Association of Builders and Developers of Pakistan (ABAD) has threatened to suspend all construction activities for indefinite period, if the new valuation rulings imposed on immoveable property is not deferred for one year. Speaking at a press conference held at ABAD House here, chairman Mohsin Sheikhani said that if the new valuation rulings imposed on immoveable property is not deferred for one year, ABAD would not only suspend all construction activities besides filing lawsuit against it.
He also rejected the increase in betterment charges imposed by the Sindh Building Control Authority (SBCA) and demanded to withdraw the same on immediate basis. Senior Vice Chairman ABAD Muhammad Hassan Bakshi, Chairman Southern Region ABAD Muhammad Ayub, Sohail Warind, Abdul Majeed Adhia and Anwar Gagai were also present.
Mohsin Sheikhani said that more than 60 percent construction activities, involving over Rs 100 billion had come to a halt due to double property valuation mechanism and if this valuation mechanism was not deferred till next budget, ABAD would have no option but to stop their projects and knock the doors of court to get relief in this regard.
He said that no system could be imposed overnight and urged to give relief to the stakeholders to adopt new system and replace with 63 years old DC Valuation mechanism. He further said that House Building Finance Company Limited (HBFCL) had suspended approving loans for houses having valuation of more than Rs 1.5 million and loan has been limited to Rs 1.275 million.
He termed the decision of the HBFCL as biased and politically motivated as almost all money with the company was being directed towards a particular province. He demanded that all citizens of the country have right to avail the loan facility of financing by the HBFCL without any discrimination and rejected this biased decision of the HBFCL. Regarding the increase in the betterment charges by the SBCA, Mohsin said that SBCA had imposed unbearable betterment charges and it was being levied on those projects, which had already paid development charges. He said that the SBCA was not a development authority and had no right to levy development charges.
Mohsin Sheikhani said corruption had marred all sectors of the economy especially the construction sector, which had to pay almost 7 percent of the cost of the project as bribe. Replying to a question regarding gas connections for the residential projects, he said that the SSGC was not giving new gas connections to the societies developed and built by the builders despite the court order. He condemned the terrorists attack on a police training center in Quetta, in which more than 60 under-training police officials were martyred and more than 130 injured.
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