Islamabad: Pakistan Real Estate Investment Forum (PREIF) President Shaban Elahi informed the National Assembly (NA)’s Standing Committee on Finance, Revenue and Economic Affairs that the Federal Board of Revenue (FBR) needs to focus on problems arising in Karachi among other cities owing to the unrealistic property valuations for different areas.
He highlighted this issue while attending the committee meeting held, under chairmanship on Member National Assembly (MNA) Faiz Ullah. While addressing the meeting he further suggested that certain laws could be enforced to protect the end consumers from the builders.
The PREIF president also revealed that builders and developers are selling plots/flats over the limit of their approved building layout plans. He asked for strict action to be taken to curb this practice.
Inland Revenue (IR) Policy Member Dr Hameed Ateeq responded to the issue of valuations by stating that different committees have been constituted at commissioner levels, in 21 cities, to resolve the issue.
The meeting was attended by the top officials from Ministry of Finance, Revenue and Economic Affairs, FBR, Lahore Development Authority (LDA), Capital Development Authority (CDA), and Faisalabad Development Authority (FDA) among many members of the NA.