Pakistan is set to see exponential growth in the housing and construction industry, as builders and developers are poised to initiate around 1,000 new projects worth over Rs 1 trillion over the nine-months ending December 2020.
The housing and construction industry would not only attract local investment but also huge foreign investment under the historical package, designations containing speculators and constructors from nations including Singapore, China and UK have visited Pakistan before the pandemic flare-up in China in December 2019.
Package announced by Federal Govt for Real State, Builders and Constructors
*Ban upon non tax payers for sale and purchase has been waived off
*Tax on sale of home has been waived off
*Tax on sale and purchase of property has been reduced, now fix tax for such sale and purchase, will be announced.
*Withholding Tax on the material being used in construction has been waived off (excluding cement and Iron) in order to construct the house / building easily in minimum investment
*Capital value tax and stamp duty has reduced from 5% to 2% i,e if prior to this transaction expenditure of 5 Marla plot was 5 lacs, now it can be made approx in 2 lacs
*Business of REAL ESTATE and CONSTRUCTION has been awarded Industry category
*A separate Civil Bench will be announced regarding the complications being faced to Real State and constructors in order to settle /solve their issues/ complications on merits immediately
*All the related govt departments will be bound to issue maps, NDC and NOCs within stipulated period of 45 days and all concern also instructed for one window operation
*Not only this but no source of income in this regard will be asked from Builders/ constructors/ investors.
besides above many more steps/ opportunities being offered by Federal Govt.
Foregoing above in view all the Respected Real Estate and Builders are cordially invited to avail this opportunity of Govt; personally and also to guide their investors, clients and specially promote the labourers. It is time to built Pakistan and Speer head into the future.
