Chairman Association of Builders and Developers (ABAD) Mohsin Shaikhani on Wednesday said that the real estate business has taken the shape of back bone in Pakistan’s economy and generating millions of rupees in terms of stamp duty, excise tax and other taxes.
Talking to Adnan Iqbal, Chief Executive of Adzalla and Wajood, he assured to co-operate at all levels regarding the Real Estate Investment Pakistan Expo being organized by Adzalla and Wajood in Sharjah.
He further added that, “Local and foreign investors are investing huge amounts in the real estate business. However facilities as compared to developed countries are not available in Pakistan.”
He said, “The real estate sector has been ignored in the country’s budget.” He emphasized that, “Before preparation of the annual budget, the issues facing real estate sector should be taken into consideration and appropriate suggestions should be incorporated into the budget.”
“In addition, superfluous taxes which are being charged on real estate business require review and consideration,” he added.
Adnan Iqbal said, “Besides Pakistani Investors from Karachi, Islamabad, Faisalabad, investors from all over the country including China, Russia and other parts of the world will be participating in the Real Estate and Investment Expo at Sharjah.”
“The Expo will be of a unique nature in which unique property projects will be introduced. Due to this event, further investment opportunities will be available and many more project investors will take great interest,” he said.