ISLAMABAD: The real estate builders and developers on Monday urged Finance Minister Ishaq Dar to unveil a comprehensive package in the coming budget to attract foreign investment and strict measures to get rid of cartels.

A delegation of the Association of Builders and Developers of Pakistan (ABAD) during its meeting with the finance minister also presented its proposals for the budget 2023-24.

Special Assistant on Revenue Tariq Pasha, Reforms and Resource Mobilisation Commission (RRMC) Ashfaq Tola, FBR chairman Asim Ahmed and senior officers attended the meeting.

A source privy to the meeting told Dawn that the association called for removing regulatory duty on iron and tiles in the upcoming budget. It stressed that elimination this duty would result in a significant drop of around Rs25,000 per tonne in steel prices with a corresponding decrease in tile prices.

In the meeting, as per the source, the association also highlighted the concern of cartelisation, particularly in the cement, iron, and tiles industries. The minister reassured the delegation that the vacant positions in the Competition Commission of Pakistan would be filled shortly to address these complaints and other related matters.

One of the major demands of the association was to announce an incentive for overseas Pakistan to send their dollar money through banking channels for investments in the realty sector.

According to the source, the finance minister agreed to consider a proposal in the upcoming budget for overseas Pakistan. There is an allocation of 25pc in every real estate sector for overseas Pakistan.

Published in Dawn, May 30th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

The price of chocolate

The price of chocolate

Little attention is paid to any long-term strategy which might prevent vulnerable children from working in homes where they are in danger.

Editorial

Cholistan project
Updated 18 Feb, 2025

Cholistan project

GPI goals align with Pakistan's broader economic aims but the manner in which the initiative was launched raises questions.
Right to know
18 Feb, 2025

Right to know

IT is an unfortunate paradox that while on paper Pakistan has some of the most impressive right to information laws,...
Dam dispute
18 Feb, 2025

Dam dispute

THE situation in Chilas needs attention and a fair-minded approach so that it can be resolved amicably. Diamer ...
Climate funding gap
Updated 17 Feb, 2025

Climate funding gap

Pakistan must boost its institutional capacity to develop bankable climate projects.
UN monitoring report
Updated 17 Feb, 2025

UN monitoring report

Pakistan must press Kabul diplomatically over its tolerance of TTP terrorism.
Tax policy reform
17 Feb, 2025

Tax policy reform

THE cabinet’s decision to create a Tax Policy Office at the finance ministry has raised hopes that tax policy is...