Wednesday November 29, 2023

‘Decisions under IMF pressure may hit real estate sector hard’

By Our Correspondent
May 23, 2023

RAWALPINDI: General Secretary of Real Estate Consultants Association (RECA) Adil Nawaz Bhatti has said that the decisions made under the pressure of IMF will cause irreparable damage to the real estate sector, says a press release.

“The real estate sector and the millions of consultants associated with it are facing severe difficulties. Previously, only capital was transferred out of the country, now investors are also moving abroad very quickly, in such a case, there will be irreparable damage due to the decisions made under the pressure of IMF,” Adil Nawaz said.

He said the government must involve the business community in the consultation process.In one of his statements, Adil Nawaz Bhatti said that the real estate sector has been under constant pressure for the past few years, but no incentives have been introduced in response. “Realtors will react strongly to any kind of additional tax. This time the realtors will not be silent.” He said that the sector should be regulated and given the status of a regular industry and the implementation of the Real Estate Regulatory Authority Act can help in this regard.