‘Issues of builders, developers to be resolved soon’

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday said the government is aware of the importance of the vibrant construction sector and the issues of builders and developers would be resolved soon.

The apex trade body is in contact with the authorities and are trying its best to get the problems resolved as soon as possible, said Abdul Rauf Alam, president of the FPCCI.

Talking to Islamabad Builders and Developers Association Chairman Sardar Tanveer Ilyas, Alam said that the FPCCI continues to apprise the government of the problems being faced by the builders and developers, especially the issue of property valuation.

The construction industry is providing jobs to millions of people, while giving business to dozens of allied industries; therefore, timely action must be taken to redress grievances of the builders and developers, he said.

The property market is still reeling under the Finance Bill 2016 after which it recorded a downturn, but things would improve soon, he added. Alam said that radical steps are needed to avoid decline in construction industry, which has become one of the leading sectors of the economy, reflecting double-digit growth, as buyers have suffered a drop in confidence, while sellers have taken a blow. The steps taken by the government has ensured transparency, stabilised the market, reduced fluctuations and encouraged genuine investors.