Mian Munir Ahmed
The federal government should announce significant concessions in its annual budget to protect the real estate business so that every citizen of the country can get an easy opportunity to build their own house. This announcement by the federal government can help the provincial governments to advance the Apna Ghar Apna program in the best possible way. Islamabad Real Estate Agents Association Secretary Information and Chairman of the Standing Committee on CDA Israr-ul-Haq Mashwani said that the federal excise duty should be abolished and a suitable and significant exemption should be given in tax for buyers as well as sellers. Due to this, real estate business activities have come to a standstill and the loss is that the government’s plan to provide every citizen with their own house is also being badly affected and is giving negative results. He said that the recommendations of the task force that the government had established to protect the real estate business should also be followed, otherwise there is no use in such a task force whose recommendations are not implemented. He said that CDA is the custodian institution of Islamabad city but its chairman They have no time for public welfare projects nor do they have effective and strong connections with the business community, due to which encroachments are increasing in residential areas after commercial places. He said that the first responsibility of the head of every government institution is to promote public welfare projects and protect their interests. The CDA chairman should assess for himself whether Islamabad is really an encroachment-free city? And assess for himself whether he is protecting public interests.interviewed Israrul Haq Mashwani on teething issues being faced by the real estate sector. Israrul Haq Mashwani spoke out his mind in the interview . He said burden of high transitional taxes is main reason of slow down of the real sector . He noted that the real estate agents do not demand any undue concessions from the government , but it wants that the authorities should review unnecessary taxation imposed on the real estate in the last budget . He said Islamabad Real Estate Agents Association has proposed the Federal Board of Revenue (FBR) to rationalise transitional taxes in the budget imposed on the real estate sector . He said the real estate sector has proposed the authorities to reduce tax of Section 236 K to 0.5 % and 236 C to 1 % , besides deleting FED on the real estate transactions altogether. Israrul Haq Mashwani argued that high taxes imposed on the real estate sector in the last budget has turned this important sector into ‘No -Go -Area’ for the investors. He added that the real estate sector serves as a catalyst to revive economy of any country and its slow down has worsened economic situation in Pakistan. He said the economic situation in Pakistan can improve only by rationalising tax regime for the real estate sector. He clarified that the real estate agents do not demand any concession in gain tax applicable on property transactions. Israrul Haq added that the real estate agents are demanding setting up of a regulatory authority for long to regulate the real estate sector . He claimed that setting up of the regulatory authority for the real sector will protect the interest of all the stakeholders of the real estate sector , besides ending the culture of frauds in this important sector. He argued that setting up of the regulatory body for the real estate sector will provide protection to the real estate agents and they will be providing services to their clients with more confidence. Israrul Haq said property tycoons are defrauding innocent Pakistanis through fake allotments of plots and once regulatory authority for the real estate sector comes into function these frauds will come to end once for all. On the issue of working relationship between CDA and the business community of Islamabad , Israrul Haq Mashwani said CDA is the most corrupt institution as its officials only think to make ill-gotton money . He claimed that CDA top bosses always ignore proposals of the business community of Islamabad and this mindset is adding to the problems of the residents of Islamabad.
