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ISLAMABAD: Property owners in the capital have seen an unprecedented 200pc hike in property tax with little time to pay the charges. The Metropolitan Corporation Islamabad (MCI) approved the increase in property tax last December, making it applicable from July 1, but tensions between the MCI and Capital Development Authority...
ISLAMABAD:  The federal government has decided to establish a Real Estate Regulatory Authority (RERA) to manage the affairs of real estate with an appellate tribunal to settle the disputes of the concerned sector. The real estate agents will have to register with the authority for the sale of plots, houses or...
ISLAMABAD:  The cabinet, which is scheduled to meet on Tuesday, is likely to give the go-ahead to the Ministry of Housing and Works for the award of Rs5-billion interest-free loan disbursement contract to a single bidder under the low-cost housing scheme. The Ministry of Housing has approached the cabinet, seeking its...
KARACHI:  Recent heavy rains that lashed Karachi exposed not only several deficiencies in the infrastructure of the city but also highlighted incompetency in the management of those responsible to maintain and uplift the infrastructure. productivity Although the population of Karachi in the latest census was estimated at 14.9 million, unofficial sources and...
ISLAMABAD: The government on Tuesday further increased property valuation rates by an average of over 30% for 20 major cities of the country, bringing them to 85% of the market prices aimed at collecting additional Rs40 billion from people in new fiscal year. For certain areas of Karachi, the rates have...
Prime Minister Imran Khan last week launched the Naya Pakistan Housing Project (NPHP) with 18,500 houses and apartments for the low-income group in Islamabad. The land for the scheme has been provided by a major private developer who will also build 10,000 units through its pocket. The cost of...
ISLAMABAD: Prime Minister Imran Khan on Thursday laid the foundation of a mega project to build 18,500 housing units mainly for the low-income group as part of his government’s dream to construct five million houses across the country. Addressing the ceremony, the prime minister said, “Out of 18,500 units to be...
LAHORE:  The federal budget for fiscal year 2019-20 has dragged the realty sector of Pakistan into a depressing mode, at least for now. Markets are eagerly anticipating the revised rates of land, to be announced by the Federal Board of Revenue (FBR), which will determine the future of this sector following...
KARACHI: The government has lifted the moratorium on the purchase of property worth over Rs5 million by non-filers of tax returns but has closed the window of legalising black money through investment in real estate in order to welcome only genuine buyers. “The previous government had imposed a restriction on the...
KARACHI: The dream of cheap housing in the country may remain only a dream as the interest rate hikes have undermined the low-cost housing programme. Financial institutions are charging as high as 15-18 per cent interest on housing loans despite low-rate supply of liquidity from the World Bank through a...

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Current account update

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