ProPropertyNewsReal Estate Builders and Developers Calls for Package to Attract Foreign Investment

Real Estate Builders and Developers Calls for Package to Attract Foreign Investment

ISLAMABAD: Real estate builders and developers have called upon Finance Minister Ishaq Dar to introduce a comprehensive package in the upcoming budget that will attract foreign investment and implement stringent measures to eliminate cartels.

During a meeting with the finance minister, a delegation from the Association of Builders and Developers of Pakistan (ABAD) presented its budget proposals for the fiscal year 2023-24.

The meeting was attended by Special Assistant on Revenue Tariq Pasha, Reforms and Resource Mobilisation Commission (RRMC) member Ashfaq Tola, FBR chairman Asim Ahmed, and senior officers.

A source familiar with the meeting revealed that the association emphasized the need to remove regulatory duties on iron and tiles in the forthcoming budget.

They argued that the elimination of this duty would lead to a significant reduction of approximately Rs. 25,000 per tonne in steel prices, resulting in a corresponding decrease in tile prices.

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During the meeting, the association also raised concerns about cartelization, particularly in the cement, iron, and tiles industries.

The finance minister assured the delegation that the vacant positions in the Competition Commission of Pakistan would be filled soon to address these complaints and other related issues.

One of the major demands put forth by the association was to introduce incentives for overseas Pakistanis to channel their dollar investments through banking channels into the real estate sector.

According to the source, the finance minister expressed willingness to consider this proposal in the upcoming budget, highlighting an allocation of 25% for overseas Pakistanis in each real estate sector.

Source: DAWN


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