Karachi: Construction activities at over 500 high-rise buildings and development projects all over the country were halted last month when the pandemic made its way to Pakistan. Meanwhile, the construction activities in Sindh have yet to resume the standard operating procedures (SOPs) that have not been finalised, builders claimed.
The government has announced a new scheme amid tax resulting in allowing wealthy people and overseas Pakistani to invest in real estate with undeclared money. The second offered by the incumbent government in less than a year, only allows builders and developers of housing societies and projects to avail economic incentives of direct and indirect taxes. The duration of completion of the project is 2.5 years for availing the incentives.
There will be no inquiry regarding the source of unexplained income individuals builders who will invest in an eligible project, or any amount invested by the stakeholders or partner of the builder or land transfer.
The indirect beneficiaries of the package are related industries of cement, iron and steel, woodworks, goods transport. The capital gains tax is exempted from the sales of constructed residential property with a maximum land area of 500 sq yard and 4,000 square feet in case of a flat.
After Eid the construction sector will rise as the coronavirus pandemic would settle down by then, the sector’s representative hopes.
In Punjab, most of the plants are operational and reopened. The per-day cement sales, which had dropped to 25,000 tonnes per day from 135,000-140,000 tonnes per day prior to COVID-19 lockdown, have now returned to 115,000 tonnes a day.
In Punjab Imarat Builders various projects have also sped up and are near to the completion. This will resume the chances of investors investing in projects like office and shop rentals. 50 percent of construction workers and labor are currently involved in wheat harvesting in Sindh and Punjab and are likely to return to these projects after Eid.
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