ISLAMABAD: The Association of Builders and Developers (ABAD) of Pakistan on Saturday announced they would organise a Property Expo from March 24 to 26 at the Pakistan China Centre, Islamabad.
ABAD Chairman Mohsin Sheikhani while addressing a gathering said, “We have a plan to construct 100,000 houses in Islamabad. Currently Pakistan is facing a shortage of 12 million houses. The ABAD has a capacity to build new houses at minimum rates. We expect that the federal government and the ICT Administration will help in this regard.”
Mohsin further said that the ABAD was constructing one house in 13 days in Karachi and with the help of modern technology, and sound government policies on affordable houses than “we can provide his services in the capital as well”.
He said that the documented real estate economy in Pakistan was Rs 5.2 billion, while undocumented was Rs 7 trillion. He said that a large number of foreign investors wanted to invest in the real estate sector in Pakistan but due to taxes and other issues they were shying away from this sector.
He said that the federal and provincial governments had different property rates, and suggested that the Federal Board of Revenue (FBR) announced unified property rates. He added that 13 percent stamp duty should also be the same.
Speaking on the occasion, Islamabad Mayor Sheikh Anser Aziz said that this Expo would surely benefit the Islooites because property rates in the federal capital were very high.
“The government is also planning to start a low-budget housing scheme in Islamabad. The prime minister has directed us to give a plan on low-income scheme and we are working on it,” the mayor added.
He said that the Capital Development Authority (CDA) would provide every opportunity to those interested in doing work for the betterment of the federal capital and its people.
He said that the government would construct a big Expo Centre in Islamabad as well, adding that they were just searching for a suitable place. “I am ready to solve every kind of problem of ABAD and other business community members.”
The Federation Of Pakistan Chambers Of Commerce and Industry’s (FPCCI) former chairman Abdur Rauf Alam said he was happy over the holding of a property expo in Islamabad, adding that the business community of Islamabad was ready to provide all-out help to ABAD in this regard.
