LCCI Urges Government Action for Real Estate Sector Revival

The Lahore Chamber of Commerce and Industry (LCCI) has issued an urgent plea to the government to intervene and rescue the struggling real estate sector. At a recent seminar focusing on the real estate business, taxes, potential, and the way forward, LCCI President Kashif Anwar emphasized the critical importance of safeguarding the real estate industry through favorable policies and a lenient taxation system. Anwar highlighted that the sector plays a vital role in the economy, attracting local investors, expatriates, and overseas Pakistanis.

Several key figures including Dr. Kamran Fazal, Muhammad Akber, and Major (retd) Muhammad Rafiq Hasrat echoed Anwar's sentiments, stressing the need for actionable suggestions to be submitted to the LCCI for inclusion in budget proposals. Anwar underscored the necessity of providing relief to the real estate sector, which supports 72 associated industries. He raised concerns over excessive taxation hindering business sustainability and advocated for streamlined documentation processes to foster growth rather than closures.

Dr. Fazal highlighted the decline in property transfers due to elevated advance tax rates, impacting government revenue. He called for measures to restore confidence among overseas Pakistanis, proposing tax incentives for investments in construction to stimulate economic activity. The participants recommended the implementation of low-cost housing projects, tax exemptions for builders, and the establishment of tax-free zones to attract foreign investors.

Major Hasrat emphasized the need for a stable policy framework for the real estate sector over a 3 to 5-year period and the activation of the Real Estate Trade Regulatory Authority. The stakeholders advocated for simplified tax structures, declaration schemes for undeclared capital, stringent oversight of housing schemes, and timely plot allocations by societies.

In conclusion, the LCCI and industry experts underscored the urgency of government intervention to alleviate the crisis in the real estate sector, emphasizing the sector's significance as a major job provider and economic driver.