Web Desk: The inside details of an important meeting between representatives of the Association of Builders and Developers (ABAD) and Prime Minister Shehbaz Sharif have emerged, where key issues related to the country’s property and real estate sector were discussed.
The meeting, held at the Prime Minister’s House, lasted for about one hour and covered multiple important matters concerning the real estate sector.
Key Developments:
According to sources, ABAD representatives proposed the establishment of special judicial benches for the immediate resolution of land disputes and settlements. The Prime Minister reportedly gave a positive signal to the suggestion.
In addition, a demand for the digitalization of land records across the country was also discussed. The Prime Minister assigned a special task to the Finance Minister in this regard.
Sources further revealed that the government may soon announce tax relief for overseas Pakistanis investing in the real estate sector. The meeting also included detailed discussions on establishing a one-window operation for the construction industry in Gwadar.
The Prime Minister stated that considerations regarding making Gwadar a tax-free zone have reached the final stages, and a policy in this regard will be formulated soon.
According to sources, the Prime Minister also hinted at the possible establishment of a Real Estate Regulatory Authority in the upcoming federal budget. He also indicated potential decision-making regarding Section 7E tax on property and said that tax rates on property transactions will be reviewed in the next budget.
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