Pakistan’s real estate sector has the potential to push the country into the list of first world nations. The country not only can become the Asian economic tiger within a few years but also the world economic power. The government only has to bring a paradigm shift in its economic policies, especially its policies with regard to the real estate sector. At least 250 industries, directly or indirectly, are associated with real estate and construction sectors. Singapore pushed up its GDP by launching sprawling housing projects and the Gulf Arab nations have adopted the same method. In a desert country like Dubai, it has successfully pushed its property value equal to the New York’s Manhattan district. Pakistan offers tremendous opportunities for local and foreign investors in tourism, hospitality and industrial sectors. The northern side of the country can become hub of tourism in the world if security is improved, investors are given tax holidays and the local population is involved in the business. After the construction of economic corridor, the region has also come to limelight in the world. The federal and provincial governments are required to launch mega infrastructural projects to give easy access to mountainous and far flung areas in the north.
The government has recently slashed property valuation rates by up to 57 percent for six major cities of the country which is a good decision for investors. When it could not stop corruption and money laundering in the country, why the government had made it difficult to invest in the property sector. If corruption is there, black money is also there and let it find a place within the country rather than allowing it to fly to other countries. The reason behind the stories of Panama papers, offshore companies and Swiss bank accounts is imprudent investment polices within the country. The income tax ordinance, Customs act, and dozens of other laws are devised in a way to stop corruption, but every ordinance, act and law is ignored when it is challenged by a powerful member of the elite class. Those who want to follow the laws are discouraged and those who break the laws are free to do anything of their choice. Now the policymakers have at last come to conclusion to change the policy which allows capital flight. It is hoped the new policy will encourage investment in the real estate sector of the country.
