The government of Pakistan has announced a reduction in tax on the real estate market. The real estate-related professionals have expressed their views on it.
Usman Sarwar, 40, a property dealer, said: “The downfall of the real estate was due to taxes. The market is uncertain at this time. The government, unlike in the previous few years, has taken initiative and announced a reduction in tax burden. This will improve the property market.”
Reported in The Tribune, the government has announced the abolition of the 3% federal excise duty on the first sale of the property after July 2025.
Chaudhary Asif, 35, a property dealer, said: “The real estate sector has already been doing good for the past two months. The government tax reduction is a big relief, and it would be beneficial for the real estate sector. The next few years would be great for the real estate sector if things keep going like this.”
Saad Salman, 26, a real estate developer, said: “The previous few years were not good for the real estate sector. The government policies and the economic condition of the country played a major part. But now the market is doing good and with such policies by the government, the real estate sector will once again reach its peak.”
He also said, “If the real estate sector grows, there are many businesses related to this sector that will also grow, and this will be beneficial for the overall economic growth of the country.”
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