LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has urged the Federal Finance Minister Ishaq Dar and Chief Minister Punjab Shahbaz Sharif to save the real estate sector that is on the verge of collapse because of heavy taxation and unfavorable rules and regulations of the government.
While talking to a delegation of real estate sector, the LCCI Vice President Muhammad Nasir Hameed Khan said that Federal Finance Minister and Chief Minister Punjab should take immediate notice of the situation as crisis of real estate sector is also hitting the more than 50 affiliated industries hard.
“Government should well aware of the fact that heavy taxation on the real estate is nothing else but to bring this important under immense pressure. Heavy taxation is not doing any service to the national economy as property prices are stilling on the rising side, job opportunities are reducing and capital flight is being witnessed”, Nasir Hameed Khan added.
While elaborating the point, he said that an average transaction in real estate sector of the country adds approximately one per cent to the price of property. He said that after levying huge taxes and imposition of new rules, the same transaction will add approximately two per cent to the value of property. Its mean that despite slow down in the real estate sector, the prices of property will continue to rise.
The LCCI Vice President suggested that real estate sector should be declared as an industry that would help it play decisive role in promotion of economic activities.
