Islamabad : Pakistan ‘s business community is facing bad times for the last couple of years and real estate sector leaders believe that the government’s indifference towards businesses’ slow days is adding to the woes of the real sector .
Israrul Haq Mashwani, who is Secretary Information of Islamabad Real Estate Agents Association and chairman of the committee which deals with CDA to resolve issues confronted with business community of Islamabad, believes that forward looking policies and conducive environment is must to win back confidence of investors to reactivate trading activities in the real estate sector.
Like other businessmen , Israrul Haq Mashwani calls for business friendly government policies to pull Pakistan’s real estate sector out of the current crisis-like situation. NEWSMAN ‘s senior team interviewed Israrul Haq Mashwani on teething issues being faced by the real estate sector. Israrul Haq Mashwani spoke out his mind in the interview . He said burden of high transitional taxes is main reason of slow down of the real sector .
He noted that the real estate agents do not demand any undue concessions from the government , but it wants that the authorities should review unnecessary taxation imposed on the real estate in the last budget .
He said Islamabad Real Estate Agents Association has proposed the Federal Board of Revenue (FBR) to rationalise transitional taxes in the budget imposed on the real estate sector . He said the real estate sector has proposed the authorities to reduce tax of Section 236 K to 0.5 % and 236 C to 1 % , besides deleting FED on the real estate transactions altogether.
Israrul Haq Mashwani argued that high taxes imposed on the real estate sector in the last budget has turned this important sector into ‘No -Go -Area’ for the investors. He added that the real estate sector serves as a catalyst to revive economy of any country and its slow down has worsened economic situation in Pakistan.
He said the economic situation in Pakistan can improve only by rationalising tax regime for the real estate sector. He clarified that the real estate agents do not demand any concession in gain tax applicable on property transactions. Israrul Haq added that the real estate agents are demanding setting up of a regulatory authority for long to regulate the real estate sector .
He claimed that setting up of the regulatory authority for the real sector will protect the interest of all the stakeholders of the real estate sector , besides ending the culture of frauds in this important sector. He argued that setting up of the regulatory body for the real estate sector will provide protection to the real estate agents and they will be providing services to their clients with more confidence.
Israrul Haq said property tycoons are defrauding innocent Pakistanis through fake allotments of plots and once regulatory authority for the real estate sector comes into function these frauds will come to end once for all.
On the issue of working relationship between CDA and the business community of Islamabad , Israrul Haq Mashwani said CDA is the most corrupt institution as its officials only think to make ill-gotton money . He claimed that CDA top bosses always ignore proposals of the business community of Islamabad and this mindset is adding to the problems of the residents of Islamabad.