play a major role in bringing the country out of the ongoing economic challenges, news sources reported on January 8.
Read: SECP registers over 400 real estate construction firms in Nov
These views were shared by the prominent realtors and representatives of estate agents’ associations at the ‘All Pakistan Real Estate Conference’ held in Islamabad.
The conference was organized by the Islamabad Estate Agent Association (IEAA) and attended by IEAA President Sardar Tahir Mehmood, Realtors of Pakistan Chairman Ejaz Khan, Rawalpindi Chamber of Commerce President Saqib Rafiq, Federation of Pakistan Chamber of Commerce President Zafar Bakhtawari and other prominent figures from the real estate sector.
Addressing the conference, IEAA President Mehmood said that the real estate sector can get the country’s economy out of its current struggles as it is the country’s second-largest sector with a net worth of USD 88 billion, where an annual investment of USD 4 billion is made by the non-resident Pakistanis (NRP). He believes that with the correct tax framework, the government can increase this investment to USD 8 billion. He also highlighted that the real estate industry is one of the largest employment producers in the country, employing over 1 million individuals and 700,000 families.
Read: Egyptian firms to invest in Pakistan’s real estate sector
The participants at the conference demanded the government to implement tax rationalization, abrogate 7E, pave the way for overseas investment and reduce the tax rate as these measures will help increase investment in the property sector and get the country out of its prevailing economic crisis. The participants also demanded that the real estate sector should be given an industry status as 70 allied industries are associated with it, including the export industry with cement and steel among the major export products.