THE BENEFITS FOR INVESTORS
FAST-TRACK APPROVALS AND GRANTS
There are attractive benefits for the investors who put their valuable stake in the new skyline of Islamabad. The Federal Housing Authority offers a 10 percent discount on full payment. And the authority will approve the building plans after the payment of the first installment. Mian Rizwan, Director Planning Federal Government Housing Authority, stated that the project is initiated to create ease for business and kick-start the construction activities on a faster mode. Thereby, the investors will be permitted to start construction if they undergo 50% payment before 31st Dec 2020. And hence the bidders will be able to take full advantage of the amnesty scheme. Once the bid is accepted, the bidders will enjoy a 5% rebate if they make a 75% remaining payment within 20 days.
The investors have also been given the advantage of 100 percent Ground Coverage if they buy a plot that is sized less than 1000 square yards. Moreover, the plots the size of which is more than 1000 square yards will be given 50 to 70 percent Ground Coverage. Also, the Federal Housing Authority has committed to make it all a speedy process be it the grants of approvals about the plans, designs, or other related matters.
THE EXCITING SCENARIO IN THE REAL ESTATE INDUSTRY
Since the moment the Federal Government has announced amnesty schemes and relief packages worth Rs. 100 billion, the construction and the real estate industry of the country has performed beyond expectations. Statistics released by the Federal Bureau of Revenue (FBR) have stated that over 127 projects in the real estate sector have been registered so far with the tax department as utilization of the relief package and Amnesty Scheme. These projects worth Rs. 63 billion and the figures are anticipated to reach Rs. 400 billion till the end of the year 2020.
The figures are so encouraging that they have created positive vibes for the investors. Not only from Pakistan but investors around the globe have taken great interest in the real estate industry of Pakistan. A report by the State Bank of Pakistan (SBP) stated that during the year 2019-2020, over $21 billion remittances have been received by the country.
Pakistan has the 6th largest diaspora comprising of 8.5 million Pakistanis who work in different countries over the globe. The recent initiative of the Federal Housing Authority has attracted overseas Pakistanis to avail investment opportunities and tax exemption schemes as the market is stable and gainful like never before. Credit to the government. The timely realization of the potential of the real estate and the construction industry has resulted in the flexible policing that impacted the real prosperity of the country. However, much is yet to achieve.