Cooperative societies: Punjab chief minister urged to drop one-year ban on house sale

The residents of co-operative housing societies and those associated with property business in these societies have urged Punjab Chief Minister Shahbaz Sharif to drop a one-year ban on sale of house or plot in these housing societies.
Chaudhry Abdur Rehman, Sheikh Muhammad Aslam, and Asim Fayyaz told a press conference at the Lahore Press Club on Monday that there were 142 such societies throughout the province and such a decision would deprive the government from revenue of billions per annum.
They claimed that the government would deprive of revenue, which it could earn in shape of receiving the capital value tax (CVT) on sale and transfer of any plot or house. They said that builders, who had built houses in these housing societies, could not sell their houses for one-year thus not starting new projects also causing labour-attached with this trade jobless.
They said many of the allottees wanted to sell their plots for marriages of their daughters or meet their any emergency need but this decision had caused them a severe mental tension. They said this decision would also discourage investors in the real estate and encourage the trend of investment in foreign countries instead.