ICCI calls upon govt to address issues of Real Estate sector

ISLAMABAD: Khalid Iqbal Malik, President, Islamabad Chamber of Commerce and Industry (ICCI) on Thursday said that real estate sector was playing an important role in the economic development of the country, but was facing problems due to imposition of new taxes. He called upon the government to look into the issues of realtors to facilitate the growth of this important sector. 
He was addressing a delegation of Islamabad Estate Agents Association (IEAA) that visited ICCI led by its President Rana Muhammad Arshad. Group Chairman Abid Khan, Senior Vice President Fakhar uz Zaman, Vice President Uzair Baloch, General Secretary Zulqarnain Abbasi and executive committee members of IEAA were also in the delegation.
Khalid Iqbal Malik said that business of thousands of people was associated with real estate sector but steps like imposition of new taxes and new method of property valuation have put this sector into slump.
He said due to this situation, many investors were leaving real estate sector and cautioned that if government did not address its issues on urgent basis, unemployment would further grow in the country. Khalid Malik Senior Vice President and Tahir Ayub Vice President ICCI assured the IEAA delegation that Chamber would raise their issues at all relevant forums and would play its role for redress of their problems.
Speaking at the occasion, Rana Muhammad Arshad, President, Islamabad Estate Agents Association highlighted various issues being faced by real estate sector business community. He stressed that two percent Capital Value Tax (CVT) should be received on the property price determined by federal board of revenue (FBR) and not on covered areas basis. -NNI