Real Estate trends in Pakistan have always witnessed a state of flux in terms of mega-infrastructure projects. However, the recent Corona Virus lockdown in Pakistan has affected all sectors and industries in the country. A large number of companies have started downsizing their employment, leading to a greater unemployment rate in recent times. However, the real estate trends in Pakistan in Covid19 exhibit a completely different picture.
Pakistani real estate trends suggest that the buying and selling of real estate in the country is currently on the rise. A large number of investors are pouring in their investments in various real estate housing societies, and job opportunities are being created. This seems to be a paradoxical aspect of the covid19 economy, but it is true that a smart lockdown has allowed the government to decrease taxes on real estate.
This article includes the details of Covid19 in Pakistan and its impacts on the real estate sector of the country.
Covid19 in Pakistan and Policies of Imran Khan
At the outset of Covid19 lockdown, PM Imran Khan had advocated a smart lockdown in which the economy of Pakistan would be saved from collapsing. This policy has benefitted the country in a massive way, and real estate trends in Pakistan are proof. After a few weeks of lockdown, the Prime Minister announced a number of incentives and tax cuts for the real estate sector. These reforms in Pakistani real estate were meant to provide an impetus to growth and investments.
After a few days, the benefits of these new policies were evident. The real estate buying and selling witnessed a massive increase with people gaining trust in the government. Projects such as Blue World City and Capital Smart City Islamabad became the first ones to see a massive rise in investments coming in from all over the country. In addition to this, the overseas Pakistanis also started to pour in their investments in the country, facilitating development and growth.
Real Estate Trends in Pakistan’s Federal Budget 2020-2021
The Federal Budget of Pakistan was introduced on 12th June by Hammad Azhar, Finance Minister of Pakistan. This budget was specially targeted to provide the real estate trends in Pakistan with a major boost. This was an unprecedented move by the government to uplift the overall real estate investments and to allow housing societies to grow and develop in the upcoming year.
Numerous provisions for the real estate sector have been added to the Federal Budget of Pakistan 2020. The most important one is the introduction of the Real Estate Investment Trust Scheme that has removed taxes on the profits made through all immovable real estate properties. Furthermore, PM Imran Khan also allocated a special budget for the Naya Pakistan Housing Project. This project is also expected to provide the low-income citizens of the country with affordable yet luxury housing options.
Covid19 and Real Estate Housing Schemes in Pakistan
After the Covid19 crisis had impacted almost all aspects of our economy, the real estate housing societies were the first ones to contribute to the relief initiatives. For instance, the CEO of Blue World City Islamabad Saad Nazir announced donation of PKR 2 Crore for the Corona Relief Fund. In addition to this, Blue World City Islamabad also offered the government to be a part of the Naya Pakistan Housing Scheme introduced by PM Imran Khan.
Blue World City has recently introduced a number of affordable 3.5 Marla plot bookings as well. This was done specifically to target the low-income and neglected communities of Pakistan. Citizens with less than PKR 1 Lac rupees can book their plots in Blue World City Islamabad, and payoff easy installments according to a convenient installment plan.
Therefore, the vision of PM Imran Khan and Blue World City as a housing society matched from the very beginning. Similarly, a large number of real estate housing societies have also started working on a range of projects, providing support to the economy. Job opportunities have started to grow and multiply. Projects such as Rawalpindi Ring Road, PWD Underpass, and Rawal Dam interchange are on their way to add value to Islamabad’s real estate. Hence, a bright future for real estate trends in Pakistan is envisaged even during this covid19 crisis.
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