ISLAMABAD: Pakistan on Tuesday notified new unrealistically stringent regulations to monitor customers of real estate dealers and developers, jewellers and accountants aimed at fulfilling requirements of the Financial Action Task Force (FATF). These businesses cannot do business with politically exposed persons until they are sure about the source of their income and they will also have to identify the customer and beneficial owner before conducting a transaction, according to regulations notified by the Federal Board of Revenue (FBR) on Tuesday. The Designated Non-Financial Businesses and Professions (DNFBPs) regulations are also likely to increase the cost of doing business ...

The State Bank of Pakistan (SBP) has announced the government of Pakistan’s markup subsidy for affordable housing finance. In a statement, the central bank said the government would provide a markup subsidy facility for the construction and purchase of new houses. This facility will allow all individuals, who will be constructing or buying a new house for the first time, to avail bank financing at subsidised and affordable markup rates. The facility will be provided with the administrative support of the SBP as executing partner with the government of Pakistan and Naya Pakistan Housing and Development Authority (NAPHDA). ...

KARACHI: The residents, builders and property dealers of Bahria Town Karachi (BTK) on Monday held a peaceful demonstration against the attack by miscreants on Sunday, which caused losses worth billions of rupees on the grand housing scheme, calling it an "act of terror". Bahria Town Dealers Association Chairperson Raheel Haroon, while talking to the media, said that BTK has repeatedly stated that it did not occupy anyone's lands unjustly and if anyone proves illegal possession of even an inch of his land, BTK will be held responsible. He said that BTK has already faced an independent investigation and ...

  Human beings have craved connection for centuries, and now more than ever before. As a result, communal living and micro-communities have risen in popularity. In the real estate sector, communities are actively designed to foster happiness in people and to offer people a sense of belonging. With a similar concept, MIDCITY is revolutionising real estate by developing innovative ways to enhance the quality of life. Focusing on fostering wholesome living in a green environment, MIDCITY is the ultimate definition of luxury, affordability, convenience and community-building. What started off as a community living concept has turned into a ...

ISLAMABAD: The government should formulate a long-term policy, provide tax relief and use digital mapping for tapping the full potential of real estate sector, which will create jobs and boost the economy, said Imarat Group Chairman Shafiq Akbar. The Imarat Group is an innovator in the realty sector and has set up the Graana digital marketplace for online property verification. It has digitalised the urban areas in the entire Pakistan, which can help in online property verification and end malpractices and fraud. “The real estate sector needs proper planning and we have digitalise the entire Pakistan. We have ...

RAWALPINDI: Record increase in taxes, duties, stamp paper rates and property rates has brought the flourishing real estate business to a standstill. Owing to the increase in the rate of taxes and duties, a decrease of Rs5 billion in property sales and income has been recorded in the first two months of the new fiscal year (FY) 2022-23. With the implementation of this new tax and duties system, the gross tax rate on filers for property registry has been increased from five to nine per cent, and the tax rate on non-filers has been increased to 15 per ...