ISLAMABAD ( WNAM REPORT ): Chaudhry Mazhar, Chairman of the Foreign Delegation Committee of the Islamabad Estate Agents Association, has stated regarding the upcoming budget that the real estate sector should be formally recognized as an industry and provided with affordable financing and easy loan facilities. He said that real estate serves as the backbone of the country’s economy and is linked with dozens of allied industries; therefore, it is essential to grant special relief to this sector in the budget.
He further said that corruption and delays can be eliminated through digitalization. Due to heavy taxation, investors are facing uncertainty, which is negatively affecting construction activities. He proposed that the capital gains tax rate should be rationalized and the holding period requirement relaxed to encourage long-term investment.
He also suggested that the distinction between filer and non-filer should be gradually abolished or eased. Additionally, a one-window operation should be introduced to ensure transparency and convenience in the processes of registration and property transfer.
