The government has prepared a help package for the real estate and housing sector aimed at benefiting the public.
The package, devised by the 11 -members working group of the Ministry of Housing, includes fiscal reviews and significant tax recommendations to revitalize the sector, said Express News.
The proposals of the working group, presented to Prime Minister Shehbaz Sharif, suggest several measures to support the sector.
Among the key recommendations are the construction of three -story houses, offering complete tax exemptions for housing buyers for the first time and reducing taxes to property transactions.
The working group has also recommended to reduce the tax for the sale of properties from 4% to 2%, reduce the buyer tax from 4% to 0.5% and eliminate federal special tariffs in property transactions.
In addition, the proposal includes providing housing subsidies for low -income people and offering loans for housing construction with reimbursement periods ranging from 5 to 20 years.
Prime Minister Sharif has scheduled a crucial meeting on February 3 to review the recommendations and make a final decision on the matter.
A few days ago, the Punjab government decided to establish a special planning authority to regulate the use of urban and rural land, with the aim of curbing the emergence of illegal housing societies throughout the province.
Prime Minister Punjab Maryam Nawaz presided over a high -level meeting where the proposals were reviewed to introduce uniform regulations for zoning and use of the land for commercial and residential areas.
The plan also focuses on making environmental and friendly housing for pedestrian housing, aligning with modern urban standards.
The Punjab Special Planning Authority (PSPA) will supervise the zoning of commercial, residential and agricultural land, while developing plans for the use of the district land.
These plans will be reviewed every four years to guarantee sustainable urban growth.
To strengthen the application, each district will have a Special Committee for the Use of the Earth, headed by the Deputy Commissioner, with representation of key service providers, including Wapda, Sui Gas and Wasa.
The government also plans to introduce a digital monitoring system to track and prevent land use violations in real time.
During the meeting, the CM ordered an immediate resolution of the pending applications of the housing sector and requested reports of daily progress on the Lahore development plan.
The authorities informed him that E-Tendering had resulted in significant cost savings, with 414 development schemes already undergoing under phase one of the Lahore development plan.
