Lahore: A delegation of realtors, while speaking to the media, demanded that the government should make the proposed Real Estate Regulatory Authority (RERA) functional and give the status of industry to the real estate sector. In addition, they also hoped for rationalization in taxes for the property sector.
The realtors’ group expressed their hope that the incentives announced by the government would help bring activity back to the property market. They also highlighted that work on making the RERA operational had been going on for about 10 years, but it had not been finalized yet.
The delegation further stated that while tax reductions had been announced at the federal level, the provincial taxes in Punjab were still really high on some property transactions.
They added that since one of the major contributors to the country’s real estate sector were overseas Pakistanis, the government should announce special incentive packages in order to encourage them to invest in the sector. This will not only bring in remittances, but also increase activity in the sector.