Chairman of Association of Builders and Developers (Abad) Asif Sumsum, expressing serious concerns, has rejected increase in the valuation rates of immovable properties in Karachi by the District Administration without consulting ABAD and demanded of caretaker Chief Minister Sindh Justice (Retired) Syed Maqbool Baqar and Caretaker Revenue Minister Younis Dagha to take notice of this serious issue.
The chairman ABAD said that the property prices have decreased by 40 percent at this time, the increase in the valuation rate is incomprehensible and that this move by the District Administration will cause irreparable damage to the already struggling construction industry.
AsifSumsum said that there are already a number of taxes on the construction sector and the increase in the valuation rate of the properties will put another heavy burden of taxes on the builders and developers as well as it will affect general public seeking to own their dream homes. Chairman Abad said that despite the fact that the construction sector is already suffering from crises, members of ABAD are continuing their construction activities across Pakistan, which is bringing multifaceted benefits to Pakistan.
The construction activities are providing employment to millions of people and the country’s exchequer is also getting stability in the form of taxes.
He said that the increase in property valuation rates will increase the prices of the construction units, which will seriously affect the common people buying houses. AsifSumsum said that there is already a shortage of more than twelve million housing units in Pakistan. ABAD chairman further said that the current caretaker government is struggling for economic stability and as a result of this struggle, Pakistan’s economy is recovering. He demanded the Caretaker Chief Minister of Sindh to withdraw the increase in the property valuation rates, which are increased without consulting stakeholders.
He clarified that this move will cause more loss to the builders and developers than to the government and the people who want to get their own homes. If no one can buy a house due to lack of purchasing power, the construction activities will come to a standstill leading to huge loss in the government treasury and bring unemployment storm across the country.
