The Lahore High Court’s verdict against the controversial Ravi Riverfront Urban Development project is good news as the project seems to be simply another real-estate scheme for the country’s elite. Low taxation and amnesty schemes in real-estate have made it an attractive option for parking black money. It is a small wonder that Transparency International’s Corruption Perception Index continues to give Pakistan a poor score. As long as instant profits and tax reliefs for investors in the real-estate sector are attractive, there will be a constant decline in the much-needed investment in the industry. Our exports will decline, and industries will close down. The country that once boasted of being an agro-based economy, self-sufficient enough to meet domestic food requirements and export the surplus, has now been reduced to importing even basic food items like wheat and vegetables.
Malik Tariq Ali
Lahore