DHA Lahore Phase 1 2 3 4 5 6 7 8 9 Bahria Town Map Plots For Sale Property Prices

Associated Press of Pakistan
Minister for Housing and Works Rehmatullah Kakar has expressed the confidence that the dream of low income group to have own homes would soon come true as the government has initiated work on various long and short term housing projects.

Talking to media, he said soon after taking over the charge the government announced to construct one million houses.

Following a short-term strategy, the government has constructed 10,300 houses, which is double of the set target of 5,000 houses, he said. Construction of houses has been started in sectors G-10, G-11 and I-11 in Islamabad. Construction of housing units is underway in Karachi in Gulshan-e-Memar, scheme 33 and Mono Got areas, Hayatabad in Peshawar, in the Federal colony in Lahore and along the Chaman highway area in Quetta.

About 3000 kanals of land in Bara Kahu has been purchased, where flats and plots would be built and allotted to government employees, general public and journalists, Kakar said.

The allotment would be on `no profit and no loss basis’. About two percent quota for journalists and non-journalists has been allocated in each of the federal schemes. An agreement to construct about 5250 houses and flats in Karachi would be signed with private sector within next few days, the minister said.

He said that investors are showing interest in Pakistan’s housing sector, adding that two foreign companies want to build about 13500 houses in Karachi alone.

He added that the government is according high priority to the development of housing sector.

Development of housing sector would also give boost to 47 other industries linked with it.

The Prime Minister’s Housing project launched last year to provide houses to low income group would boost socio-economic activities in the country”, he added He said that under the Prime Minister’s Housing for All Programme, one million housing units would be constructed throughout the country including AJK and Northern Areas for the needy, poor, government servants and general public on affordable cost.

Federal Government Employees Housing Foundation (FGEHF) has registered more than 18,000 employees under the government’s scheme to provide houses to government servants.

The Minister said that Pakistan Housing Authority (PHA) has been activated and given the task to accomplish the housing projects.

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SOHAIL SARFRAZ
ISLAMABAD (May 2010): The government has decided to reduce the rate of capital value tax on immovable property from 4 to 2 percent by applying uniform rate of tax on all sizes of plots in the coming budget. Besides the tax exemption on all types of plots will be withdrawn.

Consolidated budget deficit for the next fiscal year 2010-11 that has been estimated at Rs 703 billion will be bridged through internal and external borrowing, Economic Advisory Council (EAC) and Revenue Advisory Council (RAC) meeting was informed here on Saturday.

Despite public holiday, Economic Advisory Council and Revenue Advisory Council met under the chairmanship of the Advisor to Prime Minister on Finance and Revenue to discuss budgetary proposals and other issues concerning the economy.

Official sources said the budget deficit has been worked out on the basis of Rs 1.711 trillion tax collection target to be assigned to the Federal Board of Revenue; However, Revenue Advisory Council termed the proposed tax collection target as more ambitious.

The members of the Revenue Advisory Council were of the view that proposed tax collection target should be set on realistic basis and proposals in this regards estimates it at Rs 1.600 trillion for the next fiscal year 2010-11, official sources added. In case the proposed tax collection target of Rs 1.711 trillion is revised downward, the budget deficit target would go beyond Rs 800 billion for the next fiscal year 2010-11, added the official sources.

It has been decided in the meeting that Revenue Advisory Council (RAC) will meet again on Sunday to deliberate on bringing tax collection target to a realistic level. It was also informed in the meeting that debt servicing to consume Rs 672 billion next fiscal year as bringing public debt a sustainable level is need of the hour.

During the meetings members of the EAC and RAC were of the view that education and health sector should be exempted from VAT to enable the masses get quality healthcare and education facilities in the private sector. It was also informed to the meetings that essential food items in loose shape and life saving drugs to remain exempt from VAT, however, few food items sold in brand name and packing would be subject to 15 percent VAT in the next fiscal year.

The Economic Advisory Council (EAC) was informed that law and order situation, energy crisis, enforcement of VAT, reduction in poverty, inflation and reduction in public debt to be major challenges for the government in the next fiscal year 2010-11, official sources said.

The EAC was also informed that next budget should support macro-economic stabilisation and should be growth-oriented mainly benefiting poor of poorest. The meeting also deliberated a number of proposals to reduce the non-development budget, create fiscal space for pro-poor initiatives, fiscal consolidation through sharing of tax burden on equitable basis and strengthening fiscal devolution in the provinces, sources explained.