No doubt, the property market works ahead with the help of the workers’ payments, whether it is of interest to the investors or not. According to an analysis, over 50% of remittances prefer to do property business as the people living in foreign countries prefer to invest their money in real estate.
Table Of Content
- 100% increase in Karachi property prices
- Devolution of property tax to KMC, DMCs in Karachi
- Covid-19, the fourth wave, hit property prices
- Pakistani and Chinese firms sign deals worth millions of dollars
- PM asks concerned departments to focus on Karachi development
1. 100% Increase In Karachi Property Prices
In the city of lights, the property prices 100% increase due to housing shortages. Further, the costs increase where the basic facilities are available. According to a report in Jang, the number of tenements is spreading rapidly in the city. The reason is the unavailability of affordable housing and property.
Property prices rise from 50-100% in the coronavirus situation. The areas where buying and selling of property rose include Shah Latif Township, Northern Bypass, Surjani Town, Scheme 33, Malir, and Jinnah Avenue Road.
Moreover, due to the rising prices, the apartments on Jinnah Avenue Road are worth more than Rs 10 million. At the same time, you can book with Rs 10 Million of under-construction projects.
2. Devolution Of Property Tax To KMC, DMCs In Karachi
Syed Murad Ali Shah – Sindh Chief Minister, has decided to devolve the collection of property tax in Metropolitan Corporation and District Municipal Corporations of Karachi. The reason behind the tax devolution to be done for $ 0.4 is to identify the under-assessed and un-assessed properties records.
The project includes:
- Procurement and development of the Urban Immovable Property Tax (UIPT) system
- To strengthen the capacity of Excise
- Modernization of UIPT collection
Under the project, a UIPT survey will be conducted for Karachi’s estimated two million properties to collect quality data. The CM said:
- The Urban Immovable property survey would improve the tax base
- The GIS component would help urban planning authorities to plan
- Execute sustainable infrastructure.
Moreover, the CM also elaborated that only 947,424 increased from 8,00,000 property units were taxed. Further, he also announced that we are collecting Rs 1.72 billion as a property tax, but it would be increased by Rs 3.63 billion after the survey.
Additionally, he commanded the minister local government and minister excise to sit with the chief secretary and set a mechanism to devolve the tax to KMC and DMCs.
3. Covid-19 The fourth Wave-Hit Property Prices
After the fourth wave of covid-19, the Sindh government left the property dealers in trouble. A dealer said that Uncertainty is increasing to such an extent the owners are facing difficulties in taking the rents from shops, offices, and food outlets.
Furthermore, Ahmed Karim-a real estate agent, said,” Property owners forced to accept rents at lower rates.” So now they have lost 30% on Rs 1 million, which is Rs 0.7 million.
4. Pakistani And Chinese Firms Sign Deals Worth Millions Of Dollars
According to the news sources, Lahore: The nine Chinese companies participated in the 5th Pakistan Industrial Expo 2021 to start the long-term development.
There were 31 Chinese companies in the past four editions of the Pakistan Industrial Expo with the local companies to assemble the plants and technology exchange. Moreover, many other companies also visited and signed Memorandums of Understanding( MoU) With the participants.
According to the organizer Everest International, the Chinese and Pakistani companies had signed US$34Million worth of Intended Cooperation agreements (ICAs) in different sectors. It includes:
- Technology transfer
They also declared that 9 Chinese companies are starting long-term development in Pakistan. The organizer Everest International Expo also shows the Chinese products for physical inspection.
According to Chris Zhou, Deputy General Manager of Everest International Expo,” Pakistan and China are always together to renew bilateral investment. It is the best solution in the pandemic.”
5. PM Asks Concerned Departments To Focus On Karachi Development
PM Imran Khan ordered to focus on Karachi development. But, according to the news sources, he also said, “They should work in their respective field.”
Further, arrange a meeting in Islamabad with the Maritime Affairs Minister Syed Ali Zaidi, who elaborated on the current condition and Karachi’s rehabilitation package.
After that, PM Imran Khan held meetings with members of the National Assembly and discussed the ongoing process in parliament, political situation in the country.
Moreover, Minister Zaidi also said to PM,” Despite the shortage of funds, MNAs are focusing on legal developments of Karachi. ” In conclusion, according to PM, “The PTI has a solid plan for the entire Sindh with the PM’s” vision for a prosperous and better Sindh.
These are recently updated news regarding the property specifically related to Karachi’s current situation.