Real Estate was treated as a gold mine in Lahore during the first 6 months of 2016. Opportunists as well as the seasoned campaigners made their lot by stretching hand in Real Estate Lahore industry. But later half of the year 2016 was very dismal and gloomy for the people associated with this dynamic and ever growing industry. Implementation of Capital Gain Tax, Capital Value Tax & Stamp Duties in Federal Budget 2014-15 really kicked the growth back and left the investors at loss. Industry pundits are still hopeful that despite all taxes drawback this industry will gain its lost prime form again. However, nobody is sure about how much time is required to get this industry rehabilitated.
According to Zameen.com investment has been increased in residential as well as commercial property during the recent past. It is also said that the major reason of this pleasant and positive change is that Govt gave handsome relief in tax against bricks and crushed stone, moreover Govt has cut off the customer duty up to 10% on the import of construction machinery. Construction and property industries are directly proportional to each other. So far it is taken as a phenomenal action taken by the Govt to make this industry revived again.
Countless estate agencies turned into construction companies are now giving benefits to their clients as well as earning a good living for their own selves.
CPEC and Gawadar hype has resulted with the decrement in artificial price hikes in local property rate soaring tendencies. It is further coupled with the setting of property price bar at realistic level which is at reasonably affordable point for general buyer. Question of affordability has been diminished to some extent due to a recent set of aforementioned actions taken by Govt which are being considered as milestones on the road of revival of Real Estate industry.
It further leads towards a slow but gradual growth in Real Estate. Recent studies show that 2 per cent growth has been reported in total GDP due to current revival in real estate plus construction industry. Real Estate can play a vital role in economic revival as well as in revolutionizing the living standard of Pakistan, if it is taken well care of by the authorities. It is need of the hour to be gone extra mile in order to make this industry flourished again which is very much in the benefit of the people associated with it as well as for the country economic growth.
The sooner Real Estate’s importance will be realized the quicker economic wheel of the country would start spinning at high pace. However in this term everyone has to play his due role for a collective benefit.
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