Mohsin Sheikhani, Chairman Association of Builders and Developers of Pakistan (ABAD) on Monday dispelled the impression of supporting new immovable property valuation mechanism.
He said that ABAD had opposed this mechanism because it was impossible to collect accurate property rates across the country within a very short period and requested the authorities concerned to defer its implementation till next federal budget.
He said that construction activities were almost come to a halt and no new investments had been parked in this sector since the implementation of new valuation rulings, due to flight of capital.
Moreover, he said that the governments in other countries were providing maximum relief to the construction industries as it could provide better and affordable housing to the citizen. However, the government departments either federal or provincial are creating hurdles for the construction industry in Pakistan, he maintained.
He further apprised that as per central bank statistics, housing shortage had been surged to 8.8 million units whereas only 0. 4 million units were being added annually against the demand. He also urged the authority concerned to rectify the housing policy in order to provide maximum relief not only to the sector but also to the citizens.
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