Business community demands industry status for real estate sector

Islamabad, January 16, 2020 (PPI-OT): Tahir Abbasi, Senior Vice President, Islamabad Chamber of Commerce and Industry said that real estate sector has great potential to grow and revive the struggling economy, but it was facing multiple problems due to tax measures and other unfavourable factors. He called upon the government to accord industry status to real estate sector and address its key issues so that it could play more effective role in the economic development of the country.

He said this while addressing a meeting of ICCI Real Estate Committee held at Chamber House under the chair of Ch. Masood, Convener. Ch. Nadeem ud Din, Ashfaq Chatha, Aslam Khokhar, Khalid Chaudhry, Naveed Malik, Sheikh Abdul Waheed, Ch. Irfan, Rana Istikhar, Ali Hassan, Khalid Rashid, Ch. Abdul Ghafoor, Ch. Zia and others were present at the occasion.

Tahir Abbasi said that growth of around 70 allied industries was associated with real estate sector and its better growth would not only accelerate industrial activities, it would also create plenty of new jobs. He stressed that government should pay high attention to the better development of this important sector for generating more economic activities. He assured that the representatives of FBR, CDA and Housing Foundation would be invited to ICCI to discuss the major issues of real sector with them for redress.

Speaking at the occasion, Ch. Masood, Convener, ICCI Real Estate Sector Committee said that due to government policies and FBR interventions, the business activities in real estate sector have come to a standstill. He said that due to slump in construction activities, unemployment was rising. He appealed to Shabbar Zaidi, Chairman FBR to take measures for resolving the tax related issues of real estate sector on top priority basis.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk