Pakistan Property Sector Set for a Game Changing Transformation

Mohsin Sheikhani, the Patron-in-Chief of the Association of Builders and Developers of Pakistan (ABAD), has declared that a revolutionary new era for property investment is on the horizon. This bold statement comes as the government prepares to introduce sweeping tax cuts aimed at revitalizing the real estate sector.

When asked about the government’s plans to spur investment, Sheikhani revealed a game-changing move: a dramatic reduction in the tax on property transactions and transfers for filers, slashing it from a hefty 13% to a mere 2-3%. But that’s not all—other taxes, including Capital Value Tax, Capital Gains Tax, Federal Excise Duty, and Super Tax, will also be significantly slashed or completely eliminated.

In a striking move, Sheikhani emphasized that no new taxes will be imposed on filers in the property sector, signaling a new phase of tax relief for investors. Moreover, the government is making significant strides in tackling land encroachments, with the Sindh IG specifically tasked with clearing illegally occupied land.

Sheikhani also highlighted ABAD's proposal to attract foreign investors with affordable housing schemes at dramatically lower prices, a move set to ignite the sector’s growth. Plans are also in motion to collaborate with the city government to transform a slum area in District South into a cutting-edge model project, symbolizing a new chapter in urban development.

In a further display of confidence, Sheikhani announced that ABAD’s delegation will meet with the Prime Minister later this week to discuss the future of the property sector and finalize strategic plans for its revitalization.

SOURCE: The Express Tribunal