The nation has raised its hopes from the new government of Pakistan led by Pakistan Tehreek e Insaf. Similarly, everybody associated with Pakistan Real Estate sector is also looking forward to the new faces of Government officials. The challenge would be stricter for PM Imran Khan’s team of Insafians but it’s not impossible to achieve the targets and set Pakistan back on the track to development. In the debate of Do’s and Don’ts of the government, we thought why not discuss those steps that this newly formed government should take? We believe that the initiatives described below will prove beneficial for the sustainable growth of Pakistan real estate sector in the long run.
AFFORDABLE HOUSING CONSTRUCTION
The previous government (led by PML-N) have taken initiatives to provide affordable housing schemes in shape of Ashiayana Housing Society. However the scheme was applauded by the middle class sector but the need for feasible housing schemes is enormous. The newly formed government may continue this trend and announce more housing schemes. The aim should be that the new societies shall be offered affordable prices to keep them in access of middle class citizens if they really want to see Pakistan real estate prospering in their governance. This step would surely help encourage new buyers and boost the buying trend in Pakistan real estate sector in the long run.
SUBSIDY FOR NEW HOME BUYERS
The previous governments have bombarded the nation with different taxes to meet the deficits and pay the debts. If the new government shows some leniency and offers special exemptions for the Pakistan real estate sector, it can generate a considerable amount of revenue. One way is offering subsidy for those home buyers that are purchasing the land (or furnished home) for the first time. This would help them in paying for the price of the land without thinking too much about additional land acquisition taxes. This step would also help the Pakistan real estate in reinstating a stable position in comparison to last decade.
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PERMANENT RESIDENCY STATUS LAW
From corporates to bureaucrats and foreigners dwelling in Pakistan for business concerns, our country hosts a considerable amount of other nationalities. One sound step – that could benefit Pakistan real estate – is to create a law that lets these foreigners own a property in Pakistan. If the new government takes this initiative, it will invite foreign investment in our country and will impress the foreigners with this unconventional law.
SERVICE TAX EXEMPTION LAW
As we all know that service impacts on the price of land and this discourages the buyers a bit due to increase in prices. If the new government takes appropriate amendments for reducing the taxes on land prices and acquisition fee, it can work in a positive way for boosting the real estate business. The buyers can enjoy the whole purchasing process without worrying about different taxes that impact on the deal.
If the new government takes favorable actions, the Pakistan real estate sector can witness a boom in supply and demand.
We offer our consultancy services for buying, selling or acquiring the land in Pakistan. Feel free to contact our representatives on the numbers given below:
+92 42 37188542-3