Government Eases Property Rules: Non-Filers Can Now Invest Up to Rs10 Million

The government has proposed a significant policy shift allowing non-filers to purchase properties worth up to Rs10 million. The Ministry of Housing has submitted these proposals to the Federal Board of Revenue (FBR) to stimulate the real estate sector and generate employment opportunities.

Reduction in Property Taxes to Benefit Non-Filers

To make real estate transactions more accessible, the Ministry of Housing has suggested lowering tax rates under Section 236-C for property sales. The proposed changes include:

  • Capital gains tax under Section 236-C to reduced from 3% to 1.5% for filers and from 4% to 2% for non-filers.
  • Under Section 236, the tax on purchasing property expected to drop from 3% to 0.5%.

These tax cuts will significantly reduce the overall tax burden on property transactions, bringing it down from the current 11%-14% to an estimated 4%-4.5%.

Overseas Pakistanis to Benefit from Online Registration

Overseas Pakistanis investing in real estate will also benefit from the proposed changes. The National Database and Registration Authority (NADRA) will introduce online registration facilities for overseas buyers, making it easier for them to invest in Pakistan’s property market.

Filers will allowed to declare properties worth up to Rs50 million in their wealth statements, while non-filers can acquire properties valued at up to Rs10 million. This move aims to encourage domestic and international investment in the real estate sector.

Punjab Government to Regulate Illegal Housing Societies

In a related development, the Punjab government has decided to establish a Special Planning Authority to regulate land use for urban and rural areas. This initiative expected to curb the rise of illegal housing societies across the province. The authority will oversee zoning and land-use regulations for both commercial and residential properties to ensure sustainable urban development.

These policy changes expected to revitalize the real estate market, attract investors, and contribute to economic growth by generating employment opportunities in the construction sector. The government’s efforts aim to provide ease of doing business while maintaining regulatory oversight to prevent illegal developments.

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Syeda Qandeel Zehra
Syeda Qandeel Zehrahttps://hamariweb.com/
Syeda Qandeel Zehra, an MBA holder with four years of content writing experience, is a versatile writer adept in news, blogs, and articles. Specializing in SEO content, she combines business insight with engaging storytelling. Keen on staying updated with industry trends, Syeda crafts compelling and high-ranking content that resonates with her audience.

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