The government has prepared a relief package for the property and housing sector aimed at taking advantage of the public.
The package devised by the Ministry of Housing’s 11 members Task Force includes significant tax revisions and recommendations to revive the sector, Express News reported.
Task Force’s proposal, presented to Prime Minister Shehbaz Sharif, suggests several measures to support the sector.
Among the most important recommendations is to allow the construction of three-story houses that offer full tax exemptions for first-time home buyers and reduces tax on real estate transaction.
The Task Force has also recommended to lower the property sales tax from 4% to 2%, reducing the buyer’s tax from 4% to 0.5% and eliminating federal excise duties on real estate transactions.
In addition, the proposal includes providing housing subsidies to people with low income and offering loans for residential construction with repayment periods from 5 to 20 years.
Prime Minister Sharif has planned a crucial meeting on February 3rd to review the recommendations and make a final decision on the matter.
A few days ago, the Punjab government decided to establish a special planning authority to regulate urban and rural use with the aim of limiting the emergence of illegal housing communities throughout the province.
Chief Minister Punjab Maryam Nawaz chaired a high -level meeting where proposals were reviewed to introduce uniform regulation and regulations of land use for commercial and residential areas.
The plan also focuses on making housing schemes environmentally friendly and pedestrian -friendly and adapted to modern urban standards.
Punjab Special Planning Authority (PSPA) will oversee the zoning of commercial, residential and agricultural land while developing plans for land use.
These plans will be reviewed every four years to ensure sustainable urban growth.
To strengthen the enforcement, each district will have a special selection of land use, led by the Deputy Commissioner, with representation from key providers, including WAPDA, SUI GAS and WASA.
The government is also planning to introduce a digital surveillance system to track and prevent violation of land use in real time.
During the meeting, CM ordered an immediate solution of pending housing sector applications and called for daily status reports on Laorrest’s development plan.
Officials informed her that E-Tendering had resulted in significant cost savings, with 414 development schemes already underway during phase one of the Lahore development plan.
