ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) Senior Vice President Tahir Abbasi on Monday urged the government to focus on development of the real estate sector because it would help in reviving the economy.

Growth of over 40 allied industries relies on growth of the real estate sector, he said while exchanging views with Federation of Realtors Pakistan President Sardar Tahir Mehmood during a meeting.

Mr Abbasi said the government should rationalise taxes in the real estate sector to facilitate its growth. Development of the real estate sector would accelerate the economy and reduce poverty by creating jobs.

Focusing on the housing sector would steer the economy out of challenges it is faced with currently, Mr Mehmood said.

The federation is preparing real estate sector budget proposals for the government because that would help in broadening the tax base and reducing deficit, he added. He said the federation would be reorganised across the country in consultation with stakeholders.

The government should focus on skill development of youth, good governance and inclusion of middle class in the growth process, he said, adding that for sustainable development of the economy, it was necessary to bring reforms in agriculture sector and set limits to holding of properties in cities.

He said efforts would be made to resolve key issues of realtors in collaboration with ICCI.

Published in Dawn, March 17th, 2020

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