Call for focusing on real estate sector to improve the economy

  • March 16, 2020

Tahir Abbasi, Senior Vice President, Islamabad Chamber of Commerce and Industry (ICCI) said that the growth of over 40 allied industries relied on the growth of real estate sector and added that government should focus on the better development of this important sector that would help in reviving the economy. He said this while exchanging views with Sardar Tahir Mehmood, President, Federation of Realtors Pakistan during a meeting with him. Ch. Masood, Ch. Abdul Ruaf, Muhammad Naveed Malik, Aslam Khokhar, Shakeel Munir, Ch. Nadeem, Malik Najeeb and Rashid Tufail were also present at the occasion.

Tahir Abbasi said that real estate sector played vital role in the economic development of country and stressed that government should rationalize taxes on it to facilitate its better growth. He said that development of real estate sector would create plenty of new jobs, reduce unemployment & poverty and help the economy to accelerate its growth. He emphasized that government should create conducive environment for real estate sector that would contribute positively in turning around the economy as well.

Speaking at the occasion, Sardar Tahir Mehmood, President, Federation of Realtors Pakistan said that priority focus on housing sector would steer the economy out of current challenges. He said that they were giving budget proposals of real estate sector to the government that would help broaden the tax base and reduce deficit. He said that Federation of Realtors Pakistan would be reorganized across the country in consultation with stakeholders. He urged that government should focus on skills development of youth, good governance and inclusion of middle class in the growth process. He said that for sustainable development of the economy, it was necessary that government should bring reforms in agriculture sector and set limits to holding of properties in cities. He reaffirmed that efforts would be made to resolve the key issues of realtors in collaboration with ICCI.