RAWALPINDI: The Rawalpindi Development Authority (RDA) has decided to recover its billions of rupees worth of land from Rawalpindi Metropolitan Corporation (RMC).A meeting of the RDA board noted that for the past 25 years, RMC has been collecting rent from 562 shops and open sheds present on 14 kanals of land which actually belong to the authority.According to the minutes of the meeting, it has been decided that RDA Chairman Tariq Mahmood Murtaza and Director-General Ammara Khan will take up the matter with the RMC administrator and Rawalpindi commissioner for the possession of the above-mentioned shops and sheds.The ...

ISLAMABAD: The government has come under increasing pressure from influential quarters to reverse real estate sector taxation measures, which it had introduced nine months ago to increase paltry contribution from the sector, and announce the move as part of an economic relief package to fight the global coronavirus pandemic.The government is discussing the proposal of not charging up to 20% capital gains tax (CGT) if a plot is sold after keeping it for 1,095 days instead of the current period of 2,921 days, according to sources in the Federal Board of Revenue (FBR).At present, the tax is exempted ...

KARACHI: The real estate and construction industry remained the main focus of the Pakistan Tehreek-e-Insaf (PTI) government in the budget for FY21 as it reduced taxes and allocated funds for giving a boost to construction and allied industries in an attempt to revive economic growth and create job opportunities.The government, however, kept complete silence on proposed changes to mobilise new investment in the Pakistan Stock Exchange (PSX), which is considered a barometer to gauge economic performance of the country.The government is giving "relief in taxes on the income on sale of immoveable property (real estate)," Federal Minister for ...

ISLAMABAD: The Cabinet Committee on Privatisation (CCOP) on Thursday reversed a seven-month-old legally questionable decision of deciding the fate of real estate jewel, Roosevelt Hotel New York, through a ministerial task force, putting the transaction back on right track. Headed by Adviser to Prime Minister on Finance Abdul Hafeez Shaikh, the CCOP authorised the Ministry of Privatisation to hire a financial adviser for finalising the transaction structure of Roosevelt Hotel, according to a statement issued by the Ministry of Finance after a meeting. Roosevelt Hotel, located in the heart of global commercial and tourism hub, is ...

KARACHI: The World Bank has planned to provide a credit line of $500 million to Pakistan for low-cost housing including Prime Minister Imran Khan’s flagship five-million houses project for the low-income people. Besides, the International Finance Corporation (IFC) – a member of the World Bank Group – on Thursday invested $3.2 million (Rs500 million) in Pakistan Mortgage Refinance Company (PMRC) with the aim of providing financing for low-cost housing in Balochistan and Khyber-Pakhtunkhwa (K-P). The World Bank had planned to establish the credit line of $500 million (around Rs80 billion) in the ongoing year 2020. However, ...

KARACHI: Real estate stakeholders have voiced unanimous hope that the realty segment could uplift Pakistan’s economy and assist in enhancing foreign direct investment if it receives due importance from the government. Pakistan is one of the few countries in the world whose real estate sector has ample room to drive its economy because only 0.5% of the country’s area falls under planned land, said Graana.com Chief Executive Officer Shafiq Akbar. Talking to The Express Tribune, he stated that at present, roughly 4,000 square kilometres of Pakistan’s land is classified as planned area out of a total ...