Urgent Reforms Needed in Pakistan’s Construction Sector to Align with Climate GoalsIslamabad – Industry experts and policymakers have emphasized the need for immediate reforms in Pakistan’s construction sector to ensure alignment with climate change goals. They advocate for tax incentives promoting sustainable construction practices and stricter regulations for industries failing to meet environmental standards. These insights were shared during a recent webinar organized by the Sustainabl...

Punjab Chief Minister (CM) Maryam Nawaz Sharif chaired a special meeting to review the latest developments in the 3-Marla Free Plot Scheme and the provision of housing loans to beneficiaries. This initiative aims to provide affordable housing solutions to low-income families across Punjab.Revamping Housing Projects Across 19 DistrictsDuring the meeting, CM Maryam Nawaz directed the authorities to revitalize and enhance 23 existing housing schemes under the Punjab Housing and Town Planning...

The Government of Pakistan has finalized plans to launch the Real Estate Regulatory Authority (RERA) to enhance transparency, curb tax evasion, and regulate unauthorized transactions in the real estate sector.According to reports, the new regulatory framework will introduce strict penalties for violations, including fines of up to PKR 1 million and prison sentences of up to three years.Key Provisions of the New Real Estate Regulations:·      Unregistered real est...

The Punjab Government has allocated PKR 40 billion for multiple development projects across Lahore, further strengthening the city’s infrastructure and urban growth. This decision was made during a meeting on February 20, focusing on ongoing and upcoming development initiatives.Major Developments in Housing & Real EstateThe government’s flagship housing initiative, “Apni Chhat Apna Ghar,” is making remarkable progress, with 80 houses completed within four months. Additionally, a reco...

Islamabad’s Property Rules Under Debate Amid IMF ScrutinyThe federal government is currently deliberating a proposal that could allow property purchases of up to PKR 10 million without requiring buyers to disclose their source of funds. This proposal has stirred up considerable debate just as Pakistan prepares for a critical International Monetary Fund (IMF) review mission, expected to take place by late February or early March.Speaking to the press at the Parliament House, Finance Minist...

Punjab Chief Minister Maryam Nawaz Sharif Unveils Major Housing and Economic InitiativesPunjab Chief Minister Maryam Nawaz Sharif has announced groundbreaking initiatives to address the province's housing and economic challenges, including raising the loan limit under the Apni Chhat, Apna Ghar Scheme to PKR 2 million and the construction of 500,000 housing units over the next five years. This ambitious plan aims to provide affordable housing solutions and boost economic growth across Punja...

The second day of the 18th Build Asia International Conference and Exhibition at Expo Centre Karachi brought together leading experts from Pakistan's real estate, construction, and financial sectors. The event served as a platform to discuss the pressing challenges and untapped opportunities within the country's real estate industry. Central themes included the need for sustainable policies, stronger governance, and stricter regulatory frameworks to drive sectoral growth.The Shift Towards...

The Federal Board of Revenue (FBR) has set an ambitious revenue collection target of PKR 12.97 trillion for the fiscal year 2024-25. In a recent meeting chaired by Finance Minister Muhammad Aurangzeb, the FBR outlined its strategy to achieve this milestone through digitization, operational reforms, and advanced data analytics.Key Highlights of the Strategy·      Digitization and Automation: The FBR plans to implement advanced data analytics and automate tax proce...

The Khyber Pakhtunkhwa (KP) government has officially launched the Interest-Free Ehsaas Loan Scheme, a groundbreaking initiative to support small businesses and individuals aspiring to build homes. This program is part of the government’s ongoing efforts to foster economic growth, create new business opportunities, and alleviate poverty across the province. Details of the Ehsaas Loan SchemeA detailed review meeting regarding the scheme was recently held at the Civil Secretariat, chaire...

The Central Business District (CBD) Punjab has launched "Axis," a premium 20-kanal retail space in Lahore’s Quaid District, as announced on their official Facebook page on October 25, 2024. This high-traffic location is ideal for businesses aiming for enhanced brand visibility and customer reach in Lahore’s rapidly growing commercial sector.With a 1:6 Floor Area Ratio (FAR), Axis is designed to support large-scale business operations. Priced at PKR 32 crore per kanal, it reflects Lahore’s ongoin...

On October 15, it was reported that Modern Ceramics Sanitary Ware (Pvt) Limited, a leading Chinese company, plans to invest over PKR 8 billion in Punjab's industrial sector. This significant investment was confirmed during a meeting between the company's delegation and key officials from the Punjab Board of Investment and Trade (PBIT) held at the PBIT headquarters.The meeting, attended by PBIT Chairman Muntaha Ashraf, CEO Suhail Saleem, and Board Member Ahmad Ali Tariq, focused on finalizi...

Islamabad, October 4 – The Capital Development Authority (CDA) has wrapped up its three-day auction of 13 prime commercial plots, raising an impressive PKR 16.641 billion, according to recent reports. The event, held at the prestigious Gandhara Citizen Club, witnessed strong investor interest, culminating in a successful final day with the sale of 7 commercial plots, generating PKR 4.206 billion alone.CDA Chairman Muhammad Ali Randhawa visited the auction site on the last day to address in...

In a recent move by the Federal Board of Revenue (FBR), the category of non-filers is set to be eliminated as part of a new initiative aimed at improving tax compliance in Pakistan, according to a news update from September 25. These changes are expected to significantly impact the real estate market and other sectors.The FBR, in collaboration with the law ministry, is working on drafting an ordinance to implement these reforms. Under the new regulations, five major restrictions will be im...

The Punjab government is exploring the introduction of a new property tax targeting residential properties measuring 5 Marla and above, as reported on September 3.According to sources, the Punjab Excise and Taxation Department has been tasked with compiling a comprehensive list of all residential properties in the province by October 2024. The proposed tax will be applied to houses sized 5 marlas or larger, with the tax rate based on the property's assessed value. Homes valued above PKR 50...

The Lahore Development Authority (LDA) has made a significant stride in modernizing its operations by launching an online system for the submission and approval of residential building plans. This initiative, reported on August 16, is part of LDA's continuous efforts to enhance citizen services and streamline urban development processes.As of now, the LDA Citizen Facilitation Centre, also known as the One Window Cell, is accepting residential building plans through its newly launched onlin...

In a significant move to bolster foreign investment and enhance US-Pakistan relations, Pakistani Ambassador to the US, Rizwan Saeed Sheikh, visited the Central Business District (CBD) Punjab. Accompanied by prominent business figure Tahir Javed, the delegation was warmly received by the CEO of CBD Punjab, Imran Amin.The delegation was provided with a comprehensive briefing on the ongoing and planned projects under the CBD Punjab initiative. Key officials, including COO CBD Punjab Brigadier...

In a significant milestone for urban development, the Central Business District Punjab (CBD Punjab) officially handed over possession of Plot #4 and Plot #5 in Lahore Prime CBD Punjab Quaid District to the Pakistan Consortium Company Fund (PCC). The ceremony, reported on July 8, marked a pivotal moment in the region's development.The event saw the presence of prominent PCC members, including CEO Imran Amin and Chairman Barrister Syed Azfar Ali Nasir. CEO Imran Amin highlighted the strategi...

The Punjab Assembly has approved the budget for the financial year 2024-25, offering significant benefits for property owners. One of the key highlights is the exemption of residential properties valued up to PKR 5 million from property tax, effective from July 1 onwards.Presented by Provincial Finance Minister Mian Mujtaba Shuja ur Rehman and presided over by Speaker Malik Muhammad Ahmad Khan, the budget was passed alongside the Finance Bill. This is the first annual budget for the curren...

In a landmark decision, the Punjab Assembly has passed the budget for the fiscal year 2024-25, ushering in significant changes for property owners across the province. Effective July 1, residential properties valued up to PKR 5 million will be exempt from property tax.Chaired by Speaker Malik Muhammad Ahmad Khan, the session saw Provincial Finance Minister Mian Mujtaba Shuja ur Rehman present the Finance Bill, which outlines these pivotal adjustments. Under this new framework, commercial p...

Punjab Chief Minister Maryam Nawaz has given the go-ahead for a significant development initiative in Lahore, according to recent reports dated June 2. In the project's first phase, development will commence across six zones in Lahore over the next ten months, with an estimated budget exceeding 74 billion rupees. Additionally, CM Maryam Nawaz inaugurated the Nawaz Sharif Information Technology (IT) City project, which spans 853 acres and will benefit from a ten-year tax exemption. This...