Plan afoot to vacate houses under adverse occupation
ISLAMABAD: The Ministry of Housing and Works is planning to vacate government houses and quarters in the federal capital which have been under adverse occupation. Hundreds of houses and quarters are under the illegal occupation of retired government servants and their relatives, who have also carried out extension work in government houses without the approval of the authorities concerned. Sources in the Estate Office said that on the directives of Minister for Housing and Works Maulana Abdul Wasay, a plan was being devised to vacate the government houses from the illegal occupants including retired employees and their relatives. ...
Real estate in development phase
LAHORE: Pakistan’s real-estate sector is equipped enough to drive the country’s economy forward as it has the highest per capita demand for housing in the world. On the demand side, the real-estate sector is the preferred investment avenue for most Pakistanis and is currently worth over $3 trillion. Additionally, according to a World Bank report, an increase in foreign investments and remittances directly correlates with the worth of the real-estate in a country. Furthermore, the real-estate sector drives growth in several industries in Pakistan such as cement, timber, sanitary fittings, glass manufacturing, steel, furniture and electronics. The end ...
Unutilised property bars real estate sector from progress
LAHORE: The Hold on for Dear Life (HODL) mindset in the real-estate sector means that retail and institutional investors own more than one unutilised residential property. On purpose, they delay the sale of the property in order to benefit from the prospect of a higher sale price in the future. In Pakistan, laws are in place that allow the elite to hoard various asset classes and finished goods in order to boost their value through appreciation. We have seen this time and again with various commodities, even in the case of rising land prices. “The housing finance market ...
Govt introduces new REIT regulations
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 ...
SC gives interim relief against deemed income tax on real estate
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 ...
Wasim Akram ventures into real estate realm
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 ...
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