Incentive package for public in real estate, housing sectors

Islamabad: The government has designed a package of incentives for the public in the real estate and housing sector.

The 11-member task force of the Ministry of Housing has formulated recommendations, under which a package of incentives has been prepared for the public in the real estate and housing sector.

The government has decided to review the taxes imposed in the property and housing sector during the last budget and a comprehensive plan has been formulated for the revival of this sector. The recommendations of the 11-member task force in this regard have been presented to Prime Minister Shehbaz Sharif.

The Prime Minister has called an important meeting on February 3 to decide on the recommendations.

He has been recommended to allow the construction of three floors for residential houses, as well as to provide complete tax exemption for buying a house for the first time.

It has been recommended to reduce the tax on the sale of property from 4% to 2%, reduce the tax on the buyer from 4% to 0.5%, eliminate the federal excise duty on the purchase and sale of property, and provide housing subsidies to low-income people for housing.

Prime Minister has also been recommended to provide loans for a period of 5-20 years for the construction of houses.