TwinCities Builders and Developers asked Government to revise their policies and increment for Immoveable Property

Business News

AAA Associates held a conference of the realtors and builder’s community today, at the Head Office of AAA Associates Phase 7, Bahria Town, Islamabad. The conference was conducted to discuss the new real estate policies, and immovable property valuations implemented by Government. Propertiers and builders from the twin cities participated in it. The meeting was presided by Chairman AAA Associates Sheikh Fawad Bashir. Chairman Federation of Realtor’s Pakistan Musarat Ejaz Khan and the Vice Chairman of the Federation of Realtor’s Pakistan  Mr Najeeb Gul Abbasi were the chief guests of the session. MD AAA Associates Lt. Col. Shahzad Ali Kiani (r) was also presented at the conference.

The session was attended by the Executive Member of the RCCI, Sardar Tanveer Sarwar, Active Member Federation of Realtors Malik Habib, and Mr Mubashir Hayat, Chaudhry Mushtaq, Naveed Kayani, Zafar Chaudhry, Munawar Shaikh Tayyab, Raja Zahid, Chaudhry Qaiser, Professor Tariq, Waseem Kayani, Daniyal Khan, and Babar Dar.

In a recent move, the government has massively increased the valuation rates of immovable properties between 100 to 600 percent and in some cases up to 1000 percent depending on residential and commercial areas in Islamabad, Rawalpindi. The session discussed the implications of this drastic increase in the valuation rates on the Real Estate Industry. The participants unanimously expressed strong reservations on these rates, considering them unjustified and impractical. They will prove fatal for the currently booming real estate sector and It will put the industry on a halt. Therefore, the session agreed on a justified and practicable valuation rate that, while offering a high revenue to the government, should be practical and implementable to the industry. The Association will forward the proposed rate table to the RTO for consideration and implementation.

In the end, the Chairman AAA Associates Sheikh Fawad Bashir thanked all the guests for their participation. He highlighted the need for unified action by all builders and realtors in order to enable sustainable development in the sector and continued congenial relationships with the regulating agencies and the government.

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