In a significant move to enhance the infrastructure and health services in Punjab, the Provincial Development Working Party (PDWP) has approved nine major uplift schemes with a combined investment of over Rs50 billion. These schemes, sanctioned in recent meetings, aim to address critical needs across various sectors, including health, education, road infrastructure, and environmental management….
The National Accountability Bureau (NAB) in Lahore has recently seized properties belonging to various housing societies. This action comes as part of a broader effort to address complaints from affected individuals and tackle widespread fraud within the real estate sector. NAB Lahore’s Director-General Amjad Majeed Aulakh has been at the forefront of these operations, which…
The Capital Development Authority (CDA) has implemented a new property tax in Islamabad, imposing charges of up to Rs. 0.4 million. This tax affects various property types, including residential houses and farmhouses. For instance, owners of one-kanal houses will now face a tax of Rs. 180,800, while farmhouses ranging from 2 to 120 kanals are…
The Lahore Development Authority (LDA) has recently intensified its operations against illegal constructions and violations of building bylaws in Lahore. In a significant move, the LDA sealed over 80 buildings located in LDA Avenue-I and Jubilee Town. These buildings included private schools, property dealers, laboratories, stores, and offices that were being used for illegal commercial…
In a recent development, the Punjab Excise and Taxation Department sealed the Lahore Development Authority’s (LDA) landmark project, the Global Village, due to non-payment of property tax. This action was taken swiftly after the LDA had earlier sealed the regional office of the Excise Department in Faisal Town as part of a crackdown on commercial…
The recent budget for the fiscal year 2024-25 introduced significant changes to the duty rates on property transfers in Pakistan, aimed at increasing revenue and regulating the real estate market. Here’s a breakdown of the new rates and measures: Duty Rates on Property Transfers The new duty rates have been categorized based on the taxpayer…
In a decisive move to uphold the city’s development bylaws and recover state assets, the Lahore Development Authority (LDA) recently conducted a significant operation against illegal constructions in Lahore. This operation, part of a broader crackdown on unauthorized buildings, saw the demolition of three illegal structures and the retrieval of state property worth millions of…
In a groundbreaking move to facilitate property transactions for Pakistanis living abroad, Punjab Chief Minister Maryam Nawaz has approved the implementation of an online property transfer service. This initiative aims to provide a seamless and efficient way for Overseas Pakistanis to manage their property-related matters without the need to be physically present in Pakistan. During…
Punjab’s Chief Minister, Maryam Nawaz, recently announced significant legislative advancements in the province’s real estate sector. In a meeting with the Planning and Development Board, Maryam emphasized the introduction of laws for Real Estate Investment Trusts (REITs) to foster transparency and attract foreign investment. This move is part of a broader strategy to enhance Punjab’s…
Punjab Chief Minister Maryam Nawaz Sharif has initiated a strategic partnership with German firm TUV Rheinland to enhance the monitoring and management of development projects in the province. During a meeting with Benedik Aneselmann, Regional Executive Vice President of TUV Rheinland, the collaboration was agreed upon to provide technical assistance, third-party monitoring, and certification of…
In recent years, Punjab’s real estate sector has witnessed significant policy shifts under the leadership of Chief Minister Maryam Nawaz Sharif. Recognizing the pivotal role of real estate in economic development, CM Maryam Nawaz has spearheaded numerous initiatives aimed at modernizing and enhancing the transparency and efficiency of the sector. Strategic Partnerships One of the…
Lahore’s property dealers are voicing strong opposition to the government’s proposed additional taxes on the real estate sector, as suggested by the International Monetary Fund (IMF). According to Muhammad Saeed, Chief Coordinator of the Property Dealers’ Association, the sector is already burdened with five different taxes, which have led to a 75% drop in plot…
