RAWALPINDI: Adil Nawaz Bhatti, the General Secretary of the Real Estate Consultants Association (RECA), has expressed concern over the decisions made under the pressure of the International Monetary Fund (IMF), warning that they will have severe and irreversible consequences for the real estate sector.
In a press release, Bhatti highlighted the challenges faced by the sector, emphasizing the need for the government to involve the business community in the decision-making process.
According to Bhatti, the real estate sector has been grappling with difficulties for years, with capital flight being a major issue.
He further noted that investors are now rapidly moving abroad, exacerbating the situation. The decisions made under IMF pressure are expected to worsen the already dire state of the industry.
Bhatti stressed the importance of introducing incentives for the real estate sector, as well as involving stakeholders in the consultation process.
He warned that any additional taxes would be strongly opposed by realtors, emphasizing that they would not remain silent this time.
To address the challenges faced by the sector, Bhatti proposed regulating the industry and granting it the status of a regular industry.
Besides, he also suggested implementing the Real Estate Regulatory Authority Act to help streamline operations.
Source: The News