Real estate sector always plays really important role in grooming and development of economy. After getting status of industry real estate sector got unprecedented attention from investors in Pakistan. People from real estate sector considered it a good step towards revival of economy. By passing ordinance in April 2020, Government of Pakistan recognized real estate sector as an industry. Main objective behind this step was to open economy amidst corona pandemic and generate jobs especially for daily wagers.
In July 2020, Government has further approved investment of Rs 400 billion specifically for real estate sector in last quarter of ongoing fiscal year. PM Imran khan has established NCC (National coordination committee) for housing, development and construction to ensure smooth working of projects related to real estate and construction in the country. Real estate investors claim that current developments, will benefit both buyer and seller. Because of reduction in cost, real estate sector will seek attention of more people than ever before.
Minister of information Shibli Faraz stated in a presser that development and construction sector can give kickstart to economy and benefit people belonging from middle class. He further added that prime minister always strives hard to benefit people with low income. He said that during NCC meeting, it was decided to invite foreign investors in construction and real estate industry.
On the other hand, Stakeholders from real estate industry are also cooperating with government to devise productive strategies. They appreciated launch of Naya Pakistan Housing scheme by the government and said that these schemes will help to overcome the increasing number of homeless people in the country. Naya Pakistan Housing scheme is one of the flagship schemes of government with main goal of providing shelter to homeless people at very low and affordable cost.
As whole world is going through pandemic and IMF has provided relaxation to countries in their tax returns. This time is ideal to devise instant strategies and boost economy. Government is using real state sector as a tool to take maximum advantage of this relaxation provided for a short time. If devised and implemented properly, these strategies are surely going to help Pakistan in future.
Accurate representation of current situation.
Excellent analysis 👍