Property Tax will be calculated on Rental Value instead of Area Property Tax will be calculated on Rental Value instead of Area

Finance Minister of Punjab Makhdoom Hashim Butt announced that the property tax will be calculated on the basis of the rental value of the property rather than the Area. He also mentioned while talking to a news source that the gap between personal use and tenancy in commercial real estate will also be reviewed. While chairing the meeting of the ministerial committee for resource mobilization 2021,22 he also mentioned that amendments in the Punjab Urban Immovable, property tax act 19...

Software Technology Parks to be set up in Faisalabad and Rawalpindi Software Technology Parks to be set up in Faisalabad and Rawalpindi

IT ministry of Pakistan is planning to establish a software technology park in Rawalpindi and Faisalabad. The concern behind this initiative is to promote the IT sector in the region, two MOUs were also signed for setting up these technology parks.This technology park in Faisalabad will be set up at Sitara chemical’s Ali Fatima College of Science and Technology on an area of 19500 square feet.While the technology park in Rawalpindi will be set up at the amazon outlet mall in an area of 440...

Pakistan planning towards clean Energy under CPEC Pakistan planning towards clean Energy under CPEC

CSNR (China Society of Natural Resources) executive secretary Shan Lei has said that climate change in Pakistan can be alleviated through CPEC.Shan lei has also said that Pakistan can easily achieve this target under CPEC through Technology and equipment.She also pointed towards losses along with transmission lines and said that energy structure adjustment is an effective way to solve the problem of energy shortage in Pakistan. The World Bank believes that Pakistan should add 24...

Punjab Government has announced Amnesty Scheme for Private Housing Projects Punjab Government has announced Amnesty Scheme for Private Housing Projects

The Punjab Government has announced future plans to formulate an amnesty scheme for the real Estate Sector under which illegal housing projects build on green areas will be benefitting from the national reconciliation ordinance (NRO).Under this amnesty hundreds of private housing schemes will get relief; all legal processes will be initiated to start the regulation process after small penalties and fines. The ordinance will set up a special commission which will be headed by a retired supreme c...

Commission for Regularization of Irregular Housing Schemes Ordinance 2021 Commission for Regularization of Irregular Housing Schemes Ordinance 2021

The commission is formed to regularize the illegal housing schemes in PunjabOn 9th April Provincial government of Punjab formed a Punjab commission for regularization of irregular housing schemes ordinance 2021. The main purpose of this commission is to regularize private housing schemes and take strict actions against irregular residential projects all across Punjab.A five-member commission will be established for this purpose and the said commission will be beyond the jurisdiction of the...

Islamabad to be added in Top 500 Cities for Global Mayors Challenge 2021 Islamabad to be added in Top 500 Cities for Global Mayors Challenge 2021

Islamabad has been included among the first 500 cities for the global mayor challenge 2021. It is announced by the US-based Bloomberg cities network on the 26th of February.This competition is meant to identify and accelerate the most ambitious ideas developed by these cities to counter the Covid19 pandemic. According to Bloomberg Philanthropies, “it is meant to select 50 ideas from municipalities based upon the criteria of vision, impact, implementation, and transferability. Idea t...

NY Times Listed Lahore in "52 Places to Love in 2021" NY Times Listed Lahore in "52 Places to Love in 2021"

The New York Times published an article lately with the title “52 Places to Love in 2021”. They listed our Lahore on that list. Before the publication of the article, they have asked the suggestions from the people about their favorite sports and other things that kept them delighted and inspired during 2020. In the end, they listed 52 places out of 2000 suggestions that were to convey hope that the world still awaits.Lahore was suggested by a freelance writer named “Haneen Iqbal” a reside...

Overseas Pakistanis to be taxed if not provided exemption certificates Overseas Pakistanis to be taxed if not provided exemption certificates

Federal Board of Revenue (FBR) issued an instruction to the banks regarding the withholding of tax on profit on debt unless overseas Pakistanis produce an exemption certificate under section 159 of the income tax ordinance.According to the details the income tax circular stated that section 159 of the income tax ordinance requires withholding agents to deduct the full amount of tax in case of the taxpayer does not produce tax exemption certificate under section 159(1) of income tax ordinan...

PM Imran Khan Addressed Authorities to Facilitate Investors in Real Estate Construction Sector PM Imran Khan Addressed Authorities to Facilitate Investors in Real Estate Construction Sector

A Great News for Investors out there as PM Imran Khan has directed the Federal Board Of Revenue (FBR) and Other departments to facilitated the NRP (Non-Residential Pakistani) who want to invest in the construction sector of the Country.Pm Imran Khan directed these instructions while presiding a meeting of the National Coordination Committee on Housing, Construction, and Development. He also addressed the issues regarding NOCs and approval procedures in the Real Estate sector to make them...

Technical Proposals for Lahore Master Plan 2050 Technical Proposals for Lahore Master Plan 2050

The final stage of selecting Consultants on Lahore Master Plan 2050 is started. The proposals received from shortlisted candidates for consultants were opened in the latest meeting of LDA’s consultant selection committee.  The meeting was chaired by LDA director General Ahmad Azizi Tarar. Three technical bids got received from three companies named NESPAK, Dar Al Hindsa and Mine Heart. The plan will be prepared according to the expected needs of the city in 2050.

B2B Investment Conference of CPEC to be held on the 25th of November B2B Investment Conference of CPEC to be held on the 25th of November

Board of Investments (BOI) has announced a business to business (B2B) investment conference of China Pakistan Economic Corridor (CPEC) industrial Cooperation on 25th of November. This conference will be held in cooperation with the KPK Board of Investment at a venue in Peshawar. The main purpose of this conference is to create a better link between foreign and local investors. Furthermore, there are plenty of other sectors that will get highlighted in this conference including Mines and Mi...

Etihad Town got LDA approved and Shared its Payment Plan | Dreams Marketing Etihad Town got LDA approved and Shared its Payment Plan | Dreams Marketing

Etihad Town Got LDA Approval and shared its payment plan for residential and commercial plots.Read: Etihad Town LahorePayment Plan | Location and Project Details Etihad Town also features a 5 Star Hotel, Modern Infrastructure, A grand Mosque, underground electricity, and green recreational parks. 

Capital Smart City is Launching Prime Block For Overseas Capital Smart City is Launching Prime Block For Overseas

The administration of Capital smart City  has announced the launch of Prime Block for Overseas which is a smart Community build by Surbana Jurong (A Singaporean Government Owned Consultancy Company).The Above-mentioned block “Prime Block” includes residential plots ranging from 7 Marla to 40 Marlas. Prime Block is situated at the highest point in Capital Smart City Premises featuring all the luxurious Amenities including Waterfront View, Mountain Range, and an 18 Hole Golf Course....

Prime Minister Welcomes all Overseas Pakistanis to invest in Pakistan’s Real Estate Sector Prime Minister Welcomes all Overseas Pakistanis to invest in Pakistan’s Real Estate Sector

Prime Minister Imran Khan invited all overseas Pakistanis to invest in the Country’s Real Estate Sector, specifically Ravi Riverfront Urban Development (PRUD) and other Real Estate Projects of Lahore and Karachi.Imran Khan invited all these overseas to invest in Pakistan’s Real Estate while chairing a meeting of national coordination committee (NCC) on housing, construction, and development. He also added that the Government will facilitate all these investors.He also mentioned that these h...

The SBP introducing NRP Account for Overseas The SBP introducing NRP Account for Overseas

The State Bank of Pakistan is all set to introduce a separate account category called “NRP Rupee Value Account” for Overseas Pakistanis, who want to invest in Pakistan.This account category will facilitate all the overseas Pakistanis or residents of Pakistan who have their assets in different countries to make an investment in Government Bonds issued in foreign currencies. Using this one can also invest in residential and commercial real estate and Pakistan Stock Exchange by commercial ban...

PM Imran Khan Instructed the Authorities to Establish RERA PM Imran Khan Instructed the Authorities to Establish RERA

Prime Minister Imran Khan instructed the Authorities to Establish Real Estate Regulatory Authority (RERA) in the country. He advised the concerned authorities over a meeting of the National Coordination Committee of Housing, Construction and Development.Furthermore, he also instructed the provincial chief secretaries to submit a roadmap for one window facility and online approvals of permits within one week. This Roadmap will include the process of fee payment and the operations of all dep...

New Agreements Regarding BRI related Development between Pakistan and China New Agreements Regarding BRI related Development between Pakistan and China

According to an international publication, new agreements between China and Pakistan have been made which revived the developments under the belt & initiative (BRI) in Pakistan. Furthermore, that publication also added that in last month Pakistan has signed some other projects with china worth USD 11 Billion under this initiative.According to World Bank estimate, China has initiated many projects under BRI initiative from 2013 to this day worth of USD 575 Billion worldwide. These Proje...

Realtors asked Government to make RERA Operational As Soon As Possible Realtors asked Government to make RERA Operational As Soon As Possible

A delegation of Realtors demanded that the Government should make the Real Estate Regulatory Authority functional as soon as Possible while talking to the media. They also demanded to give Industry Status to Real Estate Sector.They also mentioned while talking to the media that its been 10 years now since the work started on making RERA operational but not finalized yet. The Realtors further explained that the Tax reduction had been announced specifically at federal level while the...

Punjab Excise department announced Installment facility to Property Taxpayers Punjab Excise department announced Installment facility to Property Taxpayers

The Punjab Excise and Taxation Department is all set to offer Installment Facility to property tax payers. This decision is taken keeping in view the Coronavirus situation and its effects on the Country’s Economy. The PT1 notices to officiate the development, will be issued in two installments cycle.This decision was taken in a meeting in a high-level meeting that was chaired by Punjab Secretary Excise Ahmad Bilal. In this meeting it is also decided to Withdraw all the surcharge late payme...

The Paris Club Nations suspended the debts of Pakistan The Paris Club Nations suspended the debts of Pakistan

The Paris Club Nations suspended the debt payments of Pakistan as a part of debt relief deal. According to G20, they agreed to freeze all the debt payments of poor countries to cope up with COVID 19.Pakistan recently had asked the G20 for debt relief with the commitment to avoid further non occasional loans. Pakistan owes about 20.7 Billion Dollars to the members of G20.

Recent Properties