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...

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 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...

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...

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...

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...

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.

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 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. 

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 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 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...

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...

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...

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...

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 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.

The cooperation between China and Pakistan regarding the development of China Pakistan Economic Corridor (CPEC) has begun as the first bulk cargo arrived at Gawadar Seaport. This bulk Cargo is carrying wheat and urea of Afghanistan transit trade according to a news resource. According to Minister of Railways Sheikh Rashid Ahmad, the government is working on ML 1 Project. This project is going to serve as an inexpensive transport for cargo and it will impact the 70% of Pakistan’s papula...

There was an important notice announced on 1st of june for all the stakeholders of capital smart city stakeholders by the developers “Future Developments Holding” FDH.According to the notice, all the ones whose bookings of plots and villas started on 1st of January are required to submit the due confirmation amount and the due installments before 6the of June. The notice also mentioned the buyers who have booked 3.5 marla plots or units in villa apartments that they have to deposit the con...

The federal Government is about to impose luxury tax on Large homes and farmhouses that are located in federal Capital. This Tax is expected to be ranging from PKR 100,000 to PKR 200,000 for houses and PKR 25 to PKR 80 per square feet for farmhouses.This tax will be recovered by Excise and Taxation Department. Furthermore, it has been decided that homes owned by widows will be exempted from the proposed luxury tax. The final decision on this matter is not yet taken if approved by the feder...