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LCCI demands declaration of real estate sector as industry

LAHORE: Lahore Chamber of Commerce and Industry has urged the government to declare real estate sector as industry and should not impose any new tax as it is not only an important source of revenue for the government but is also providing direct or indirect employment to millions.

LCCI President Sheikh Muhammad Arshad raised this demand while talking to the delegation of DHA Real Estate Agents Association, led by its Chairman Major Rafiq Hasrat, at the LCCI.

Former LCCI president Muhammad Ali Mian, former senior vice president Irfan Iqbal Sheikh and Executive Committee Member Nasira Taskeen also spoke on the occasion.

The LCCI president said that real estate sector is an important and growing sector of economy and Pakistan spends billions of dollars on construction every year. He informed the delegation members that the Lahore Chamber of Commerce and Industry was making all out efforts to get the issues being faced by the trade and industry resolved at the earliest.

He said that LCCI has forwarded budget proposals to the government, adding that ongoing projects under the China-Pakistan Economic Corridor (CPEC) have direct relation with economic development and would also give boom to the real estate sector.

The LCCI president said that real estate sector is playing a significant role to promote the economic activities in the province, adding that LCCI would extend maximum cooperation to DHA Real Estate Agents Association.

Head of the delegation and DHA Real Estate Agents Association Chairman Major Rafiq Hasrat said that real estate sector could generate huge revenue for the government once it is declared as industry. He said that government should establish a licensing authority for real estate agents, which would also help build trust of the investors.

He informed the LCCI president that the association has designed courses for real estate agents to give them awareness about the day-to-day changing business techniques.