The federal government, through the Prime Minister’s Task Force for the Development of the Housing Sector, has finalized a series of proposals aimed at revitalizing the housing market. These proposals focus on increasing employment opportunities, simplifying property transactions, and attracting more investments into the sector.
Key Proposals to Boost the Housing Sector
- Non-Filers Allowed to Buy Property: The government proposes allowing non-filers to purchase properties worth up to Rs. 10 million, broadening the pool of potential buyers in the market.
- Tax Reduction on Property Sales: The tax under section 236C for selling properties may be reduced from 3 percent to 1.5 percent. In some cases, this could even be lowered from 4 percent to 2 percent.
- Tax Reduction on Property Purchases: The tax under section 236K for purchasing properties could be reduced from 3 percent to 0.5 percent. This would help lower the cumulative tax rate on property transactions, which currently ranges between 11-14 percent.
Facilitating Overseas Pakistanis
To make property transactions easier for overseas Pakistanis, the government has proposed allowing them to register online with the National Database and Registration Authority (NADRA) for property purchases.
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Further Recommendations for Transparency
Additionally, the task force has suggested that property worth up to Rs. 50 million be included in the wealth statements of filers, aiming to increase transparency in the property sector.
