Daily Times

KARACHI: Pakistan Real Estate Investment Forum (PREIF) President Shaban Elahi has expressed his gratitude saying real estate sector is regaining investor’s confidence and attention after income tax amended bill.

He told that during last 15 days, real estate deals have been increased by 50 to 200 percent in DHA Karachi, Lahore and Islamabad areas which is very positive sign for this sector.

He was chairing a meeting of PREIF members and other stakeholders held at PREIF Secretariat on Tuesday. Meeting was also attended by PREIF General Secretary Ghazanfar Mehboob, Maj (r) Naveed Bajwa, Jawed Rahman, Hassan Basharat, Imran Elahi, Asghar Ali Bhutto, Abdul Wahid and Col (r) Muhammad Jawed.

Shaban Elahi said that before income tax amended bill, business in real estate sector was almost suspended, but now this sector is witnessing very encouraging signs on daily basis. “Overseas Pakistanis are very keen to invest their money in residential, commercial schemes, projects and allied sectors,” he added.

During last 15 days, real estate sector has received very good positive response from investors, especially in DHA Karachi, Lahore and Islamabad. “We are witnessing increase of 50 to 200 percent in real estate deals in DHA Karachi and DHA City alone, told Ghazanfar Mehboob.

Imran Elahi appreciated DHA for gearing up its development work and considered it a booster for these deals. Most of investors always posed their confidence in DHA as they feel it’s a safe investment, he added.

Maj(r) Naveed Bajwa was of the view that transactions will gradually multiply as people’s knowledge about new amendments in income tax ordinance has improved.

While discussing overseas Pakistanis interest, Hassan Basharat said that one of the reasons behind this positive impact and increase in transactions is recent announcements by Organisation of Economic Cooperation & Development (OECD), following which paid tax details will be asked from overseas investors.

In this scenario, Pakistan real estate sector offers very secure investment opportunity for all such investors, he explained.

Meeting participants also supported this opinion saying this is a golden chance for investors to convert their undocumented money into documented amount. This is a very good and profitable opportunity to invest in real estate sector. If government continued its support for this sector, economic activities will be increased multi fold in real estate and more than 50 allied sectors, they expected.