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, according to news sources.
He
highlighted this issue while attending the committee meeting held on Thursday, 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.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
