KARACHI: Pakistan has advanced its journey towards transforming the multibillion rupees’ real-estate sector into a formal sector of the domestic economy, as the government has introduced new Real Estate Investment Trust (REIT) regulations and allowed the establishment of new REIT companies. The apex regulator, Securities and Exchange Commission of Pakistan (SECP) has allowed REIT companies to raise financing for agriculture projects, mobile tower projects and renewable energy (solar and wind power) projects by introducing REIT Regulations 2022, two weeks ago. Earlier, the scope of REIT projects was limited to the development (construction) sector and rental real-estate projects. The ...

ISLAMABAD: The Supreme Court of Pakistan on Wednesday granted interim relief against the 20% deemed income tax on real estate, which will partially dent revenue collection, as taxmen face a gigantic task of collecting Rs560 billion in one week to achieve the nine-month revenue target. Headed by Chief Justice of Pakistan Justice Umar Ata Bandial, a special bench allowed taxpayers to pay only 50% of the assessed deemed income tax until final decision was made by the apex court. The court made some sharp remarks about the performance of Federal Board of Revenue (FBR) and its focus on ...

KARACHI: Agency21 International, Pakistan's biggest estate agency, has announced the launch of their first-ever franchise, with cricket legend Wasim Akram as its owner. An agreement was signed between Akram and Agency21 International. Director Agency21 International Sharjeel A Ehmer and Akram expressed their delight and excitement for the new venture at the ribbon-cutting ceremony, which took place at Marriott Hotel, Karachi. "I am honoured to be a part of this momentous occasion and to partner with Agency21. This is a great opportunity to make a meaningful contribution to the real estate sector in Pakistan and provide our clients with ...

It is no secret that Pakistan's property sector is fundamental to the economy because 70% of overseas Pakistanis channel their remittances into it and contribute USD12 billion annually. Shafiq Akbar, CEO, IMARAT Group, spoke today at Cityscape Global's Public Private Partnership Forum. With 15+ mega projects in Pakistan across its portfolio, IMARAT is a leading real estate company in Pakistan. The company is reshaping Pakistani landscape through the construction of 10 million square feet of commercial space, hotels, a trusted real estate portal, and a digital map of the entire country. After the group's successful expansion into the ...

ISLAMABAD: The federal government has decided to audit the completion certificates submitted by builders and developers who benefited from the amnesty scheme offered for the real estate sector during the PTI’s rule. In this regard, the Federal Board of Revenue (FBR) has notified the chartered accountancy companies rated satisfactory after their quality control review by the Institute of Chartered Accountants in Pakistan (ICAP). The beneficiaries of the amnesty scheme were not asked about their sources of income, and they were also given tax exemptions and concessions to the tune of billions of rupees. When contacted, a senior officer ...

  A leading developer in Pakistan's real estate industry, Chakor Ventures introduces a novel payment model for its flagship commercial project, Citadel 7. Through the groundbreaking "60-40 Payment Model," Chakor Ventures aims to redefine the property ownership landscape in Pakistan by offering unparalleled flexibility and accessibility. The Game Changer 60-40 Payment Model The 60-40 Payment Model is set to revolutionise the real estate market by allowing investors to secure their ownership of premium commercial spaces in Citadel 7 with just a 60% initial payment. This innovative payment structure empowers buyers to take possession of their property and pay ...