\u200bISLAMABAD (Zahid Yaqoob Khawaja ): The Chairman of the Islamabad Builder and Developer Association (IBAD), Chaudhry Naseer Ahmed, has expressed grave concern over the deteriorating state of the construction sector in the federal capital, warning that the industry is on the verge of a total shutdown unless the government announces an immediate relief package.<\/p>\n\n\n\n
\u200bIn a statement issued on Friday, Mr. Ahmed highlighted a staggering disparity in the Floor Area Ratio (FAR) charges. He noted that rates which previously stood at Rs 900 per square foot have been abruptly hiked to Rs 12,000 per square foot.<\/p>\n\n\n\n
\u200b”This exorbitant increase is the final nail in the coffin for the construction industry,” the IBAD chief stated. While thanking Prime Minister Shehbaz Sharif for restoring the previous FAR rates for the hotel industry, he urged the government to extend the same facility to commercial and residential apartment projects by reinstating the 2020-21 policy.<\/p>\n\n\n\n
\u200bOpportunities for Overseas Investment
\u200bThe IBAD Chairman pointed towards the shifting global economic landscape, particularly the current situation in Dubai. He argued that overseas Pakistanis in the Gulf and the United States are looking for secure avenues to relocate their capital.<\/p>\n\n\n\n
\u200b”If the government provides the necessary incentives and facilities, we can attract billions of dollars in foreign investment,” Mr. Ahmed said, adding that the construction sector supports over 40 allied industries.<\/p>\n\n\n\n
\u200bCritique of FBR and DC Rates
\u200bAddressing the taxation framework, the IBAD Chairman termed the recent hike in Federal Board of Revenue (FBR) and District Collector (DC) rates as “unrealistic.” He pointed out a massive disconnect between market reality and official valuations.<\/p>\n\n\n\n
\u200b”In areas where plots are being traded at Rs 15,000 to Rs 16,000, the official government rate has been fixed at Rs 50,000. This has brought property transactions to a complete standstill,” he remarked, demanding a reversal to previous levels to ensure liquidity in the market.<\/p>\n\n\n\n
\u200bStructural Reforms in CDA
\u200bMr. Ahmed further emphasized the need for structural reforms within the Capital Development Authority (CDA). He drew a comparison between the pace of development in private or semi-private projects and state-managed sectors.<\/p>\n\n\n\n
\u200b”We see how rapidly work is progressing on projects like Margalla Enclave by the DHA, while CDA sectors have remained in a state of limbo for years,” the IBAD Chairman noted. He proposed that the CDA be further empowered and its decision-making process streamlined to resolve developers’ issues without bureaucratic delays.<\/p>\n\n\n\n
\u200bChaudhry Naseer Ahmed reaffirmed IBAD\u2019s commitment to providing policy recommendations to the government, stressing that a vibrant construction sector is vital for Pakistan\u2019s overall economic recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u200bISLAMABAD (Zahid Yaqoob Khawaja ): The Chairman of the Islamabad Builder and Developer Association (IBAD), Chaudhry Naseer Ahmed, has expressed grave concern over the deteriorating state of the construction sector in the federal capital, warning that the industry is on the verge of a total shutdown unless the government announces an immediate relief package. \u200bIn<\/p>\n","protected":false},"author":1,"featured_media":7874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,34,31],"tags":[],"class_list":{"0":"post-7869","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-entertainment","9":"category-national"},"_links":{"self":[{"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/posts\/7869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/comments?post=7869"}],"version-history":[{"count":3,"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/posts\/7869\/revisions"}],"predecessor-version":[{"id":7876,"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/posts\/7869\/revisions\/7876"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/media\/7874"}],"wp:attachment":[{"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/media?parent=7869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/categories?post=7869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/capitalnewspk.pk\/en\/wp-json\/wp\/v2\/tags?post=7869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}