Lahoris are ready for apartment living – if only the real estate agents would let them do it
In a speech to parliament in 2016, current prime minister and then opposition member Imran Khan defended his possession of an apartment in London. This was the height of the Panamanian newspapers, and discussed were the different apartments and flats that they had or did not own Prime Minister Nawaz Sharif. During the speech, Imran Khan mentioned an anecdote in which, when he bought his own London apartment in the 1990s, he told Mian Nawaz about it at a social gathering. Curious about this, Mian Nawaz asked what a marquee was, and Khan diligently explained that it was the top floor of a building. To this, Mian Nawaz quite seriously asked what Imran Khan would do if a tornado occurred and the upper apartment was blown up in it.
The little story got bipartisan laughter from the house, but what it also did was say something about the Lahori obsession with land ownership, and the resulting reluctance to housing and vertical growth. Karachi is still the largest city in Pakistan, but by some means, the larger metropolitan area of Lahore can now be almost equal in size, if not already a bit larger. However, for most of its history, the residents of Lahore have avoided the notion of vertical expansion of the size of their city, making it difficult to find housing in the city.
This was largely attributed to the “Punjabi mindset” of wanting to own the land under your feet. And while that has been a seemingly reasonable cultural explanation for a long time, another explanation is that so far Lahoris have probably never needed to depend on housing. With a smaller population and no need for mass labor, Lahore was a metropolis that mostly kept in its residential areas either cramped but flat enclaves or large suburban living conditions in its more posh places. But as the city expands rapidly, Lahoris will have to get used to housing.
However, in recent years there has been a movement toward this, and several real estate developers are investing in the construction of residential houses in the city. And indeed, some of them have become quite advanced: it is now possible to buy a $ 1 million apartment in Lahore, at least as much as listed prices on Feeta.pk. And although all of this sounds very promising, there are major setbacks due to how the regulation of apartment buildings in Lahore works.
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The most famous Dams in Pakistan
Dams are mostly built across flowing waterways to regulate flood control, produce hydroelectricity, and absorb food, and power from the locals. Most barrages lead to the establishment of silent lakes with some 150 dams in Pakistan, much of which in Punjab and Khyber Pakhtunkhwa, where the Indus River and streams run all throughout mountains south to the Arabian Sea. So there is no shortage of barrages.
Dams highlight potential lakes, which have become popular recreational locations for residents, with several parents having picnics by the lake and engaging in water sports mostly on the lake’s surface. Today, we’ll look for some of the most well-known dams that were erected in Pakistan so over years, and also the recreational opportunities they can provide residents.
Here is a list of famous dams in Pakistan
The construction of the Tarbela Dam began in 1968 but was finished in 1976. Tarbela Dam is among Pakistan’s largest dams. And also has the distinction of becoming the largest global earth-filled dam. With a height of 143.26 meters and a length of 2,743.2 meters, it built this amazing dam on the Indus River. The dam has a storage capacity of 13.69 cubic kilometers.
The dam was built mainly for the reasons of producing hydroelectricity and irrigation. For energy production, the Tarbela Dam has a capacity of 4888 Megawatts. This is Pakistan’s largest hydroelectric dam, producing about 70% of the total electricity generation. One of Pakistan’s largest hydroelectric dams is the Tarbela Dam. Islamabad, Pakistan’s capital, is only a two-hour drive from Tarbela Dam. Tarbela Dam is among Pakistan’s best-known dams, and locals consider it to be the best picnic spot in the country. Swimming, boating, and fishing also are activities all that engage in.
Mangla Dam is currently the second dam. It is in Azad Jammu and Kashmir’s Mirpur District. The Mangla Dam project began in 1961 and was finished in 1967. It is indeed far more than a supply of energy. This one has a significant part in the Indus Waters Basement Treaty, a bilateral arrangement between Pakistan and India. With a height of 147 meters and a length of 3140 meters, the bridge was built on the Jhelum River. This has a 7.39 million acre-foot water holding capacity (M.A.F).
This dam was initially constructed to pump energy, but then it was later upgraded to provide hydropower electricity. It has an electricity generation capacity of 1,150 megawatts. Mangla Structure was constructed on Mangla Lake, which is about a 2-hour drive from Islamabad and a 4-hour drive from Lahore. Mangla Dam is among the most popular picnic spots within the area. Fishing, swimming, rowing, boating, and jet skiing are some activities it participates in. Mangla Dam is considered one of Pakistan’s largest hydroelectric dams.
Mirani Dam is located in Balochistan, upon on Dasht River, toward the south of the Central Makran Range. The development of the Mirani Dam began in 2002 and was finished in July 2006. The dam was built to give water to the cities of Gwadar port and Turbat. It has a height of 127 feet and a length of 3,080 feet. It has a water storage capacity of 302,000 acre-feet. Mirani Dam is one of Balochistan’s largest dams. In Balochistan, there are nearly 29 dams, however, Mirani Dam is among the most well-known.
Warsak Dam, a water reservoir constructed on the Kabul River, may well be reached by driving 20 kilometers beyond Peshawar. The structure was constructed in 2 stages, one of which was completed in 1960 and the second of which was completed in the 1980s, with additional electricity-generating abilities. This boosts the dam’s total size by about 240 megawatts, with intentions to expand it to 525 megawatts in the future. Locals visit the spot for boating and fishing excursions, and there is a motel on-site for overnight stays. However, you first must get authorization from WAPDA before visiting the region.
Hub Dam is 56 kilometers from Karachi and sits on the Sindh-Balochistan boundary. It is established just on Hub River, which would be a major source of drinking water in Karachi. The development of the hub dam initiated in 1963 and lasted nearly 20 years to finish. The project was built in 1981, and the government released this to the public. The dam was created for water irrigation and also has a storage capacity of 857000 acre-ft (0.847742 km3). At a cost of Rs 1191.806 million, this was the first dam constructed.
Namal Dam is near Rikhi, a village throughout the Namal Valley, 32 kilometers from Mianwali in Pakistan’s Punjab. The British government developed Namal Lake, with a surface of 5.5 km2, in 1913. We can see the view of beautiful mountains from the dam’s southern and western sides. The city’s agricultural areas lie mostly on the east and north edges.
The dam’s primary purpose was to supply irrigation for the region’s farmlands, but it is also a favorite vacation destination for locals. Birdwatchers flock to the area because the migratory birds and boaters explore options here too. Namal Lake is among four tourist destinations in Punjab that’ve been chosen for future development, attracting more residents and visitors.
Since 1962, the Rawal Dam, one of Pakistan’s water reservoirs, provides supplied water to the twin cities of Islamabad and Rawalpindi. It collects water from the Margalla Hills’ Mastering River and other small streams. Rawal Lake, including the Margalla Hills, is just a popular tourist destination, having a lovely park lake with lush trees, walkways, and picnic areas. The park’s tallest mountain provides a stunning view of Rawal Lake, the Margalla Hills, and also the dual cities. Diving, sailing, boating, swimming, and water skating just are a few of the things that specialized tours can organize. The Islamabad Club, which really is close by, offers a wide range of water sports activities on the lake regularly. Many species of birds, animals, and reptiles call this region home, and birdwatchers visit frequently Rawal Dam to see native birds. The lake is also a great place to go fishing, with roughly 15 distinct species in its waters.
Gomal Zam Dam
The Gomal Zam Dam is in Pakistan’s Khyber Pakhtunkhwa, inside the South Waziristan Tribal District. The Gomal River, a branch of the Indus River, is dammed at Khajuri Kach, rendering it one of Pakistan’s greatest strategically significant dams. We constructed the dam for irrigation, power generation, and food production. Construction began in 2001 but was completed in 2011. With a storage capability of 1,140,000 acre-feet, Gomal zam is among Pakistan’s top power stations (1.41 km3).
Having two x 8.7 turbines, a height of 437 feet (133 meters), and just a length of 758 feet (231 meters), Gomal Dam is among the most famous six tourist destinations. That’s a 0.5-kilometer-long roller-compacted concrete hydroelectric dam. Locals come to the dam for fishing and picnics alongside their groups. When it comes to considering Pakistan’s hydroelectric dams, the Gomal zam dam is by far the most powerful, providing 17.4 units of power.
Khanpur Dam is in Pakistan’s Khyber Pakhtunkhwa, in the Haripur district. It was developed on the Haro River in 1983 to regulate the river flow. The dam created Khanpur Lake, which supplies drinking water to Islamabad, Pakistan’s capital, and Rawalpindi. Including its lovely blue water beaches, Khanpur Lake attracts all tourists and locals. The fact that this really provides irrigation to Attock, Rawalpindi, Lahore, and Haripur makes this one of Pakistan’s best-known dams. This dam cost Rs. 1,385.10 million to build and took 15 years to complete. Khanpur is indeed a rock-fill dam that is 51 meters high (167 ft). Boating, zip-lining, glamping, hiking, fishing, cliff jumping, waterskiing, and kayaking were all important attractions at this dam.
Neelum Jhelum Dam
The Neelum–Jhelum Dam was completed primarily and provided hydropower to Azad Jammu and Kashmir. Water from the Neelum River was diverted to a power grid on the Jhelum River, culminating in this yet another dam that collects water from one river and discharges it into the other. The dam, which has a capacity of 970 megawatts, started building in 2008 and also was officially opened in 2018. Few people have seen the dam’s reservoir as it is still relatively new, but tourism is expected to increase continue in the early years.
USAID is supporting the development of the Satpara Dam, a multipurpose water and power facility on the outskirts of Skardu City in Gilgit-Baltistan, close to the Chinese and Indian borders. The dam, powerhouse teams 1 and 2, as well as the development of powerhouses 3 and 4 and mainly two preparing the budget drainage systems, are all funded by USAID. The Satpara Dam is projected to provide 17.6 megawatts of power-generating ability to a local power grid, enough just to power around 40,000 households. The dams will also help prevent flooding in the area, store water for irrigation, as well as provide 3.1 million gallons of water per day for domestic use.
Although this dam on its own, and also the realization that storage level has been increased by 2.5 meters to 106 meters since about Friday from 103.5 meters, is favorable for the province’s water-stressed farm workers, the water the reservoir stores only at moment could be of immediate benefit to farmers so because irrigation department has still yet to develop the dam’s sufficient mass. It means that farmers who depend on rainwater to irrigate their land will have to wait a bit longer. Whenever the irrigation ministry assumes control of the dam, it plans to develop the command area by laying watercourses on property that the Sindh government intends to distribute to landowners.
The Sabakzai Dam, lying in Balochistan’s southern district, directs the amount of the Zhob River. The structure was constructed between 2004 and 2007, helping in the watering of local lands and providing a much-needed relaxation area for the community.
So now you have it: the top 13 dams in Pakistan which provide water for irrigation, hydropower, and food. In fact, it has played an important role in promoting tourism in Pakistan. We’ve already provided you with basic significant knowledge on dams, like the fact that Pakistan has 150 total dams. Dams are needed for water storage and electricity generation, as experts predict there will be a global water scarcity by 2025. Pakistan is also an agricultural country, and in this difficult era, we need resources to grow. We hope you will find this information to be interesting.
Watch this space for more information on that. Stay tuned to Feeta Blog for the latest updates about Architrcture, Lifestyle and Interior Design.
Bank Al Habib buys Centrepoint from TPL Properties for nearly $50 million
On May 17, TPL Properties and Bank Al Habib said they had successfully completed the sale and transaction of the TPL’s main “Centrepoint” project, which is located on the Shaheed-e-Millat highway near KPT Road, Karachi. the creation – it is a consequence of the earlier notice the company sent to PSX on August 20, 2020, in which Bank Al Habib said it had decided to buy the building.
TPL Properties is the property arm of TPL Corp Ltd., a technology conglomerate that today focuses on automotive, fire, life and health insurance, real estate development and security services. TPL Properties Limited was incorporated in Pakistan as a private limited company in February 2007. Later in 2016, the company changed its status from a private limited company to a public limited company.
Center point incidentally is, quite literally, the center of TPL’s ambitions. This is one of the biggest developments in the real estate sector of Pakistan. Some facts about the building: the 28-story Centrepoint, 385 feet high, and was built on 26,226 square feet of land. It has 197,810 square feet of rentable space, with offices on 17 floors (from the 11th floor to the 24th, and the 26th and 27th floors).
The building is considered a major TPL property project and was built accordingly, with facilities such as a built-in IT infrastructure, international safety and fire safety standards, nine floors of dedicated parking, and an internal independent power generation unit. The high, which according to TPL was intended for a “luxury company”, also has a health club, a swimming pool and a café.
Here’s the problem: the company managed to share information with the cafeteria, not the actual valuation and sale price.
For more information on the real estate sector of the country, keep reading Feeta Blog.
Impact of COVID-19 on the real estate industry of Pakistan
The COVID-19 pandemic is currently a truly global phenomenon, with more than 100 million people across the world staying home or trying to do so if their way of life allows them. The short-term human and economic impact have been undeniable since people who can wait to work at home have closed their offices, shops and production positions have also closed.
The level of economic uncertainty can be said to be at its highest point, with the trajectory of the recovery challenging to forecast. Although there has not been a joint response at the global level, individual countries are taking the necessary measures to cope with these challenging times.
Before the virus shook the world, the real estate sector in Pakistan had forecasted a significant growth of 4% during 2020; however, this forecast will be delayed.
In real estate, we can see that the contingency is accelerating some trends, while others may eventually reverse. At the digital level, the search for properties has decreased by 40% in the most critical portals around the world; however, in Pakistan, the drop has only been 34% from January to March, and in April, we see that it begins to stabilize.
Digital portals have become the primary sales channel and the first point of contact when a person is looking for a property for sale or rent. Although the purchase decision is being postponed for the moment, it is essential to note that it is not stopping.
Although the number of searches has decreased, those who perform them are willing to continue with the process. The total of people who are looking for a property and who have followed up with advertisers increased 19.2% in January, 18.2% in February, 16% in March and 17% in the first two weeks of April.
Regarding home income, the information that circulates is that approximately two out of every five contract renewals have been canceled, derived from the lack of work. The Ministry of Labor recorded the loss of roughly 350 thousand jobs since mid-March, and as the pandemic evolves, there is a risk of more layoffs.
The office rental market in Pakistan is also beginning to face a bleak outlook with an increase in the unemployment rate that could reach up to 5%.
Coworking offices are being hit the hardest by the initiative of many companies to make their workforce work from home, and the construction of corporate buildings will face a contraction, at least for the next few months, until the global economy stabilizes.
In addition, retail and shopping centers have also been forced to close. Indeed, their recovery will be slow and long-term since, in addition to the contingency, they face new sales models such as electronic commerce; this is one of the trends that accelerated during the contingency.
In these uncertain times, it is essential to note that although the volume of transactions has decreased, the sale and rental of properties have not stopped; The real estate sector is changing the way of doing business, but not its bottom line and digital tools are the best options to continue moving the market, which from past experiences, we know that once this situation passes, its recovery will be intense.
Factors such as the maintenance of interest rates and accessible terms for financing by banking institutions during the contingency, because it is predicted that these could increase once the situation has normalized and that the authorities have announced economic plans to revitalize the construction sector, they give certainty that the market is not going to stop.
Looking towards China
The nature of the challenge in the world economy forces us first to look at the effects of the coronavirus on the Chinese economy to try to analyze the potential impact on any business area across the globe. After 55 days of quarantine, China’s transportation came to a near-complete halt; hotel occupancy fell by more than 90%. Car sales plummeted 92%, although the number of actual transactions declined only 35% during the months of January and February. At the same time, 55% of residential projects began construction, and 77% of constructions reached completion during this period. Within the Chinese GDP, the real estate industry represents a sectorial weight of 14%. It is fair to say that despite the blockade, activity in this sector of the economy was able to remain low.
Future development of the local market
Undoubtedly, there is more concern about the behavior of the local market in the coming months. It is inevitable that the total stoppage of the tourism industry will have a negative impact on unemployment rates and that a higher level of uncertainty will slow down the first-home market. However, we must highlight the macroeconomic conditions that govern the real estate market to understand that it is only a transitory situation and that the local demand for housing will soon recover, driven by the shortage of supply, the increase in population, and the tourist industry to be recovered. Pakistan leads tourism worldwide. We have great faith in the ability of their companies and local authorities to adapt to new conditions., with the accumulated experience of more than 50 years of innovating in the leisure and travel industry internationally. In addition, it is categorical to understand the behavior of the population of an island towards the real estate market as a generator and guarantee of wealth. The culture and tradition of the inhabitants of Pakistan are to preserve the land that produces crops and to maintain the apartment or store that generates rental income, even if this means making an additional effort for a certain period of time.
A New Era for nature and the environment
This global wake-up call will transform many aspects of life, aspirations and our responsibility to the planet. Pakistan has dedicated, for many years, efforts to protect the environment locally, and its tourism companies, with a presence in many countries and with thousands of employees around the world, have made sustainability at the heart of their business. At the local level, we invest sustainably and responsibly in local actions and consumption. Pakistan has a bright future as a reference to support the local producer, who is now receiving the deserved interest from the country’s population and visitors who appreciate the nature of Pakistan and wish to protect it. This global shift towards health, responsible consumption, and environmental protection will positively affect the Pakistan real estate market. It will become an increasingly determining factor in new projects that already have energy savings and the responsible use of construction materials among their priorities.
Also, if you want to read more informative content about construction and real estate, keep following Feeta Blog, the best property blog in Pakistan.
Property Tax In Pakistan 2020: Latest Property News Updates And Criteria
Less than 1% of Pakistanis pay property tax. This is a bad and risky statistic for a country’s economic well-being.
Most residents in Pakistan do not pay taxes. In return, this weakens our financial and economic situation. There is not enough money for the government to pay for roads, hospitals, education and defense.
In addition, the state needs to rely on foreign sources to raise revenue due to the lack of taxation. This involves loans from other countries and large-scale banks.
Property Tax In Pakistan 2020 – Important Details
You need to have details about the size of the lot and how to know it correctly if you are measuring the tax on your home.
This blog should remove all confusion related to properties in Pakistan 2020.
What is a Property Tax?
In the type of money the owner would pay, the property tax is the amount. The government is collecting the bill. The government is helping taxes. It is used in various fields, e.g. In road construction, increase in the required imports, payment of wages of people, and so on.
The word property applies not only to plots or homes but to all materials you own. Your car, farm, office building and other things on your behalf will be part of concrete help. Pakistan’s current property tax rate is 25% in 2020.
Although it costs to buy some material objects, e.g. To build your houses, raw material costs, labor costs, interiors, floors and others. Many banks in Pakistan lend a home to facilitate the construction of your home.
How You Can Pay Your Taxes
In Pakistan there are three types of property taxes:
- Each province has its own tax department. You must call the local tax department to pay the tax.
- By creating an online asset tax, you can also pay your tax in banks.
- You can change electronically through your online banking systems.
Tax Year of Pakistan
The fiscal year will begin between July 1 and June 30, so the property tax, which began on July 1, 2020, will end on June 30, 2021. Real estate can be contacted for in-depth perspectives. The books offer insights into both industrial and residential.
Property Tax And The Situation In Pakistan
In the third world countries, Pakistan is flourishing and progressing if we are to see it. Now is the time for us to act. The housing tax is not the same for everyone and the more you receive, the more you pay tax. It ensures a balance between the social class of different status. The rate often varies between cities and districts. The taxes are in format and they are charged conveniently by any citizen.
Many citizens do not pay the taxes that do not build such good financial conditions. The administration would not earn adequate funds for financial compensation, health insurance, education, and defense. The government has gone to foreign outlets because of these circumstances. This implies the take-off of high-interest loans from the IMF and other nations.
Important Issues To Consider WRT Property Tax In Pakistan
- There is no distinction between plots and some buildings
- CGT was shortened to 4 years the retention time
- 100% of the capital gains taxed because it is less than one year of the retention period
- 75% of the capital gains tax if the retention period is longer than 1 year but less than 2 years
- If the retention period lasts 2 years but not 3 years, 50% of the capital gains will be taxable
- In which the retention period reaches 3 years, but not 4 years, 25% of capital gains are taxable
- No tax on CGT after four years of tenure
Types Of Property Tax In Pakistan
Capital Gains Tax
You have to give the government a certain amount of money when you buy some land. The Capital Gains Tax is charged at a rate of 2% of the recorded value, in accordance with the Finance Act 2006.
In the current budget, however, the general value-added tax on urban spaces is 2% and the stamp duty rate is 3%. Stamp duty is an amount you pay for the legal records of the property.
Capital Gains Tax
This tax is the inverse of VAT. Capital income tax is a certain amount of money that the seller needs to pay for selling his assets. The tax applies to the income of the seller.
The Pakistan Finance Act 2017 stipulates that capital duty can be imposed only if the property is sold within the first three years of the sale. In addition, annually, tax rates are adjusted.
The tax rate is 10% in the first year, 7.5% in the second year, and the tax limit is 5% in the third year. The seller does not have to pay the capital gains tax in Pakistan after three years.
Capital gains tax and capital gains tax are a combination. The buyer and the seller must share a certain price when an item is sold.
In Pakistan 2018-19, a buyer of the house, which is also an income tax, will pay a 2 percent withholding tax, while a non-advertiser will buy a 45 percent tax. The taxpayer must pay a 2 percent withholding tax.
Will you see the gap between taxpayers and non-registrants in the tax bracket? This huge increase in the tax rate is aimed at ensuring that taxes are made. Similarly, buyers of the property must pay a 1% tax for registrants and 25% for non-registrants.
Which properties are tax-saved?
Any active groups are exempt from the imposition of taxes. The following categories are addressed:
- Houses built on land less than 5 Marla, instead of the category “A” place
- Property cannot operate above the annual rent of PKR. 5211 / –
- A single house with an annual rent of no more than PKR. 6480 / – if the owner’s house is occupied
- The annual deduction of the tax debts of buildings occupied by widows, small orphans and / or the disabled is PKR 12150 / -.
- Housing up to one Canal owned and rented by a former government worker is removed from the ownership of a dwelling house
- Government buildings, such as businesses, districts or cities. buildings maintained by a government or magistrate
- Mosques and other monasteries.
- Urban parks and children’s fields, schools, boards, homes, inns, bookstores and hospitals, buildings and real estate.
- Places rented only to public charities, religious or prescribed.
Regardless of what property you own, one must stand as a responsible person. The conscientious citizen keeps his tax data accurate. The company economy is set up by this action. When we look at the land, people in various private businesses like to buy land and houses.
The values of the property are growing steadily as it is the perfect opportunity to buy. Today’s investment is tomorrow’s investment. Contact Globe Estate & Builders for more information on property news.
Everything You Need To Know About Real Estate Investment In Pakistan
We often hear that real estate investing has a bright future in Pakistan – but sometimes it can cost you a huge fortune in the form of scams and frauds.
We know that in Pakistan real estate and real estate are spreading through many regions. Although each area is distinguished by its investment offerings and options, Karachi, Lahore and Islamabad are the three main cities in the country for real estate.
This article has all the important details about real estate in Pakistan, the investment benefits and factors related to real estate.
What You Need To Consider Before Making A Real Estate Investment In Pakistan
The following things should be considered:
Real Estate Investment Information
Sufficient real estate education is essential for real estate investors. The income from real estate investing needs to be well understood to you. Take a long time to get to understand every aspect of the property. In Pakistan, it is a growing industry and has a fast pace.
The design of a property must be high quality and smooth. It is important to have a realistic awareness of all the current developments in the real estate market in order to keep this unpredictable rate and become a profitable investor.
You can read about real estate for free from too many newspapers. Some mass media are most frequent:
- Real estate YouTube channels
- Real estate books
- Real estate podcasts
- Real estate blogs
- Real estate television programs
Both of these resources are easily accessible and convenient. Take advantage of them and try to learn from them as best you can.
It’s no joke if we conclude that real estate is definitely possible for a lifetime cash flow. You just need a workable approach.
Spend some time planning an integrated plan for your investment in the property before you spend your hard earned money.
Would you like to invest in all kinds of assets or just stay in a niche, for example? Do you want to spend as an exclusive owner or do you want to participate? Would you like to develop your investments locally or would you like to grow your investment in other cities?
Such financial decisions will make or break your investment in your home. You will receive a decent income within a limited period of time if you have a good plan in place.
Select Redeem Properties
The fate of the draw is not to get the best property. For the perfect property, you need to be diligent and polite. Before buying real estate, ask about the land, rates in the area, country styles such as whether to buy in the apartment, house or store, details of facilities and the area.
Above all, make sure that it is accepted by the municipal planning authorities. Check the property carefully to make sure all property papers are accurate and complete, keeping your eyes open for any defects.
Buy Your Property
Once the preliminary research has been completed and your real estate investment options in Pakistan have been limited, it is time to buy your house. Consider all legal aspects and advise reviewing the accompanying transition and sales articles.
Furthermore, remember your plot or home location and construction level. These variables significantly influence how fast property prices rise. Often buy property authorized by the relevant government authority so that in some legal matters you do not miss out on investments.
Things to Consider For A Better Return On Real Estate Investment
Here are some moves you can make to achieve the highest investment speed and return:
Don’t rely on one resource
Don’t rely on just agents or insecure portals to create your buying or selling cost. Browse Zameen.com’s listings for the region of the property to see the latest trend in prices. Also, contact some agents to get the trading pressure and see what prices they offer.
Make sure your property is worth it
It takes some pretext to make this move. Contact one or two agents from the buyer’s point of view and ask for the cost for your preferred home. Call one or two additional agents from the seller’s point of view or ask about pricing. The fair market value is among the listed prices, as the purchase prices are usually higher than the sellers.
Go to the previous stages for token capital
If a contract has been terminated, the buyer collects symbolic money. This is the customer’s promise that the property is purchased and binds all parties to the contract. Sign money is usually a very small percentage of the total value of the land, preferably between 50,000 PKR and 100,000 PKR.
The receipt of a sign includes the full details of the property and shows whether a conflict occurs.
Real estate portfolios do not face sudden changes such as the trading of stocks and bonds. Real estate is also very stable and rates are smoothly priced. This means that failure is less possible internally.
If you want to build your capital smoothly in a risky person, the investment in real estate is right for you.
Try to meet the other party face to face
If you are a buyer or seller, it will help facilitate the process by seeing each other face to face. You will also reliably confirm the ownership status and legal status of the property in this way.
If you are buying a home, make sure the assignment or transfer letter is reviewed by the owner’s NIC.
You may receive many benefits from a house or apartment. You can rent/lease your place, put your room on Airbnb, use it for your own home, and as the cost of the property grows, you can sell it. How incredible is it?
If you are looking for a great investment option in Pakistan, real estate is the ideal alternative for you.
Real estate offers you a reliably strong income. You can earn a monthly return of up to 20% on average. For example, you can sell it for RS.560.000 next month if you buy a property for RS.500.000 without doing anything as well. Staying at home, you get an additional Rs.60,000.
Investors usually earn property tax exemptions. You will, for example, get mortgage interest deductions. This is generally done by politicians to promote additional spending.
The complete ownership of the asset is one of the most significant and desirable factors inland. You will be wholly owned and no one will take your property from you when you buy a house, and you have all the legal rights to it.
You do not have perceptible assets and ownership of other types of investments such as bonds, mutual funds, and vice versa. That said, immobilization helps you rule your land.
Hafeez Shaikh stresses need to incentivise real estate sector
Adviser to Finance Minister Dr Abdul Hafeez Shaikh on Monday stressed the need to encourage the real estate sector to attract investment from the Pakistani diaspora, reported Pakistan.
Presiding over a meeting to analyze the different financial models for “Naya Pakistan Economic Zone next to Islamabad Highway” in Islamabad, the councilor assured of the government’s support to the development of the housing sector as it has the potential to provide employment opportunities to the youth , Radio Pakistan reported.
He ordered the concerned officials to hold another meeting with all relevant stakeholders this week to analyze any financial plans prepared by the Naya Pakistan Housing Association (NPHA) for the above mentioned project.
Earlier, NPHA (r) Lieutenant General Ameer Ali Haider informed the meeting about the general details of the project.
It has been reported that the project will be completed in three to four phases, starting from Faizabad and ending near Rawat.
“The Border Workers Organization is working with NPHA on the feasibility of the project. The aim is to complete the first phase after one year under the public-private partnership regime. Different financial models are being explored for the completion of the project in consultation with the State Bank of Pakistan and Federal Board of Revenue, ”he added.
Private Property Financing Options: Lender’s Guide
Most real estate borrowers run to traditional lending institutions to finance the properties they are looking to buy and sell. Banks, government support housing, and insurance companies are usually the preferred companies for real estate.
However stringent requirements and the long waiting period have become the main obstacles for most borrowers. And, for buyers who are looking to buy a great property, time is of the essence. Alternative financial arrangements aim to stifle these challenges. With fewer rings to skip, real estate investor-borrowers are more than willing to take advantage of unconventional lending options.
If you are an inexperienced real estate investor, I need to get acquainted with other loans, especially if you have outstanding loans from traditional financial companies. Read on to know more about private financing and hard money lending, as well as the pros and cons for investor lender and investor borrower. You read that right. In private financing, the lenders and borrowers can both be considered as investors.
What is private real estate financing?
It takes a lot of money to invest in real estate. As an investor, you can turn to either conventional or alternative lending methods as it suits you best. Private financing is one of the ways you can secure an investment. Often, private financing depends on the relationship between the lender and borrower. Most often, however, private financing for real estate can be in the form of private equity funds.
The main drawback of private financing is its flexibility. It can be used to finance a variety of real estate; from buying rental property to investing in a home, or as additional financing for new real estate construction. Private lenders also usually require fewer documents and a more lenient control and approval process.
What is hard money lending?
As a type of private real estate financing, hard money lending is an alternative financing plan that allows borrowers to use property as a loan guarantee. This means that the property used as collateral can dictate how much the lender can borrow, rather than alternative lenders relying on the borrower’s credit history and other circumstances.
Which leads you to the question; do you get a difficult loan? The truth is that it may not be suitable for anyone. Hard money lending works best for investor borrowers who do not have impressive credit but own valuable property. Placing property as collateral allows a borrower to access loans typically limited to those with impressive credit ratings.
Similarly, a property owner at risk of having property foreclosed may also use this unconventional real estate financial plan.
As with other private financial methods, hard money lending allows investors to participate in the real estate industry even without going through the lengthy processes of buying homes, or keeping and maintaining a property to be included in their investment portfolio.
A private lender must set criteria for qualified borrowers, and like traditional lenders, you may also be turned down for a loan.
What are the benefits and risks of private real estate financing?
Using private money to lend to a real estate borrower comes with its risks and benefits. Below is a list of a few points:
Advantages for the private loan investor
It’s a great way to earn a passive income. You don’t have to go through all the hassle of finding, buying or managing rental properties and other types of real estate. You just need to raise money to lend to the borrower and collect regular payments.
Due to the more lenient approval process, high-risk borrowers are allowed access to additional financing. This means that higher interest rates are imposed on private cash loans compared to traditional lenders. Investors can also enjoy higher returns.
- Who can become a private financial lender?
Being a private financial lender is ideal for the following categories of people:
- A real estate investor who wants to expand their portfolio
- A professional who has a high income career
- An individual who has considerable money reserves
- Emeritus seeking passive income
Generally speaking, anyone who is able to raise good money can lend their private money to borrowers. If you want to become an investor, have someone you can trust, such as a family member, as your first borrower.
However, it is not without its drawbacks. For example, the borrower you have chosen to finance may not be as financially savvy as initially thought. And as a result, you may lose instead of making money.
Additionally, the time and effort you have left to find and maintain real estate should be dedicated to research on real estate investors, and other important factors on the loan process.
Benefits for the private lender
As mentioned, private lenders generally have more lenient examination and approval processes, allowing borrowers to have better access to real estate financing. And, while alternative private financiers have their own criteria for ideal borrowers, they are nevertheless less stringent than others.
- What type of borrowers can take advantage of private financing?
Additionally, a real estate borrower who is planning or in the middle of the following projects looks more attractive to private lenders:
- House fins: If you are a borrower-investor who buys cheap houses and repairs it to resell at a higher price, you will find that private lenders save lives. Conventional lenders usually do not consider outdated properties and require too much time before they can release the money.
- Rental investment investors: Investors who need additional financing to rehabilitate rental property can also access private money. Look for a lender who wants to have a steady stream of passive income.
- Developers: These types of investors-borrowers are looking for useless land where they can build residential or commercial real estate. Because time is money in construction, these types of borrowers may not be willing to waste the lost time and opportunity waiting for monetary release. A private financier is a very tempting proposition.
Risks for the borrower
The only foreseeable risk to taking advantage of private financing is that you may not be able to pay due to the high interest rates. However, if you need money quickly and for emergency purposes, such as when you face foreclosure, it won’t matter much.
Do you have private funding?
Private financing is an alternative way to access finance for your real estate. The smoother and overall faster processing is tempting, but it can literally cost.
If you have a negligible credit record but need money for planned investment, quickly; consider asking lenders for private money.
TRC decides to refine system for valuation of immovable properties
The Tax Reform Commission, led by state revenue minister Hammad Azhar, on Monday decided to refine the system for valuing real estate, speeding up a process of tracking and tracing in the tobacco sector.
This would also include recommended procedures for taxing small entities involved in the retail trade, reports Business Registrar.
The meeting discussed the topic of real estate appraisal and informed the participants that using appraisal tables was a tentative proposal and is not a long-term measure to appraise such real estate.
Moreover, from a review appraisal each time, a constant solution for appraisal of real estate was proposed during the meeting.
And the issue of a link between bank accounts and national tax numbers (NTN) for broadening the tax base was also discussed during the meeting.
Therefore, it was agreed to investigate the likelihood of effectively using the data of the National Database and Government Authority (Nadra) to bring potential people into the tax network.
The meeting also accepted the recommendation of the Implementation Committee on Tax Reforms (TRIC) to draft a simplified return form for small and medium-sized enterprises (SMEs).
According to officials of the Federal Revenue Board (FBR), the holding in the pursuit of a track record in the tobacco industry has contributed to a massive revenue loss of 40-50 billion a year.
Investment In Commercial Property In Pakistan
Commercial real estate in Pakistan has different characteristics that distinguish it from a dwelling house.
It is not a simple job to invest in commercial real estate. Before investing, there are also things to look at. Business investment in Pakistan includes the choice of the site, the number of feet, how many people visit the region per day, price, price for money, and so on.
It is just as difficult to find the right property for your company, whether it is rented or purchased. Property is another aspect that needs to be targeted in the form of the company so that the investment is not lost.
That is why here are some outstanding advantages and handy tips for investing in commercial real estate in Pakistan.
By building equity in your real estate business, you will use it to further expand your business without jeopardizing your business. This helps you deal with the development of your company more flexibly.
It also gives more options when the retirement period arrives. As a company owner, you can either directly sell the practice and underlying property during the retirement period, or just sell the practice and rent a commercial property that provides a source of income.
Investments such as stocks do not allow for anything more than buying and selling, however, provided requirements are met and necessary permits from a local authority are secured, commercial homeowners can invest in their real estate.
A commercial property owner in Pakistan can upgrade, restructure the property outside or inside, increase rents or even modify its zoning. Inflation will bring value to current features as well. While new developments may cost more than building older properties, existing sites and the more recent local construction are still growing in value.
Tax Benefits And Maximum Returns
It can be a dynamic place to invest. Unfortunately, it is not only black and white as a profit generation. Taxes and other external conditions can also affect business activities. These elements can be used to your advantage when working with real estate.
The value could rise in terms of market valuation and financial value for you, but over the years the building itself would certainly decline. The direct decline indicates that the physical value of property decreases over 27.6 years. Meanwhile, after more than a decade, other features will fall apart. This loss will offset a market value gain that actually contributes to a better outcome.
A competent accountant would require these considerations. However, in most markets, such resources are not open. Here is another explanation for preferring industrial ownership over other solutions.
Cash Flow Perspectives
You must pay the premium for an additional cash flow of rental income if you own a commercial property with room for tenants. Tenants are willing to use their money to pay for the purchase of their land, offsetting the expense of saving.
It is important to note, however, that tenants include responsibility for property maintenance, which will diminish the presence of the main commercial properties.
Practical Tips For Investing In Commercial Real Estate In Pakistan
- One must understand the state of the market, including tariffs and the value of land, so as not to deceive man. It is extremely important to keep yourself up to date. In relation to residential and commercial property, is a great distinction, so the characteristics of both forms must be understood.
- You need to prepare yourself so that you know when, why and how to invest in company property, because there is only one factor you need to consider when investing.
- You need to remember whether the position would offer you capital growth or not, whether the site has construction potential or not.
- The land has or does not have the most important lease option. If you do not want to use the feature yourself, you must rent it.
- The land should also include important amenities such as parking lots and electrical supplies.
DHA Quetta Smart City New Booking Details, Location & Prices
Defense Housing Authority ready to start its ambitious housing venture “DHA QuettaAs part of the “Ushushal Baluchistan” initiative. The authority has launched reservations on residential and commercial plots, as well as farm houses on a 4-year easy fee.
DHA Quetta is planned to be a modern housing plan offering smart urban features to prospective residents. It is located about 7 km from Quetta International Airport and about 16 km from Jinnah Road HBL Chowk at N 25.
Follow the google maps site of DHA Quetta:
The rural area spans more than thousands of acres in various museums including Kateer, Samali, Gadazai Malazai, Karak, Tarkha Gordat Singh, Mehtarzai, Chashma Baleli, Chashma Achozai, Ms. Ghurghai, Ms. Khula, Hanna, and Tor Ragha, including uninhabited areas of the valley around Shaban Road up to Shamozai Dam.
This is the first official launch of DHA Quetta Smart City Phase 1, and bookings have recently opened for many residential and commercial options.
Application Procedure and Guidelines
Candidates are invited by Pakistanis across the country and abroad, so now you can take advantage of this exclusive investment opportunity to get a residential or business plot in the first “Smart City” Housing Project in Quetta. Affordable apartments of 1000-sqft and 1200-sqft will be launched separately later.
Housing is available in the following sizes:
- 5 Marla
- 8 Marla
- 10 Marla
- 16 Marla
- 1 Channel
- 2 Channels
Commercial plots are available in the following sizes:
Country Houses are available in the following sizes:
You will need to download a registration form online from DHA Quetta website because a unique number is added to the form each time you download it. Therefore, you need to download two or more forms if you want to request two or more plots.
Please note that you cannot make copies of one form, so simply download as many forms as you need. It is important that you read all the instructions on the download page of the form, as well as the conditions given on the form.
After you have downloaded the form, just take a printout and enter the required details. Challan forms are also attached within the form, so you will be able to submit your voting fee along with the form. Each plot size in each category has its own specific voting fee, which you will need to deposit to request a reservation.
The following documents are required from each candidate category to be submitted with the application:
- General public: Photocopy of CNIC
- Abroad Pakistan: Photocopies of NICOP, OPF Card or Passport
- Senior Citizen (Over 60 years old): Photocopy of CNIC
- Govt. Employees: Certified Copies of Service Certificate, Book and CNIC
- Retrd. Armed Forces: Certified Copies of Download Book / Retirement Order and CNIC
- Disabled: Certified Copies of Medical Disability Certificate & CNIC
- Next of Kin of Civil / Military Shuhada: Certified Copies of Death Certificate, Medical File, FIR and CNIC
Once your form is ready, simply go to any TCS Courier Center, or to any branch of Bank Alfalah, Allied Bank, Askari Bank, Habib Bank and United Bank through Pakistan to deposit your voting fee and submit your form.
If you live abroad, you can pay your voting fee online by online bank transfer or credit/debit cards. You must attach a copy of the transaction reference number/transaction ID with the form before you submit the form to DHA Quetta Head Office.
Here are the prices and payment plans of each type and size of plot and farmhouse in DHA Quetta:
Please note that given prices are exclusively development costs that will be applied later.
As you can see on the payment plan above, the payment plan lasts for more than 4 years. Once you succeed in the ballot, you must pay a 10% advance payment after 30 days of voting and a 10% advance payment after 60 days of voting. After that, your 16-month fee schedule will begin.
Please note that it is mandatory for a candidate to be an active taxpayer (other than overseas Pakistanis) if he wants to apply for a business plot, farmhouse or apartment size 1 channel or larger. So, non-registrants can apply only in residences less than 1 channel.
Watch DHA Quetta TV below:
Low Cost Govt Housing Finance Scheme
Realizing The Dreams Of A Middle-Class Sector
The Government of Pakistan has recently launched cheap house financing to sacrifice aid to the petty bourgeois sector.
Although many banks face challenges to offer home lending with low interest rate, the government has taken measures to offer home loans with a mark-up rate of 5% (for 5 marla houses) and 7% (for 10 marla houses), for a set of benefits. to the banks.
The ruler. a cheap housing finance plan is structured so that people pay their rent for the house on a monthly basis. This system is based on basic bank loans that would have an interest rate 50 percent lower than those normally paid by banks to their customers.
Old or new projects and plot owners can get funding for the construction of their own houses. The funding must be supported for a period of no more than 25 years. The total amount of funding for cheap housing will be between 2.7 million and 5 million.
In addition, the interest rate subsidy is available from all banks and is divided into three groups:
Financing for house/apartments/apartments up to 5 marl or 125 sq. Ft. Available under group 1. Courtyards, fenced full area 850 sq. Ft. The feet and the maximum price under NAPHDA enterprises is Rs. 3.5 million.
Within this group, the maximum funding is Rs 2.7 million with a maximum tenure of up to 20 years.
Banks will charge KIBOR plus 250 basis points for the full marking rate. In the first five years, however, the GOP will have an additional payment to reduce the debtor’s debt to 5 percent and in the next five years 7 percent.
KIBOR is known as Karachi Interbank Offer Rate, which is a market benchmark for most retail lending banks and is established on a daily basis. These prices are listed regularly on the website of the State Bank of Pakistan.
Support for houses/flats/apartments up to 5 marl or 125 sq. Ft. Group 2 is also given. Most covered yards of 850 sq. Ft. Feet and Rs 3.5 million maximum prices.
Under this group, the maximum support is Rs 3 million, with a maximum tenure of up to 20 years. This degree assists individuals and households not eligible or eligible for NAPHDA projects to build or lease housing.
Banks can charge KIBOR plus 400 basis points with a maximum markup rate. For the first 10 years of Group 2, however, the subsidized rate for borrowers is the same as for Group 1.
The marking facility in Group 3 supports subsidized housing for poor families. Group 3 approves subsidized funds for the development or acquisition of more than 5 Marla (125 sq. Yards) and Up to 10 Marla (250 sq. Yards) houses/apartments/flats with a total protected area of 850 sq. Km. 1,100 square feet. . Feet and Rs 6 million maximum prices.
In this line of funding, the maximum funding is Rs. 5 million for tenure for up to 20 years.
Banks can charge KIBOR plus 400 basis points with a maximum markup rate. However, for the first five years and the next five years the GOP will have a brand subsidy to reduce the borrowed rate to 7 percent.
Loans are easily accessible in the world for the housing industry, although in Pakistan the procedure is very difficult which has contributed to the formation of a committee. The purpose of the plan is to provide people who could not afford their own house, with cheap housing. The rules on the building sector will also be simplified and the payment of loans encouraged.
Airport Green Garden Islamabad – Booking Details, Location & Prices
Airport Green Garden is a new housing plan located next to Top City-1 Housing Scheme near New Islamabad International Airport. The company is approved by RDA, and currently it sells various sizes of residential and commercial plots at an easy fee.
Airport Green Garden is one of the best placed housing projects in Islamabad / Rawalpindi for future investment as it is connected to Highway, Airport, CPEC and Twin Cities of Islamabad and Rawalpindi. Considering the early stage of development, prices are quite reasonable and payment plan is quite flexible.
Airport Green Garden is ideally located on Kashmir Highway Extension right next to Top City-1 Islamabad. It will have another access from Cargo Road, which connects New Islamabad Airport to Thalian Road junction.
Following is the google map of Airport Green Garden:
This place will have all the major developments, including housing and commercial projects due to its centrality, making it one of the most important places to invest in Islamabad / Rawalpindi.
The following is the local map of Islamabad Green Garden Airport:
Airport Green Garden promises to deliver a quality housing project based on modern housing principles, including smart urban features and eco-friendliness. There are many trendy ideas for a modern housing plan that draw the attention of local and foreign Pakistanis, which is why the society is committed to providing exceptional facilities to its residents.
Here are some of the planned features of Airport-Residential Green Garden:
Airport Residential Green Garden is currently developing its project at a good pace, and a number of vehicles and staff are being deployed to ensure the timely delivery of the project.
Here are some pictures of the company:
Airport Green Garden currently offers different sizes of residential plots, i.e. 5 marl, 10 marl and 1 canal, as well as large farmland plots of 4 canal size on a 2-year easy delivery plan.
Reservations start from a 30% down payment, while a remaining amount is payable in 8 equal quarterly installments.
Following is the payment plan for Green Garden Airport accommodation:
Please note that category plots (corner, main road, park front) will cost 10% additional costs. In case of a double category, 15% extra costs will apply. A 10% discount applies in case of a 100% advance payment at the time of booking.
In terms of advertisements, Airport Green Garden offers different sizes of commercial plots in major commercial brands and mini-commercial markets. Same payment plan applies for business plots, however you can choose your location at the time of booking.
It is important to mention here that the company is currently backing up files. Plot numbers will be given by computer vote, which is held within 6 to 9 months. If you pay 100% payment during the booking, you will receive a 10% discount and you will be able to choose your plot location on the map.
Following is the high quality layout map of Housing Schema Airport Green Garden:
The Green Garden Airport Housing Scheme booking procedure follows:
- Download this backup request and print
- Enter required information about candidate and candidate
- Attach 2 photos of candidate and copies of CNIC / NICOP of candidate and candidate
- Make a Payment Order for a down payment in favor of “Airport Limited Green Gardens (pvt) M / S”
- You can also deposit a payment online to the developer’s account and share a receipt
- Send your documents and payment to confirm your reservation
List of Banks That Provide Home Loan For Pakistan Real Estate
While prices have been high for homes for sale, people still want to own their own homes. Although it is not shocking, it is a bit difficult to buy a house in Pakistan. A house that fits your budget and meets your expectations could be much harder to find.
You could give up on a smaller house or a job you didn’t want at first. All that makes it inevitable to borrow a home. A home loan from a bank has its own advantages.
We know that building a house in today’s era can be very difficult due to the rising cost of raw materials, labor and housing tax. You only know how to translate the size of the lot before collecting a loan for your house. Once you know the exact size of your land, then it is easy for you to get a loan with a suitable plan. Fortunately, some banks provide Pakistani citizens with home financing.
You only have to pay the bank a certain amount of money per month. This promotes and promotes the entire construction process. Middle class and upper middle class can enjoy the benefits of their own home, all with home financing.
To see which banks in Pakistan offer home loan services, we have mentioned very helpful and detailed features of each bank.
Advantages Of Obtaining A Home Loan Form Bank
Before we get started, let’s look at advantages of getting a home loan from a bank.
- High payments Permanent tenure: (home loans have the longest repayment, up to 30 years, among all types of loans, so that the burden of equivalent monthly payments can be reduced by extending the tenure). You can use a home loan EMI calculator to know how your home loan office is changing
- Assess the capital appreciation: So you can prosper with the time of real estate improvement.
- Save you from paying rent: They’re squeezing your monthly budget because rent is pretty high in subway cities. The EMI and families pay well.
- Tax benefits on a second home: In the case of a second home, you are entitled to claim a deduction for the total amount of home loan interest paid under Section 24B of the Income Tax Act.
- Unlike most loans, where loans cause down payment down payments, there are no down payment premiums for floating home loans.
- No down payments: That you can use it to finance part of your home loan and reduce the pressure if you have extra capital. In the case of a revolving home loan, however, down payment fees may be paid.
- Balanced Delivery Facility: In case of home loans, if your loan has a lower cost, you will transfer your home loan to a particular loan company.
- Easy to buy home dreams: For many people, home loans cannot be bought with their own money, as it can be repaid in simple monthly installments, and buying a home is much simpler.
Banks that offer home loan in Pakistan
Pakistani people spend their lives saving money to buy their own house. Yet only a few will truly realize the dream. In such a state of affairs, a mortgage can be a very useful option. It may not be ideal for everyone, but it should be considered for people with a decent monthly income, especially people who live in rented houses.
Here is the list of banks you should look for:
Islamic Commercial Bank (MCB) – Pyara Ghar
For a variety of uses, MCB offers a variety of financial options such as buying a home, building, building or purchasing real estate.
Their domestic financial alternative is available in all major cities like Lahore, Karachi, Islamabad, Faisalabad and Rawalpindi. For 2 to 20 years, MCB offers up to 20 million loans, except for industrial assets that you cannot get the loan from.
Simply put, Alfalah Home Finance offers home loans. The amount for the loan can be claimed in 36 to 240 monthly installments, starting from Rs2 million to Rs.50 million.
The applicant wants a minimum wage of Rs 70,000 and the age limit is between 23 and 60 years. CNIC, salary notes, bank balance and two years of employment for a current employer include the records required for loans. Loan papers
United Bank Limited (UBL) – UBL Address
Under the term “UBL Address,” the UBL provides support for purchasing and construction purposes. These loans are sold at two separate interest rates (so-called floating and adjustable).
You must be a Pakistani citizen and earn a minimum monthly income of 15,000 to apply. Note that although the combined income of both partners reaches 15000, a family can apply for this loan. Using this program, you can get up to 500,000 and larger loans. Brand prices range from 11.99% to 16.5%, and these loans are offered for a period of 3–20 years.
Bank Al Habib
Like other banks, Al Habib Bank also lends 300,000 to 20 million rupees for 240 months.
The minimum wage threshold is Rs. 60,000 and the average age is between 23 and 60 years. CNIC, payments and 12 monthly bank statements are the things needed for paperwork.
Askari Bank gives loans of Rs 500,000 million to Rs 20 million, charged in a monthly installment of 36 to 300 installments.
Like MCB, Askari Bank’s minimum wage requirement is Rs. 50,000. The age limit is 22-60 years and CNIC, salary invoices and a 12 month bank statement are the documents needed for further processing.
At the Meezan bank you are allowed to apply in 24 to 240 monthly installments for a loan amount starting at Rs. 500,000 to Rs. 50 million.
Meezan Bank offers loans to those with Rs. 40,000 monthly salary. The age range varies between 25 and 65 years. A pay cut, a 12-month bank statement and proof of work are expected for the coming years.
The Standard Chartered Home Finance division also offers loans. Like HBL, this bank also offers an online loan calculator for its customers. It is possible, in 12 to 240 monthly installments, to apply for a loan amount between Rs3 million and Rs30 million.
The financing available with Standard Chartered Bank is up to 75% of real estate valuation. The salary and age criteria are of Rs. 50,000 and Rs. 21 to 60, respectively. If you intend to secure an SC loan, bring your CNIC, your salaries and your employer’s 12-month bank account and a letter with you.
Booming real estate sector contributes just Rs23 billion in taxes
Islamabad: The rate served by Pakistan Profitability in the real estate sector, is mainly the free taxes, is only at Rs23 billion below 0.1% of the extent of national economy in the previous fiscal year. To deal with such competitive situations created by a sick taxpayer and a system of deprived taxes, Pakistan Tahreek-e-Insaaf (PTI) decides to contact the chairman of the Federal Revenue Board (FBR) of the private division.
Tax collection under Amnesty Scheme
Real Estate Sector, where huge black capital is positioned, 23 billion rupees was paid in the past fiscal year 2017-18. This involved a tax collected according to an amnesty plan for the district declared before the end of the Pakistan Islamic League government. A number of famous profiles of Pakistan are trading in real estate, perhaps it is one of the main causes of the failure of tax policies.
The remarkable tax served by the real estate market highlighted the obstacles that PTI management will manage to bring the sector below the tax range. Asad Umar PTI Finance Minister opined that FBR chairman of the private sector to face such barriers, reveals well-informed sources about the government. After that Asad Umar appointed Aziz Nishtar – a law graduate from Harverd University and a former officer of the Tax Services and Shabbar zaidi – a senior partner of AF Ferguson leased accounting firm.
The law allows the government to appoint an FBR president from the private district through a ruthless procedure. Therefore the officials, The PTI plans to elect a new president from the private sector, Ruksana Yasmeen, President of the Current President, may have asked to run until the new appointment is made.
However FBR employees often do not enjoy good condition, however some people know integrity well. Some are grade 22 officers, but have been limited by the PML-N government. At the end of the fiscal year, FBR shaved 5.2 billion in taxes from the sale of a real estate transfer. Government has estimated that it is 14% higher than the previous year. The FBR has created another tax of $ 13.2 billion in withholding purchase or purchase of property. Taxes collected by the amnesty program of real estate sectors grew 84% at the end of fiscal year. Tax collection of fair market value of the real estate has become a challenging situation. The PML-N established fair market prices for federal tax collection, the time when their government was established Prime Minister Shahid khaqan Abbasi took spirit and established a concept that government buys those properties issued at a value less than the market price. But FBR has not yet declared an announcement to give a result to the program and has not initiated an appearance for the appointment of a director general of real estate.
Real Estate Values
The values documented by real estate are 30% of market price, essentially due to the extraordinarily low amount of vice collector for the collection of stamp duty. Wrong tax policies made by government for which they blamed the parking of black money in the real estate sector. Now the authority is creating three kinds of steps that may follow as;
- Property assessment rates for tax.
- The second is the defined rates of FBR
- Last are the rates of the provincial vice-collector.
The main reason for the low tax collection of the real estate sector because all large housing companies trade without realizing the transactions, according to market specialists. FBR also failed to collect taxes from the builders and developers. The tax levied by these sectors was only 232.7 million rupees than the previous year when the FBR collected 190.3 million.