Pakistan Fighting Against Corona Virus with Real Estate
As corona virus has swept businesses and economies of the world by surprise, it has become a major impediment in the way of economic growth. In the first world countries such as United States, Italy, and France, the lockdown can be sustained for a longer period of time as their economies have the capacity to absorb this pressure.
However, in case of Pakistan, the economy was stabilized a few months ago. This epidemic has hit Pakistan’s economy in a devastating manner. In order to tackle this issue, Prime Minister Imran Khan has turned towards an important sector of the economy for hope and solace—The Real Estate Sector. Therefore, in essence, Pakistan is now fighting the effects of Corona Virus lockdown by easing up the tax regimes and creating opportunities for jobs in the construction sector.
This article includes the major details regarding the policies of Pakistan meant to Fight the Corona Virus through real estate investments.
The Real Estate Industry of Pakistan
Other than a few housing societies in Pakistan, the overall real estate sector has been largely unexploited. This means that this sector of the economy has the potential to grow and turn into one of the major life saviors for Pakistan in these troublesome times.
Easing Up the Tax Regimes for Construction and Real Estate
The first and foremost policy made by the Prime Minister was to decrease taxes in the real estate sector. In these crucial times, Imran Khan has realized that this sector can provide Pakistan with investments and job opportunities without exacerbating the corona virus situation. These incentives are considered to be a major impetus for the growth of the real estate sector.
The Extension of Blue Area Project
Prime Minister Imran Khan also announced that a new project parallel to the Blue Area region in Islamabad is going to developed. The land opposite to F9 park is being sold to business from Pakistan and abroad, and this plan is aimed at providing the people of Pakistan with job opportunities. With all the precautions, this project can save the Pakistan economy amidst the coronavirus lockdown.
Naya Pakistan Housing Project
The biggest aspect of Pakistan’s fight against coronavirus is the aim of PM Imran Khan to exploit the real estate sector of Pakistan. In doing so, the Pakistani administration has announced the building of 50 Lac houses for low-income citizens in the country. For this purpose, Blue World City in Islamabad has also contributed massively to this purpose including 5000 Homes and a massive stretch of land free to build 50,000 apartments in Blue World City Islamabad.