Sardar Tahir Mehmood, President of the Islamabad Estate Agent Association and the Federation of Realtors Pakistan, stated on Saturday that the real estate sector is the country’s second-largest, with an investment volume of $88 billion.
According to the President of the EAA, foreign Pakistanis invest $4 billion in this sector each year, which could be increased to $8 billion. He made the remarks while speaking at the All Pakistan Real Estate Conference, which was co-hosted by the Islamabad Estate Agent Association (EAA) and the Federation of Realtors Pakistan.
In addition to Ejaz Khan, Chairman of Realtors Pakistan, real estate officials from all over the country and President Rawalpindi Chamber of Commerce Saqib Rafiq, United Business Group (UBG) Federation Pakistan Chamber of Commerce, Secretary General, and Industry (FPCCI) Zafar Bakhtawari, and leaders from related industries from the four provinces spoke at the event.
Moreover, addressing the conference, he requested that the government implement tax rationalisation, repeal 7E, open the door to foreign investment, and lower the tax rate.
Sardar Tahir stated that with these initiatives, the investment will increase and the country’s economy will thrive. At the moment, this sector is confronted with significant challenges, including an excess of Gain tax, property registration, and other taxes, he said.
He stated that by developing this sector, the government can move the country’s economy from recession to growth. He stated that the real estate sector, which employs the majority of the country’s workforce, is currently a significant contributor to the country’s Gross Domestic Product (GDP).
President EAA stated that the current government is responsible for 1 million people and 700,000 families involved in the real estate business. He stated that real estate must be given the designation of industry, as it is currently associated with around 70 allied industries.
They also encompass the export industry, which the government has exempted from tax in other sectors, he said. He claims that cement, steel, and other industries are the main exports, but the government is ignoring them.