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What Impact Elections 2018 brought to the real estate sector?

Posted by mimran on August 5, 2018
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Positivist has returned to the market and we have seen that happening in the stock exchange, where the Karachi Stock Exchange index increased by 42,000 points in three days after the General Elections 2018 took place. No to mention the downward journey of USD, which has already lost value against Pakistani rupee by PKR 9 only in six days.

Immediate impact on the market

The impact was deemed indispensable because the market had been at a halt from the last one month at least where almost all stakeholders were busy with elections in one way or another.

More investment on its way

While similar activity has been registered in other parts and projects of the city, the developers we spoke to are on the same page about buyers becoming active to make an investment move.

The optimism of these investors, rests on the fact that policies that were previously deemed wrong will be fixed, and investors will be protected along with their interest for the improvement of the economy. fFxing the system that has been around for all that while will require some massive changes, the efforts will be welcomed but that will nonetheless be not enforced right away.

Safe haven for investment

We all know that the China-Pakistan Economic Corridor (CPEC) has entered the phase where development carried out under it will start to become visible. This was sensed long ago by many countries who are already on board with Pakistan to benefit from the economic corridor, streamlining these developments with proper projection will only make Pakistani more prominent at the international horizon and this obviously cannot be ignored by the people of Pakistan. 

What about the tax nuisance?

On that, no immediate change is expected by the panel while they all agree that certain clarity is needed.The confusion regarding which rule to follow for determining property value for the purpose of collecting taxes should be removed.

buyers’ reservation on declaring the properties’ market value should be addressed.

What will be the future of amnesty scheme?

On that end, many are clear that the scheme promises to bring in the much-needed revenue for Pakistan to deal with the threats of seeking immediate loans from International Monetary Funds. A word or two in favour of this scheme can clear the air for many who were previously not quite sure about availing the scheme.

While the scheme expires today, it is hoped, or rather wished for, that extension be granted to its deadline. When asked if it is too late to expect such a major development.

 

 

So what should be the way to go about it?

The answer to this lies in the promise to invest in human development sector, by pledging to elevate poverty, by giving everyone an equal chance to live in country that promised to them. That’s also what has convinced Khan that much is destined to change soon. For making this all happen, related reforms, friendly policy, utter transparency and strict implementation of law is crucial, he added. And that is also what will convince all of us to pay our due taxes with the strong conviction that our money is in good hands.

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