ABAD urged to focus on low cost housing

KARACHI: State Minister for Finance Rana Muhammad Afzal Khan on Wednesday emphasized on Association of Builders and Developers of Pakistan (ABAD) to focus on low-cost affordable housing so that the common man's dream of having a home can be fulfilled.

The Minister was speaking at a meeting with members of association here at ABAD House.

ABAD Chairman Arif Yousuf Jeewa, Senior Vice Chairman Fayyaz Ilyas, Vice Chairman Sohail Warind, Chairman Southern Region Altaf Tai and former Chairmen Junaid Ashraf Taloo and Anwar Gagai and a good number of ABAD members were present, said ABAD release.

Rana Muhammad Afzal Khan said that the construction sector had high rate of value addition and it should add share for the poor in its every project.

The Government would provide possible support to ABAD for construction of low cost housing.

'Government will take ABAD into confidence for forming housing policies,' he assured.

He regretted that tax recovery from the construction sector was very low, which was not to be welcome.

Builders and developers should pay their due taxes, which was in their interest and that of the government.

He said that it had been impossible to hide black money after Pakistan signed OECD agreement regarding money laundering.

He told that the government was striving to broaden tax net and after adoption of forensic auditing of tax payers, no one would be able to remain out of tax net.

The Minister urged that ABAD should raise voice against the corrupt officials as the time had come, not to tolerate even single corrupt element.

Earlier, ABAD Chairman Arif Yousuf Jeewa said that the budgetary proposals from ABAD for next budget would be sent to the government next week.

The ABAD had taken into account the interests of all stakeholders of construction and real estate business while forming its budget proposals, he said.

Fixed Tax Regime (FTR) was a very good scheme by which government could get a big amount as the tax but, he alleged, Federal Board of Revenue was reluctant to further this scheme, he said.

He requested to the Minister of State for Finance to abolish three-tier system of property valuation before announcing any Amnesty Scheme for real estate sector.

He said that ABAD had introduced 'Affordable Housing Scheme' on the basis of no-profit no-loss as its corporate social responsibility for those people who were unable to purchase costly properties.

ABAD had received more than 85 thousands applications for these schemes in Islamabad and Karachi.

He said that ABAD has acquired land for this purpose and it was expecting from the government to provides utilities and infrastructural facilities at the earliest.