Real estate agents opt for protests

KARACHI: The All Pakistan Real Estate Agents Convention has announced to launch countrywide protests from October 24 against revaluation of properties and taxes imposed thereon by the Federal Board of Revenue (FBR), a statement said on Saturday.

The convention was attended by the office-bearers of 12 real estate agents associations, representing different cities of Pakistan, it said.

Real estate agents announced to hold a demonstration rally in Lahore on October 24; followed by a similar rally in Islamabad on October 27.

The real estate agents would also contact political leaders and other trade bodies, seeking their support so that the new taxation regime on property could be withdrawn.

Raja Mazhar Hussain, a broker, said the property trading business has declined 90 percent, adding that the government should reverse the decision to save the business and people associated with it.