KARACHI: The real estate sector will soon enjoy status of an Industry as the federal government has decided to recognize the investment potential of realty in the country.
This was stated by Mian Abdul Mannan, Chairman of Standing Committee of National Assembly on Parliamentary Affairs and Finance.
He was speaking at the oath taking ceremony of newly elected office bearers of Defence & Clifton Association of Real Estate Agents (DEFCLAREA) here, says a statement of the organizers on Monday.
Mannan was of the view that with industrial status the real estate sector will be more attractive for foreign investment and players will get incentives at par with other industries.
'We will sort out the issue of property valuation and amnesty scheme can be announced if all stakeholders agree', he said.
Mannan said that the city has again been made `the city of lights'. Government of Prime Minister Muhammad Nawaz Sharif took bold step to rid the city from the menace of terrorism and bloodshed.
The government is determined to restore the peace of city like other parts of the country and for this purpose the Rangers will continue to stay in the city, he stated.
Mannan also highlighted the economic progress of the government saying that all local and external factors speak of the achievements of the incumbent government.
'International rating agencies have changed their stance on Pakistan's economic outlook from negative to stable and now positive', he added.
Earlier, newly elected President of DECLAREA for year 2017-19, Raja Mazhar Hussain, demanded that the real estate sector be give the status of industry as major chunk of foreign investment comes in the sector in the form of remittances.
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