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Aoa, dear LRE team, pls tell me the price of 1 kanal plot in dha phase 9 prism N block near 615.also tell me that near future N block will grow because of oval complex. Thanks

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Dear LRE team, Can you please evaluate price of these 1 kanal prism plots?
Q-47
L-976
R-224

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Salam to all,

Dear LRE and all experts,

Plaese assess the value of ph.7/x/1460/1, 2kanal.
Should we keep or to sell to go to some better growing phase? And which one?

Thanks & regards,

Rana

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Aoa, dear LRE team, pls tell me the price of my 1 kanal plot in dha phase 9 prism N block near 615. Pls tell me is N block will be good in future because of oval complex in this block. Thanks

52000

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Dear LRE Team,

Pl Evaluate my PLot DHA PHase 6 J Block Plot No 393.

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Dear LRE,

Kindly evaluate Phase 5,

L 530
L 235
M 280

Thanks,

Plot Evaluation Prism R-1099

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Dear LRE Team,

It is requested to kindly evaluate the price of the following plot


Dha 9 Prism
Plot no. R-1099


And also let me know when is the good time to sell it and buy 10 marla in the same phase. I.e DHA prism 9 .

Thankyou
Best Regards

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Price Evaluation
Dear LRE,

Kindly evaluate the below plots,

Plot 720/ Q block - 1 kanal - Phase 9 Prism
Plot 235/ C block - 1 Kanal- 9 prism
plot 350 /H block - 1 kanal - 9 prism
plot 2301 /J block - 5 marla - 9 prism


thanks

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Evaluation Required Prism
Please Estimate Current Value of zone 2 92

thanks

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Many reserve names errors were noticed recently. S trying to check the reason for errors. If getting error please inform.

At this time checked few names and they are working fine. Due to sever rain storms here recently internet connection is not very stable for server and possible to have data disturbance.

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Post:



I really appreciate fast successful meetings our FBR Team, Mr. Haroon Akhter and Minister for current Tax Policy. Why did not this respected management utilizing goby from other countries like Europe, Australia, USA or Canada. Currently the discussion concludes that Black Money (OVERSEAS HALAL EARING) becoming issue day by day and it will effect drastically to Overseas Pakistani. A small change in system can resolve many issues and will give best conversion and usage of “WHITE MONEY”



I will feeling itchy and uncomfortable by giving the example of India our neighbor where all overseas Indian have one NRIs (Non Residence Indian) account (NRE), which is using very efficiently and effectively in-country and no BLACK and WHITE concept for overseas workers. Our Management can take other country best goby.



Non Residence Overseas account lets Overseas Pakistani transfer Our earnings to Pakistan conveniently with complete security in “WHITE” mode.

Features & Benefits: (1.) Free transfers of funds freely between Pakistan and abroad. (2.) Pay ZERO tax on the interest earned on your Non Residence Account in Pakistan

Accessibility: (1.) Withdraw cash easily and shop worldwide with International Debit Card. (2.) Appoint a mandate to operate your account for you

Managing your account: (1.) Transfer your funds freely to any place outside Pakistan. (2.) Conduct transactions securely online, 24x7 with Net Banking . (3.) Other benefits of Pay utility bills, Cheque books, sage deposit lockers same typical.



To transfer money to your NR Overseas account, we can: (1.) Transfer funds from abroad in a freely convertible foreign currency (2.) Present foreign currency notes / traveler’s cheques brought in by us on your visit to Pakistan. (3.) Directly remit the amount to Pakistan bank from your overseas bank account. (4.) Transfer funds from an existing Non Residence Overseas Account held in other banks in Pakistan.



Now when one overseas will use this amount purchasing the property by paying from his overseas account the money will be always WHITE and no need to worry to overseas employee as well as FBR. It will save a lot of time and work very professionally.



Best Regards,



Rehan Ahmad

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Salam.
I applied for dha bahawalpur commercial 4 marla, although the chances for getting selected are bleak but online page is still showing pending although I submitted application as well as fees for applying.

Kindly let me know if my application has been rejected or dha bahalwalpur online system is slow?

Regards

A question to ponder!

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It is being said that the Govt. and Real Estate representatives are negotiating a deal to save the real estate sector, but I think the currently available information suggests that the RE Reps are ignoring a major factor that would be more harmful for Real Estate business in the short and long term

As it seems, there will be an agreed "Fair Market Value" on the conclusion of negotiations, which will be declared as DC Rate.

It means that an investor will have to pay 5% (3% Stamp Duty + 2% CVT) on DC (Fair Market) Rate at the time of purchase, and 2% Withholding Tax at the time of sale of a Plot.

In addition, investor will also pay 1% commission at the time of Purchase, and 1% commission at the time of sale of the same plot.

Moreover, about 1% Transfer Fee/Documentation Charges for the transfer of the same plot will also be paid by the investor.

This means that an investor will have to pay about 10% of Fair Market value (3+2+2+1+1+1 %) on a single plot investment/deal. It means that an investor will not be able to sell a plot until he covers these 10% extra charges.

Such a scenario is bound to damage the real estate market until the percentage of Stamp Duty, CVT, and Withholding Tax is not reduced reciprocally in accordance with the increase in DC Rate.

For example, the currently announced DC Rate of DHA Phase 9 Prism is 30 Lac per Kanal. But if the DC Rate is increased to say 100 Lac (approximate Fair Market Value) per Kanal, then the Stamp Duty + CVT + Withholding Tax (3+2+2 = 7%) will increase from Rs. 210000 (at current rate) to Rs. 700000.

This situation will sharply reduce the number of transactions. So I believe that the Real Estate representatives must take up this matter on top priority, rather than just focusing on Amnesty for Source of Income that perhaps will benefit only the major players in the business rather than the real estate business in general.

Valuation

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What is the market value of T 782 phase 8 Dha?
Regards

Want to Invest RS. 4.2 Million for 3 years

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Dear LRE,

I am overseas Pakistani and coming Lahore in first week of Aug. 2016. I want to invest Rs. 4.2 Million for next 2 -3 years. Please advise good options in 5, 8 or 10 Marla plots that give me good profit.

Also advise which area is best for investment ?

Thanks
Z.Ali
Saudi Arabia

Advise

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Dear Brothers. I am overseas (middle east) and living with family abroad. I have plots Phase 7 Q (near 212 & 800).

Kindly advise shall I start construction on Ph7 plot (which one shall I construct, near Q212 or Q800?).
Who is good designer and contractor?).
OR
Buy 10 Marla, 14Marla, 1Kanal house in Defense Raya (for security reason).

I hope I will get good and kind advise.

Please advise

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Salam:

I am not able to post a reply to post # 84518 so trying to post here:

In Australia, u will get the benefit of leverage i.e by paying AUD 175 k, u will own property of 700,000/Though u will incur interest expense, but however u will be having equity in each year, by paying part of EMI towards principal repayment. ( i have not accounted for any capital gains in this)
However, as mentioned by Jameel Mughal, Pakistan property has its own capital gains charm. If I were you, i will diversify to hold at least one property in AUD, if i do not have any RE in Australia.
Jameel Sb:
Pls comment on leveraging and buying a property In Dubai via bank financing. is it worth it in current scenario with low Dubai RE prices? Thanks (Asking this as nowadays, I am confused whether to invest AED 300,000 in Pak RE or In Dubai. Thanks

Real estate set to win biggest tax amnesty

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http://tribune.com.pk/story/1146857/real-estate-set-win-biggest-tax-amnesty/


ISLAMABAD:
The government on Thursday agreed, in principle, to offer the biggest ever tax amnesty scheme in the country’s history, which will whiten a whopping Rs7 trillion untaxed and black money currently stashed in the real estate sector

Finance Minister Ishaq Dar and representatives of the real estate sector discussed the broader contours of the amnesty scheme, which will be implemented by either promulgating a presidential ordinance or introducing a bill in parliament, said a government official. It was the third round of talks in last four days.

Taxing real estate: Govt forms body to address concerns of property dealers

After the talks, Dar told media that the next meeting will be held on Wednesday in which real estate sector representatives and FBR officials will share their respective property valuation rates. “On Wednesday, the two parties will reach a consensus as things are going towards positive direction,” he said.

Real estate sector representatives would bring their own property valuation rates of 18 main cities and FBR officials will share their rates. On the basis of both the rates, valuers will work out ‘consensus rates’. These determinations then will become the base for giving amnesty on past transactions and calculating taxes on future transactions, said the officials.

Dar ducked three repeated questions on whether the government was going to give another tax amnesty scheme and left the venue. It will be the tenth amnesty scheme in the history of the country and the third of the PML-N government in last as many years. The government’s last tax amnesty scheme to traders miserably failed, as it could bring in only 9,090 traders in the net against the claim of over one million.

The need for the tax amnesty scheme arose after the government brought legal changes to determine fair market value of the properties by amending Income Tax Ordinance through Finance Act 2016. However, a move that was initially aimed at capturing actual income gains from the property transactions would end up whitening about Rs7 trillion untaxed and black money currently parked in the real estate sector.

Real estate sector, govt close to breakthrough on controversial tax decisions

The ill-conceived changes in the tax law immediately created two problems, putting a question mark over trillions of rupees transactions carried out till June 30 and the fair market value of the future transactions, said a senior government official who attended the negotiations.

A government official told The Express Tribune that it has been decided that the government would not ask the source of income of the past transactions from investors.

Abdul Rauf Alam, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said that this issue was not only the issue of real estate and builders associations but it was the issue of every businessperson, industrialist, importer, exporter and bureaucrat.

Since the beneficiaries of the schemes are from all segments of society, the scheme is expected to pass through all the legal obstacles, said FBR officials.

“The big players in speculative business in real estate and capital markets are the beneficiaries of policies of appeasement,” said eminent tax expert Dr Ikramul Haq. He said these big players, in between politicians and corrupt bureaucrats, get their share courtesy a few leading tax experts who in connivance with some stalwart in FBR provide support to tax evaders. Haq added that the whitening of assets by compromise is a great fraud depriving the country of trillions of rupees in taxes.

According to the broader contours of the likely amnesty scheme the government would settle the past property transactions by charging a fixed tax of 4% to 5% of the price differential between the deputy collector rates and the new rates, which will be determined by next week.

Published in The Express Tribune, July 22nd, 2016.

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