[:en]M Qadeer
LAHORE: The real estate is facing sever challenges due to the government’s unjust tax policies, said former president of federation of Realtors , Major (R) Rafiq Hasrat, at the Lahore Press Club at a press conference.
He was joined by CEO of Takmeel Square , Dr Kamran Faisal, President of Lahore Realtors, Mubashar Saeed, and other officials .
Hasrat lamented every government had targeted real estate sector to increase taxes which has led to a significant decline in the investment in the sector.
The overseas Pakistanis who were the valuable asset for the country are now reluctant to invest in the sector due to unfavorable policies.
Dr Faisal emphasized the need for a regulatory authority to oversee the real estate sector and a fair system for property valuation and taxation.
He cited the example of Dubai, which has attracted investors from around the world by implementing favorable polices.
The sector urged the government to reform the tax policies in due consultation with the stake holders to promote growth and investment in the sector.
They warned the current situation is not only attracting the real estate sector but also impacting over allied 50 industries.
They highlighted the need for a comprehensive approach to address the challenges facing the real estate sector and promote economic growth in Pakistan.[:]