Industry Status Demanded for Real Estate Sector
The stakeholders of real estate sector have urged the government of Pakistan to bring implementable reforms through the Federal Board of Revenue (FBR) for the property sector to encourage local and foreign investments in the sector and improve the economic situation of the country. The real estate sector is going through a rough patch due to the uncertain situation and immediate measures are the need of the hour to clear the air and make it a good contributor to the GDP of Pakistan.
The issues in the property sector emerged as a result of the excessive tax levied in 2016 Budget. The situation further worsened due to the limitation on non-filers to purchase properties worth PKR 5 million. It is high time that the government starts taking this sector seriously and grant it the status of industry so that major and helpful legislation could be made.