KARACHI: Association of Builders and Developers of Pakistan (ABAD) has demanded of the government to extend the amnesty scheme given to the real estate and construction industry for at least one year.

According to details, the industry is facing long delays in approval of building plans in Sindh and a large number of builders and developers remained unable to register their projects in the amnesty scheme due to Covid-19 situation hence the scheme needs to be extended for at least one year.

On the other hand, the price hike in cement, iron bars, paints, tiles, etc. has created new records hence in order to avoid interruption in the momentum of the economic growth, the government should extend the special package for real estate and construction industry otherwise the results achieved through this package would go in vain, ABAD said.

Under the extended package, source of income will not be asked for investment in real estate and construction up to June 30, 2021, fixed tax regime for builders and developers up to December 31, 2021, and the period for projects up to June 30, 2022.

Copyright Business Recorder, 2021