ISLAMABAD: The federal government has decided to establish a Real Estate Regulatory Authority (RERA) to manage the affairs of real estate with an appellate tribunal to settle the disputes of the concerned sector.The real estate agents will have to register with the authority for the sale of plots, houses or buildings. For the purpose, the government has finalised the Real Estate Regulation and Development Bill 2019. Real Estate Regulation and Development Act is expected to be implemented later through a presidential ordinance.According to a document available with The Express Tribune, the Real Estate Regulation and Development Bill 2019 ...

LAHORE: The Competition Commission of Pakistan (CCP) has initiated a formal investigation in real-estate markets of Lahore, Sheikhupura, Kasur and Nankana Sahib over fraudulent practices in the corporate sector.Speaking to The Express Tribune, a spokesperson for the commission highlighted that the CCP has launched a thorough probe into 62 private housing societies allegedly involved in fleecing common citizens through deceptive marketing.After conducting public hearings in Lahore, Karachi and Islamabad and concerns raised by the Lahore Development Authority (LDA), he indicated, the commission has initiated this probe to safeguard public interest.The commission has already slapped over Rs20 million penalties ...

LAHORE: Punjab's tax authorities are unhappy with the outcome of a property valuation exercise five years in the making, The Express Tribune has learnt.According to senior Punjab Excise and Taxation officials, the department's field staff carrying out a survey of residential and commercial buildings in the province has been unable to collect adequate information to prepare a valuation table for new property tax rates. Subsequently, a departmental committee overseeing the exercise rejected the sample survey data as insufficient, they said.The department has been surveying residential and commercial buildings across Punjab to track how rent amounts have changed from ...

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 ...