ICCI seeks facilities for real estate sector

Islamabad Chamber of Commerce and Industry President Muhammad Ahmed Waheed Monday urged the government for taking policy measures to create conducive environment for real estate sector so that it could play more effective role in the economic development of the country.

Addressing a delegation of Islamabad Estate Agents Association (IEAA) that visited ICCI led by its President Sardar Tahir, Ahmad Waheed said that real estate sector has the potential to drive the growth of economy. Ahmed Waheed said that real estate sector played vital role in promoting business activities, economic growth, provide employment opportunities and poverty reduction. He asked the government for rationalizing taxes on this sector for its better growth.

He said that the growth of over 50 ancillary industries including cement, steel, brick, timber and building material was associated with real estate sector and creating an enabling environment for growth of all allied industries.

He informed the delegation that ICCI has got a stay order from Islamabad High Court against the 300 percent increase in property tax by MCI and said that business community could now deposit property tax on old rates till the court's decision in this case.

He assured the delegation that ICCI would fully cooperate with IEAA in its efforts for resolving the issues of real estate sector. Speaking on the occasion, Sardar Tahir, President, Islamabad Estate Agents Association highlighted the key issues of his sector.

He said that IEAA in cooperation with ICCI had got approved the valuation rates of commercial property from the FBR and vowed that they would also resolve other major issues of this sector with the support of ICCI. He said that government should focus on promoting the real estate sector and formulate conducive policies for it so that this sector could make useful contributions towards stabilizing the economy.

He thanked ICCI for getting stay order from IHC against increase in property tax that provided relief to property holders. Tahir Abbasi, Senior Vice President, Saifur Rahman Khan Vice President ICCI and others also spoke at the occasion and urged the government to finalize fixed tax scheme for real estate sector in consultation with all stakeholders that would be acceptable for all. Other representatives of IEAA were also present on the occasion.