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ISLAMABAD:  National Accountability Bureau (NAB) Chairman Justice (retd) Javed Iqbal on Tuesday directed strict action against housing societies and cooperative housing societies that failed to hand over plots despite receiving payments. The directives came during a meeting presided over by the NAB chairman at NAB Lahore. Also Read: NAB vows to protect interests...
ISLAMABAD: A two-member bench of the Islamabad High Court (IHC) upheld an earlier verdict rendered by its single bench, terming the acquisition of land for a government employees housing scheme illegal, applying the principle of “you cannot rob Paul to pay Peter”. Terming acquisition of land for the Federal Government...
KARACHI: Around Rs20 billion worth of properties owned by Pakistanis have been sold in a city of a Middle East country since June 2018. The property owners of Pakistan in the city have started selling their properties with minimal prices as the operation against allegedly illegal money has beefed up...
KARACHI: Housing finance by banks increased by 16.2 per cent during FY17 but the number of borrowers declined indicating the rising finance costs in the country. The State Bank’s latest report on housing finance by banks and development finance institutions (DFIs) showed that the total outstanding amount of housing finance...
Rawalpindi: The Rawalpindi Development Authority while declaring Capital Smart City’s extension at Chakri Road, Rawalpindi illegal has referred its case to FIA for investigation. Jamshaid Aftab, Director Metropolitan Planning and Traffic Engineering (MP&TE), RDA told this scribe that Capital Smart City’s extension at Chakri Road, Rawalpindi is not an approved...
Rawalpindi: Rawalpindi Development Authority (RDA) has declared four housing scheme illegal on Chakri road, Rawalpindi and directed owners to stop illegal advertisements and developments. Jamshaid Aftab, director, Metropolitan Planning and Traffic Engineering (MP&TE), RDA declared illegal advertisements by the four illegal housing schemes. RDA under section Punjab Private Housing schemes...
KARACHI: The revenue authority has documented black money worth around Rs223 billion through investments in immovable properties by people who took advantage of the immunity granted under the income tax law, officials said. The money was whitened between December 2016 and June 2018. The government on December 2, 2016 through...
ISLAMABAD: The tax contribution by Pakistan’s booming realty sector, where most of the untaxed money is parked, stood at only Rs23 billion or less than 0.1% of the size of national economy in the previous fiscal year. To tackle such challenges posed by a weak tax administration and a culture...
Islamabad: Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry has called upon the government to reduce heavy taxes on real estate sector so that this important sector could play effective role in the economic development of the country. He was addressing a delegation of Islamabad Estate Agents Association...
KARACHI: State Bank of Pakistan has initiated policy for financing of low-cost housing with the support and suggestions of stakeholders of this sector. “In order to address this issue, State Bank in consultation with relevant stakeholders, has developed a policy for promotion of low-cost housing finance in Pakistan,” said the...

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Asad: between rock and a hard place

The beleaguered Finance Minister gets no respite. He is constantly in the line of fire; at times under friendly fire as well. He puts...