With a view to create awareness about the concept of Real Estate Investment Trust (REIT) to the potential investors, Punjab Board of Investment & Trade (PBIT) organised REIT stakeholders' conference here on Tuesday. Director General Projects PBIT Moazzam Hussain chaired the event.
Speaking on this occasion, he said, that PBIT is actively promoting formation of new REIT structure and initiating new real estate projects. Explaining this new idea, he said that REIT is a mutual fund that invests in real estate development projects, and Punjab government has given extended fiscal incentives by lowering stamp duty for REITs to buy and sell property.
Punjab Board of Investment and Trade has been trusted with the responsibility of implementing REIT tax policy reform through government of Punjab REIT offers multiple benefits to the economy, such as it can bring transparency to real estate transactions, increase participation of general public in profitable real estate projects. REIT can bring standardisation and best practices to the construction industry, efficiently channel, Foreign Direct Investment and substantially increase government revenues.
The conference is focused on recent incentives offered by the government of Punjab, procedure, policy and regulatory framework for opening a REIT and to engage in a dialogue with all stakeholders and to remove bottlenecks.
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