Islamabad(Syed Javed Hassan Shah): Syed Saadat Hussain Shah, President of Tourism for Interfaith Peace and Development and President of Lake Shore Club, has welcomed the Federal Board of Revenue’s (FBR) decision to remove the mandatory certificate requirement for purchasing residential properties valued up to PKR 50 million and commercial properties up to PKR 100 million.

Shah also lauded the elimination of capital gains tax on the sale of personal residential properties held for over 15 years under Section 236C. He believes that the reduction in withholding tax will attract new buyers to the market, significantly improving the real estate business.

According to Shah, the government’s initiatives, including the announcement of tax credits for houses up to 10 marlas and flats up to 2000 square feet, and the decision to promote mortgage financing, are excellent steps that will revive the real estate sector. He anticipates that a reduction in stamp duty will accelerate activity in the real estate market, lowering transaction costs and making homeownership more accessible for the average person.