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Introduction: The last century saw exceptional performance of the Pakistan real estate industry and property rates increased every five years or so. The enormous investment inflow in real property was responsible for this unusual development. But rates are now declining throughout the country as things have shifted. 2019 is a poor omen for the real realty sector of fact, as buyers on the market are difficult to find. This is why Pakistan Real Estate is being at the mercy of investors. Read More: Pakistan’s History of Tax Amnesty and World Countries Realty Sector Rip-Offs There are thousands of illegal housing plans in Pakistan according to NAB. The lives of people were wasted because of rampant property scams. In well-known housing systems frauds have been recorded. realty sector frauds from Gwadar are a reference to each city when developers have sold their businesses without property. Investors are now very careful because of these frauds. Many have turned their investments into other sectors. Interest Rates Are Touching the Sky The rise or fall of the interest rate has a major effect on real estate sector. Low interest rates increase real-world investment, while elevated interest rates lower capital flows. Pakistan has now reached a 10.25 per cent interest rate. The elevated level of interest has reduced investments in real estate. This is because individuals get more profit from banks' fixed accounts. The main trigger of the decrease in property value lies in capital flights from real estate to banks. New Government Laws In Property In the last budget, the government of Pakistan has implemented a number of estate legislation. Under the new land laws, for one, the non-filers cannot purchase properties worth more than PKR 5 million. Second, Pakistani foreigners must give their cash within 60 days of the sale of property. Thirdly, if the non-filer documents are processed, the registration authorities will be punished. These regulations have distracted investment from real estate. Property Assessment Rate Increased This Year FBR increased estate evaluation rates in 20 Pakistani cities on 1 February 2019. The rates increased, which resulted in a decline in the quantity of real estate operations. The day has almost stopped trading. The market delayed the increase in the property valuation level. Now only real buyers buy property, while shareholders moved to other industries. Now Crackdown Against Black Money Real property is regarded to be the secure heaven in which illegal money is parked. But things have been changed now as the revenue source needs to be provided by the customers. Pakistan's once black-money-based reality industry is now decreasing. People cannot host properties over and above their revenue because NAB acquires their source of income. Investors with black money fear losing money because of the aggressive accountability. Pakistan Real Estate Market Hiccups Pakistan's real estate market is nearly dead as there are very few white money sellers on the industry. Dubai estate rates decreased by 75 percent without investment in black money. The same goes for Pakistan when price adjustments are made to the new buying power of white money buyers. Many real estate retailers have shut their branches because of small transactions. Realtors argue that in 2019, actual estate prices will drop 40 percent if property regulations are not changed.
Did Imran Khan’s Amnesty scheme has brought fruits? Let’s Examine this through the glimpse of Pakistan’s history amnesty schemes and in comparison, with the world. Instead of its initial sunset date of June 30, 2019, the Government officially announced the interim final date of the Asset declaration scheme 2019 to 3. July. According to this system, national and foreign resources (not including actual property) may be whitened after a cost of 4% only, in contrast to a tax of 45 per cent in India. It is unfortunate that the state of Pakistan, Tehreek-e-Insaaf, has thus followed in the line of its predecessors, who had come up with such schemes, instead of making strong law to return stolen cash from Swiss banks. Read More: Abu Dhabi earns Dh 31 billion in real estate deals for H1-2019 A brief peek into the past money-whitening schemes in Pakistan: Gen Ayyub Khan brought first tax amnesty scheme in 1958 which brought approximately 71,000 declarations, 266,183 taxpayers, contributed a total of Rs1.12 billion to the kitty. But tax collection remained less than 10 per cent of the total GDP in 1958-59. In 1997 over Rs142 million was collected through the tax amnesty scheme. The year 2000 under General Musharraf, approximately 79,200 declarations were filed, bringing in Rs 10 billion to the exchequer. In 2001, a tax amnesty scheme called 'Investment Tax on Income. The effort proved futile as only Rs 2.5 billion was received. During 2008- 2012, in people’s party regime all kinds of concessions were dished out to tax evaders during May and June 2012 to achieve the time's budget target of Rs1,952 billion. The target was missed by over Rs70 billion though. In 2013, the Pakistan Muslim League-Nawaz government had announced a money-whitening scheme, dealing only with assets held within the country. The 2016 scheme saw just 10,000 declarations, contributed only Rs0.85 billion on December 1, 2016, for the real estate sector. In April 2018 by June 30, nearly 5,000 people in Pakistan had filed returns declaring their foreign assets and deposited approximately Rs80 billion in taxes. Research shows that many nations have in the past initiated such money-whitening systems and reaped profitable economic dividends. The list of the countries is followed: India: In October 2016, the Indian tax amnesty had drawn $9.8billion in asset declarations. Finance Minister Arun Jaitley informed journalists that the system had reported assets valued at Rs 652,5 billion ($9.8 billion), which meant a rise to government revenues of Rs 294 billion. The amnesty resulted in 64,275 declarations, with an average of Rs 10,2million reported. The initiative came in 1997 following a comparable initiative that generated Rs97.6million of revenues. There have been more than 15 systems for whitening black money in India up to now. America: Numerous American states have had tax amnesties. In its 2009 tax amnesty program, Los Angeles had gathered $18.6 million, raised $8.6 million, and saved $6.7 million in fines for companies. In its 2009 tax amnesty program, the state of Louisiana contributed $450 million, three times as much as was anticipated. On 26 June 2012, the U.S. Internal Revenue Service (IRS), a national tax review body, reported that its voluntary overseas disclosure programs raised more than $5 billion from 33 000 volunteer disclosures produced in the two first programs in back taxes, interest and fines. Canada: In Canada, a tax amnesty scheme called the "Voluntary Disclosure Programme" already exists for income tax and Excise related offences. Belgium: In Belgium, the Legislative House of the country adopted a law during 2004 which allowed individuals with the taxation of Belgium to regularize the assets held in Belgium before 1 June 2003, whether they were undeclared or not. Germany: Germany also declared a tax amnesty for tax evasion in 2004. Indonesia: In March 2017, Indonesia, the largest Islamic country, netted some US$ 9.61 billion. In 1964, 1984 and 2008 the incentives were also granted. South Africa: A tax amnesty and amendment to the Taxation Act in 2003 was introduced by South Africa. Spain: A tax evasion amnesty for unreported property or concealed ones from tax haven was announced in 2012 by the Spanish government. Italy: In 2001, Italy implemented tax amnesty for the first time. In 2009 the amnesty for Italian taxes imposed a flat fee on the repatriated property of 5% and managed to increase the volume enormously. Approximately € 80 billion of the property was proclaimed, resulting in 4 billion Euros of tax revenue. The Bank of Italy had projected that some 500 billion euros are undeclared assets and had been kept abroad by Italian citizens. Russian: In 2007, $130 million in the first six months of the Russian Tax Amnesty Program was gathered. Greece: On 30 September 2010, by saving just 55 per cent of exceptional loans, the state of Greece given tax relief to millions of Greek people. Australia: In 2014, the Tax Amnesty of Australia (ATO) netted billions but probes were not shelved against wealthy Swiss confidential accounts. Around 1750 Australians have reported a combined $240 million worth of revenues and $1.7 billion worth of amnesty resources and another 800 anticipated to volunteer disclosures," according to the 2014 "Sydney Morning Herald," 2014. Income $120 million in investments retained in Liechtenstein and Switzerland was the largest disclosure by taxpayers in $30 million. The lowest was a $10,000 disclosure. Only 130 people produced estate declarations. The vast bulk of voluntary divulgations linked to income and shares. Switzerland: In the United Kingdom (299 disclosures), Israel (231 disclosures), Singapore (123 disclosures), Hong Kong (115 disclosures) and Liechtenstein (43 disclosures) demonstrated to be the most common destinations for undeclared riches. Final words: So, to conclude, we have made comparison with Pakistan’s past and with other countries to show that it's not about only PTI who had been drastically failed to produce the net evaders on account rather the world riches had been doing that, the biggest example before is England itself. But they are civilized countries with a strong economy. Pakistan has been deteriorated on economic front from different eras. The people of Pakistan need to be dealt with a stick. The looters must be brought to justice with implementing strong legislation so the followers may be aware of doing such an act. It's not only the responsibility of Imran Khan rather that every individual’s obligation.
DHA Gujranwala File Price and Update Right Deed *DHA Gujranwala Files Prices Update* DHA Gujranwala Land Affidavit (10-Marla) 32.75 Lacs 04/07/2019 DHA Gujranwala Land Allocation (10-Marla) 30.00 Lacs 04/07/2019 DHA Gujranwala Land Affidavit (1-Kanal) 47.00 Lacs 04/07/2019 DHA Gujranwala Land Allocation (1-Kanal) 44.00 Lacs 04/07/2019 DHA Gujranwala Residential Installment Plot Files Buyer DHA Gujranwala 5 Marla(Booking Price 20 Lacs in 2 years installments) Profit 2.50 Lacs 04/07/2019 DHA Gujranwala 10 Marla(Booking Price 44 Lacs in 3 years instalments) Profit 1.50 Lacs 04/07/2019 DHA Gujranwala 1 Kanal (Booking price 74 Lacs in 3 years instalments) Profit 25 Thousand 04/07/2019 DHA Gujranwala 2 Kanal (Booking price 140 Lacs in 3 years instalments) Profit 25 Thousand 04/07/2019 DHA Gujranwala Commercial Installment Plot Files Buyer Prices DHA Gujranwala 4 Marla ( Booking price 225 Lacs in 3 years installment) Profit 1.50 Lacs 04/07/2019 DHA Gujranwala 8 Marla ( Booking price 425 lacs in 3 years in installment) Profit 50 Thousand 04/07/2019 The Gujranwala Defense Housing Authority is a nationally known organization that has tried to offer Pakistani people the chance to experience creative contemporary living designs. It has introduced the grandeur of our towns and regions to the newest innovations in urban and community management globally. It has developed its housing and industrial initiatives on the basis of the components of strategic metropolitan planning, growth and sustainability. It has added "Defense Living," which is beautifully energized, attractively dynamic and conveniently livable by introducing modern designs in the form of homes, infrastructure and associated equipment. We continue to emphasize the construction of our societies with the core of the traditions and requirements of society, culture and religion. We intend to make our potential residential homes friendlier, more contemporary and greener. Gujranwala is a lively city in Punjab province, also recognized as the wrestler's city. It is Pakistan's seventh largest metropolis. The town is also renowned as part of Punjab for its variety, including Batair, Siri Paye and Lassi, to mention just a few. While the importance of the town was never questioned, the opening of the DHA (Defense Housing Authority) in Gujranwala highlighted a gradual approach to the city's real estate industry. For all the right ideas, DHA maintains an outstanding reputation in the property industry. The authority is superior to design living facilities and world-class facilities. DHA has led some of Pakistan's most prestigious housing society, offering all of the facilities, like energy, gas & water, as well as facilities and hygiene that have been correctly maintained. In many other towns in Pakistan, including Multan, Bahawalpur and Gujranwala, DHA plans are now being created, apart from the megacities of Karachi, Lahore, and Islamabad. While the construction of DHA Gujranwala is in its first stage, the initiative has all the necessary resources to create fresh, better and greater living standards in Gujranwala City. DHA GUJRANWALA Holds Its Name as The Biggest Project DHA Gujranwala is one of the most advanced housing projects in Punjab, located close to Rahwali Cantt, 8 to 12 kilometres away from the centre of the city. The project will have two primary exits: GT Road and Gujranwala Cantt. It is ideally located near Sialkot, Lahore, Wazirabad and Gujrat, DHA Gujranwala, Lahore, and Gujrat. This military-owned residential system is a fresh entrant on the Pakistan real estate market, built in the periphery of Gujranwala's metropolitan center. The project offers a lucrative investment opportunity that guarantees somewhat better profits. Only to Invest IN DHA Gujranwala During the investment in DHA Gujranwala, there are different variables to take into consideration. The first thing to do is to make sure that the Defense Housing Authority invests in a venture. Secondly, the actual estate value of DHA neighbourhood is usually dived after an analysis of property output in cities like Karachi, Lahore and Islamabad. In reality, their economic development is largely up and, in some instances, outweighs the development of other locations in these towns. Therefore, it isn't surprising that DHA Gujranwala has also become a place to invest. Facilities in DHA Like Never Others Have Before The DHA Gujranwala Housing Project has world-class facilities DHA on the way to be one of Gujranwala's highest quality areas after completion. The town has been carefully designed and will have all the required facilities to make it easier for its inhabitants to live. These comprise: Proper Infrastructure Educational Institutions Security Healthcare Shopping Centres Restaurants Recreation Spots SUITABLE SET-UP of Dha Gujranwala DHA Gujranwala has clearly mapped out everything, unlike unexpected development leading to crowded urban areas. The highlights of DHA Gujranwala infrastructure are the large roads, the underground electricity cabling and an appropriate sewerage system. Famous EDUCATIONAL INSTITUTIONS in Dha Gujranwala In the future the society itself will have internationally recognized universities and institutes. But many of the prominent educational schools including Roots Millennium School, Rachna Grammar School, Al Asar Science School, and Government College for Women and Elite Colleges (Gujranwala Cantt Campus) are already near DHA Gujranwala. This implies that the DHA Gujranwala inhabitants will have the opportunity to choose when the moment arises to admit their children to schools and schools. Security System The fool-proof safety system is to be implemented in the Gujranwala Defense Project which makes it a safe place to reside in. The area is being supervised and managed by former army staff, phones are being used for monitoring and safety teams are being supervised 24 hours a day. Healthcare Facilities and Hospitals The community will host a world-class healthcare facility for citizens, similar to academic organizations. Besides that, some of Gujranwala's most important hospitals are situated close to this DHA Project, such as CMH Gujranwala and Life Care Hospital. Shopping Centers In DHA Gujranwala, there are also a number of business centres which enable citizens to shop without going out of DHA society. Although the area doesn't operate a developed market, prospective residents could visit Dugal Market, the Rahwali Dhuddi Market and Muhammadi Market readily from a few minutes ' drive away from DHA Gujranwala. Restaurants and Food Culture The DHA Gujranwala Restaurants will have a wide array of food choices, taking into account the city's varied cuisine culture. For now, though, culinary shops like Al Mehboob Family restaurant, Al Makkah Tikka House, Qadri Noshai Chicken Sajji and Pizza First are also available to dine or order delivery from home on online. Recreation Areas A beautiful area such as DHA Gujranwala is nothinig without recreation and leisure activities. The community will be soon introduced to parks, playgrounds and fitness centers. In addition, an 18-hole international standard golf course in the neighbourhood will be developed. For now, individuals from DHA Gujranwala have the opportunity to visit famous neighboring attractions such as Iqbal Park, Mugheerat Park and Nishan-e-Manzil Park. Footnotes By looking at the facilities provided by DHA Gujranwala, one must consider to follow the plots or buy a property over there. Gujranwala is among the largest metropolitan city of Pakistan. Like other DHA projects, this project is also unique and modern with all the emblem facilities such as security, recreation and health. Do contact us for more information on rightdeedmedia.com
However, prior to the previous govt, Imran Khan shows interest. Imran Khan intends Pakistan to be a front and middle in his effort as the globe moves to electric cars in order to save the environment. However, it's not a simple thing to do. There is a world that's about to be dead. This time and time again we have been told but we keep on poisoning the planet, pumping dangerous gasses into the air and contaminating it on land and sea, without paying any attention to the future. The car industry is one of the fields recognized as crucial to stopping the imminent environmental Armageddon standing on our heads .. Naturally, no brainer alternative is to throw fuel- oriented vehicles out of the smarter electrical designs. Read More: Lahore’s Royal Palm Club Case in Favour Of Railways There has been strong interest in electric vehicles for many companies in developed countries around the globe. Mercedes-Benz ' parent company, German luxury car manufacturer Daimler, will purchase more than 20 trillion euros in battery cells ($22.75 trillion) in 2030 to prepare for mass production of hybrid and electric cars. More than 10 pure electric vehicles were also scheduled for Toyota International in its range by the beginning of the 2020s. At present, there are no solely electric vehicles available in Toyota. But it contributes to hybrid designs that change between an electric motor and a gas motor. Nine nations worldwide and a dozen cities or states have announced plans over the last few years to phase out diesel motors. All Paris, Madrid, Athens and Mexico City announced their domain end to diesel and diesel cars by 2025. By 2025, Norway will gradually eliminate traditional vehicles, followed in 2040 and 2050 by France and the UK. 70 cities are committed to carbon-neutrality by 2050 in accordance with the World Economic Forum's study. Pakistan, even though it is one of World's most fragile nations in relation to climate change and pollution, is still not quite in the planning for electric vehicles. The CRI (Long-Term Climatic Risk Index) shows that Pakistan has lost 10,248 life and $3,8 billion, out of the 10 countries most impacted from 1998 to 2017. After coming to office, Prime Minister Imran Khan has fortunately shown interest in the resolution of the huge problems caused by FFV transport. Imran Khan intends his party, the PTI, to guide Pakistan to a greener and more sustainable future. It's a wish that is easy enough. That is why he obviously took a strong stake in the country's auto industry. After the latest conference between the Premier and representatives of the Ministry of Climate Change, Pakistan agreed to increase its path map to around 30 per cent by 2030. The reduction of carbon emissions not only helps the environment but also reduces transport charges. Climate Change Advisor Malik Amin Aslam asserted that the plan could contribute to the reduction of oil demand and accrue annual savings of up to Rs2 billion. But switching to clean fuel, let alone to a country like Pakistan is not a simple challenge for the sector. The greatest obstacle, at least at the stage where a person is investing, will have to pay if he or she chooses clean energy cars. The choice of an electric version of a vehicle would actually involve a further cost of 80 per cent in place of the standard model, as electric cars are at the time so costly, according to an established source from the vehicle production business OEM (Original Equipment Manufacturer). According to the Zero Draft for Electric Vehicles of the Ministry of Climate Change (MOCC), a target of 100,000 EVs was set in the next 5 years to hit the streets. Following automobile industry customs, the next goal was to manufacture 30% of the complete vehicles manufactured within a year. Many thinks that electric charging stations would be the greatest obstacle. This is not infrastructure, however, as opposed to CNG or petrol pumps it is simpler to have power charging stations. The larger issue is that loading takes time and businesses are currently doing a great deal of research and development to make the loading period closer by 4-6 hours to 10 minutes. However, this issue would be resolved if individuals can pay Electric cars wherever the vehicles are parked, particularly when the cars are parked at home or in the office overnight. According to a US Department of Energy website fueleconomy.gov, EVs convert about 59%–62% of the electrical energy from the grid to power at the wheels. Conventional gasoline vehicles only convert about 17%–21% of the energy stored in gasoline to power at the wheels. If the Pakistan government approves climate change ministry’s proposal on electric vehicles, where it has asked for zero customs duty and the sales tax on CBUs for the first two years, EVs may even be selling for just a little over Rs1 million, according to a working Qureshi showed. While Qureshi could not give details about the vehicles they were looking to import out of fear of competitors, the two cars initially being brought in are vaguely named as V5 and V9 which can be compared with the Suzuki Cultus and the Toyota Vitz respectively. The cars have already been test-driven in Pakistan. Read More: Budget for Pakistan’s Real Estate Sector 2019-20 The auto industry in Pakistan was always criticized for its hesitation in innovation. Car companies in Pakistan have not changed designs for centuries; Suzuki's Mehran has only been abandoned as the classic example. However, with the pledge, it remains to be seen whether the policy on electric cars is to be exposed at any moment. Whether it will give pleasure or disappoint us.
What the Budget 2019-20 Brought for Pakistan’s Real Estate Sector? CONTEXTUALISING THIS DEVELOPMENT Federal Minister for Revenue Hammad Azhar, during his presentation for the budget 2019-20 in the National Assembly, notes that The previous Government had focused primarily on increasing the capacity of the FBR to generate revenues through a range of activities which, famously, included the introduction of ' non-filer ' status for tax-free enrollees who subsequently received higher tax penalties. The Minister indicated that the present state would not follow the same strategy, but would extend the tax basis and document the economy in its modus operandi. Addressing the Parliamentarians, Minister Hammad Azhar said, --------------------- “Hence, the federal government has decided to remove the restrictions imposed on the purchase of fixed property”. --------------------- Read More: Pakistan Economy Growth Forecast Fitch Chops Below are the real estate tax highlights of the new budget, along with a concise analysis of what they can mean for the work of both the industry and its members. FBR Property Valuation Rates to Be Raised To 85% Of Market Value The following measures have been proposed in the current budget for getting closer towards: FBR valuations of properties will be raised to 85% of their market values. Property owners were formerly permitted to register their immovable assets with an additional 3 percent tax rate on the currency difference between DC and FBR rates. After the implementation of the FBR prices during the term of the former government this' amnesty scheme ' provision has been announced. In practical terms this allowance meant that, after a 3 percent extra tax on the figure has been deposited, a property holder was no longer required to explain the source of financing the difference between the DC value and the FBR value of a particular piece of real estate. In the budget, the following measures have been proposed which will affect the Withholding Tax (WHT) rate imposed on property transfer cases: The rate of WHT levied on the purchase of property has been reduced from 2% to 1% of its total value. Previously, the WHT was only imposed on the purchase of property valued higher than PKR 4 million. This ceiling has been abolished. WHT will now be imposed on all properties; irrespective of their value. Previously, no WHT was collected on the sale of property if it was sold afterthree years of purchase. This time limit has now been raised to five years. Any property sold within five years of purchase will be taxed at a rate of 1% of its total value. Previously, the Capital Gains Tax (CGT) on real estate was calculated individually; depending on the level of the property's holding – up to three years. But now the income ensued through capital gains would now be brought under the government’s normal income tax regime, and taxed at normal rates. The net present value of the property continues to increase each year based upon inflation rates. Below is an example to elaborate it further: At the beginning of 2017 a person purchases a 5-marla plot for PKR 2000,000,000. Let us suppose that the inflation rate stays steady at 7 per cent each following year. The property's NPV will then amount to PKR 2 140.000 in 2018; PKR 2 2 289.800 in 2019 and PKR 2 450.086 in 2020. Then if after three years the person sells the property for PKR 2 500 000, this is how he calculates his actual earnings: Price paid at the time of purchase PKR 2,000,000 Price received at the time of sale PKR 2,500,000 NPV at the time of Sale (Three years later) PKR 2,450,086 Actual Gains 49,914 The real profits in respect of the revenue of the person shall therefore be calculated at PKR 49,914 and taxed at that price. The proposal, on the other side, provides the following for the calculation of capital profits: In case of plots If the plot is sold within the first year of purchase, 100% of the gains will be taxed. If the plot is sold afterthe first year but before ten years of purchase, 75% of the gains will be taxed. If the property is sold after 10 years of purchase, no gains tax will be levied. In case of constructed property If the property is sold within the first year of purchase, 100% of the gains will be taxed. If sold afterone year but before the elapse of the fifth year, 75% of the gains will be taxed. Gains will not be taxed if the property is sold after five years of ownership. IN SUMMATION… Although these modifications will have a direct impact upon the workings of the real estate sector, the state has also implemented a series of other monetary measures aimed primarily at broadening the tax base and forcing the public to submit revenue tax reports immediately. However, all this makes it very clear that the public receives all of these tax / sanction changes and that they actually impact the dynamics of real estate sector across the country. It is a matter of course. However, one thing is certain: The efficacy of the government in the implementation by wisely organized executive actions of these laws is the most significant factor determining the socio-political sustainability of this post-budget era.