The real estate business community and other relevant stakeholders of about 40 major cities were seemingly upset as the incumbent government announced new market prices for immovable property on December 1, 2021. The decision to increase the prices came under the government’s plan to generate greater tax revenue from property and boost the economy of the country. The new evaluation caused a hike in prices from 100% to 600%. The rapid and enormous change will only cause a ripple effect in many quarters of the economy involving immovable property. Hence, an uproar was seen throughout the country, especially in Punjab, and the decision was halted within a week of the said announcement.
Stakeholders’ inclusion in the revised decision is needed for the revaluation of changes in property prices as promised by the Chairman of the National Assembly Standing Committee on Finance and Revenue. Although this news is a sign of relief when compared with the storm that brewed for the real estate community, it will only soften the blow. The situation is not just a major concern for real estate property owners and dealers, it will affect other sectors as well. Those planning private and public investments in schools and hospitals will have to rethink their decision to invest.
The real estate industry is highly concerned and speaks on behalf of its valued customers, builders, real-estate businessmen, and the community.
