Karachi: The Patron-in-Chief of the Association of Builders and Developers of Pakistan (ABAD), Mohsin Sheikhani, has said that the government plans to implement significant property tax reductions to stimulate investment in the real estate sector.
Sheikhani revealed that the tax on property transactions and transfers for tax filers is expected to be reduced from 13% to 2-3%. Additionally, other levies such as Capital Value Tax, Capital Gains Tax, Federal Excise Duty, and Super Tax are likely to be reduced or eliminated.
He assured that no new taxes would be imposed on tax filers in the property sector, aiming to encourage more individuals to participate in the formal real estate market.
Sheikhani also highlighted ongoing government efforts to address land encroachment issues, stating that the Sindh Inspector General (IG) has been tasked with clearing illegally occupied land.
Furthermore, ABAD has proposed affordable housing schemes to foreign investors at lower prices and is collaborating with city authorities to transform a slum area in District South into a model project.
He added that an ABAD delegation is scheduled to meet with the Prime Minister later this week to discuss further developments and strategic plans for the property sector.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
