The zombie sector
This refers to the letter ‘Crushing real estate’ (September 19, 2022) by Mumraiz Khan. The writer considers the recently imposed taxes on the real-estate sector to be unfair and wants them to be withdrawn. This is a misconception created by the real-estate mafia. This business may be lucrative for the individuals, but the overall economy gains nothing. In fact, it is a dead investment.
Beyond one time construction activity, it does not increase income or employment. Rather, it increases poverty by diverting money from more productive sectors. Pakistan’s domestic savings seem to be locked in the real-estate business, leaving nothing for more productive sectors. Besides private housing societies, every government department is also involved in this business. To check this trend, heavy taxation on this sector is fully justified.
Abdul Majeed
Islamabad
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