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Property Slump,

(103744)
   Khalid Azad®
Saturday, July 2, 2016 02:04 AM 
Reply: >
Dil bolaney ko khial Acha ha. There is not single byer in market after 1 July taxes change, but people including me asking old (golden period) prices.
I have also two plot 4 sale and not a single offer received after the change. Property needed long long time to stable after this Slump.
MALIK® replied on Saturday, July 2, 2016 03:39 AM 

Dear Khalid Aziz,
In all your previous posts you are only talking about big slump, and how poor people cannot afford even a 3 marla house with life savings, i do not think you have 4 plots to sale, you are only advocating a slump so may be you can buy a cheap plot.
Its an excellent move by CMY to register the people on this forum.
Please people in the forum do check this guys previous posts.its strange at what lengths people go to achieve their goals.
MALIK® replied on Saturday, July 2, 2016 03:49 AM 

Please check Mr Khalid Azad's previous posts, I doubt he has 4 plots to sell,I think he wants to buy a plot at a cheap rate so advocating a slump. It's an excellent move of CMY to register everyone on the forum,in his previous posts he just keeps complaining how poor people cannot even afford 3 marla house with life savings.
Allah sab ko ghar da Ameen but please keep your hearts clean and avoid living.
User_9325® replied on Saturday, July 2, 2016 04:04 AM 

Its been only two days bro. just chill and relax. you will recieve offer. action will begin after eid. market will absorb these taxes and there will be business as usual after eid
Arif M® replied on Saturday, July 2, 2016 05:37 AM 

Everyone is cautious at the moment. Things will take sometime to settle down. Buyers will start giving offers only after things become clear about taxes and how FBR will ask questions about money from buyers. All depends on policies given by Govt. So lets wait and see.
Jameel Mughal® replied on Saturday, July 2, 2016 06:27 AM 

At least this Eid season will be spoiled there will no sale purchase, as procedure will be understood slowly. Byers are expecting prices to be lower. But sellers will hold for a while to see if if this panic is transient, in 3 months market will reach some balance.
This is tough time for dealers as they have to earn daily living by this business. People who want to buy will be more attracted towards ready properties.
HassanHC® replied on Saturday, July 2, 2016 06:35 AM 

Referring to an amendment made to Section 68 of the Income Tax Ordinance 2001 through the Finance Act 2016, Karachi Chamber of Commerce and Industry (KCCI) President Younus Muhammad Bashir stated that the particular amendment must be immediately revoked as it will open more avenues for corruption.

“The amendment would increase corruption,” Bashir said in a statement issued on Friday.

He said that the previous system for property valuation through a pre-defined category-wise table must continue but this property valuation table needs to be revised more frequently and more categories must also be added to the table.

He urged the government to take a decision at the earliest in this regard because this amendment, which has come into force from July 1, 2016, would cause immense problems for buyers and sellers of immovable properties.
MALIK® replied on Saturday, July 2, 2016 06:46 AM 

Please check Mr Khalid Azad's previous posts, I doubt he has plots to sell,I think he wants to buy a plot at a cheap rate so advocating a slump. It's an excellent move of CMY to register everyone on the forum,in his previous posts he just keeps complaining how poor people cannot even afford 3 marla house with life savings.
Allah sab ko ghar da Ameen but please keep your hearts clean and avoid propaganda.
MALIK® replied on Saturday, July 2, 2016 07:04 AM 

Sorry for repeat posts as error was coming up i thought posts were not going through,admin please remove repeated posts
Thanks
Adnan_Ali® replied on Saturday, July 2, 2016 07:36 AM 

The people like Mr Khalid are called as "OPPORTUNIST" who try to create panic new investors with little nerves so they could buy at cheaper price. Khalid its only 1st day of july and Banks close dues to first day and Jumma-tul-vida, so its natural that no transaction takes place.

You should not worry because the people who had to quit already sold and transferred before 30th june and current investors are ready to wait and watch at least for 2-3 months, so less sellers and comparatively more buyers will keep at least stable the prices (prices will not fall). Also its expecting this law will be revised within 1 month when Dar/FBR company will see the total Tax collected (volume wise) in first month of july and compare it with July 2015 stats :)
Khalid Azad® replied on Saturday, July 2, 2016 07:53 AM 

Mr Malik and Adnan bhai. I already mentioned my plot no to CMY sb and his team for sale. If you are interested please contact him with offer.
I am sorry if any body feel my words.
I pray for all best for all of us. And wish to have stability in market.
Khalid Azad® replied on Saturday, July 2, 2016 08:32 AM 

Dear Malik & Adnan Bhai,
I have informed my plots to CMY sb and Salman sb a month before for sale. If you are interesting or have purchaser you may deal with Mr Salman sb with my reference and also may received my phone no and details form them (if i have plots or not for sale).
It no matter for market effect with single person post, i pray for stable market for all of us, i mentioned as i observe one may be differ from my point of views. Sorry if some one feel, but my point was my personal observation.
AHMAD HASSAN® replied on Saturday, July 2, 2016 08:39 AM 

Dear Malik, you can agree or disagree with ones opinion but shouldn't become personal.
AHMAD HASSAN® replied on Saturday, July 2, 2016 08:43 AM 

@ Jameel, please update any transfer came into your knowledge for us to understand new policy. We are also concerned about time would be required for transfers. We always visit Pakistan for limited days.
Adnan_Ali® replied on Saturday, July 2, 2016 08:51 AM 

Okay Khalid, sorry i feel that i got little bit harsh. Appologize.

But i feel that its not necessary to post dozens of articles to make market Panic.(of course unintentionally by you) just Chill,

Thanks
AHMAD HASSAN® replied on Saturday, July 2, 2016 08:55 AM 

SHABASH Adnan, only brave people admit mistakes and apologies. Morally & ethically you are at very high level now.
MALIK® replied on Saturday, July 2, 2016 09:04 AM 

I was not being personal ,just curious see below post and you can even go further into older posts why would someone only talk about a slump on a regular basis, this is just one post of many

Khalid Azad replied on Tuesday, April 19, 2016 09:25 AM PST

My respected brother please always Wright only on issue type and not personally. It's bad sign and degrade personality.
As type in also think that prism lahore will be ready nearly 2025. Even shahbash to dha management if they deliver it in 9 years time.
It's prices are over as investment now
MALIK® replied on Saturday, July 2, 2016 09:19 AM 

Another post by Mr Azad
May be unintentionally you were posting about a big slump, but I think apka itna zada slump ka posts se such ma he slump aa gaya, anyway I hope everything happens for the best.


Khalid Azad replied on Saturday, May 7, 2016 11:47 AM PST

Dear Brother Surfer And respected CMY sb, I don,t have any objection on Prism location that will be come in shape nearly 2025, then it will be good phase of DHA. My point are that its today prices are not realistic. Both Respected Brothers you agreed or not but Prism will going for some correction before next investment from peoples, its all about same condition as 2005 in property blast. Most of Innocent new investor will be going to share from this blast (Sorry).
If Property blast happen then most effected ares will be prism 9 due to not in plot shape (developing areas).
Think 9 time before to invest in prism 9 on current prices.
Jameel Mughal® replied on Saturday, July 2, 2016 09:24 AM 

@ Adnan Ali, some Correction in market is must, As timing of this drama was critical, Due to gain of about 50 to 60% last year market was already prone to correction. The timing of These taxes and white Money Law is another issue. The buyers in last few years have to prove the source of income not at the time of Sale and purchase But FBR will call data from societies for last transfers, You put your plot for sale or not people will start getting notices from FBR retrospectively.
I am not not worried about a bit of Change in transfer rates but more on this 35% deduction Kala Dhan Law.
I hope some amnesty or revised rate be announced.
Khalid Azad® replied on Saturday, July 2, 2016 10:10 AM 

Dear Adnan bhai I salute yours greatness. And my brother Malik still in think that a Slump is come already or coming soon.
Even i have plot for sale but I can't till last month.
In other hand I believe that current prices are not justify as my brother Jameel sb also saying.
Any how forget previously mentioned and hope for best.
Kureshi® replied on Saturday, July 2, 2016 10:11 AM 

Jameel sb, my question is ...

Will they be determining market price of 4 years back and compare it to DC value shown in the income tax return of 4 years back ? How is that even possible to acertain narket rates of property of past 5 years of different societies and at differebt locations....

I do agree with u ... kala than issue is bigger than CGT. Gayhoon kay saath ghunn bhee piss jayega !
Adnan_Ali® replied on Saturday, July 2, 2016 12:49 PM 

Jameel Bhai, worst case scenerio, market will not go down more than 5-10% and that too only in risky areas, Possession areas are already safe.

I am 100% sure that FBR/FM intentionaly played a game very nicely to collect the revenue for to meet the IMF Targets of tax collection. Please check the data of "number of transactions" taken place in last 2 week of June. They collected billions of rupees via CVT/Stamp.

After Eid and NS arrival, things will get smooth since they too have a big share in real estate market and their vote bank is based on this (Soney ka anda deney wali murghi kon zibah karta hey). CGT will be only on net profit and there will be no SBP/FBR market evalation. (DC Rates will be revised to reallistic values and CGT will be between 2-5% on net profit (but will not exceed 5% on Profit)

About white money/black money, its just a public statement. if you live in Pakistan, there are hundreds of ways. 35% deduction on untaxed(undeclared) money, do not take it serious.

Abhi tak 2% ki Tax Amnesty Scheme ki option bhi available hey. And best thing is FBR staff is very co-operative and they will give you best solution/Advise (but after one pay them some extra - u know what i meant)
Adnan_Ali® replied on Saturday, July 2, 2016 02:01 PM 

Jameel Bhai, I meant that this new tax 10% CGT and Market evaluation by State Bank/FBR is not possible.

I am 100% sure that FBR/FM intentionally played a game very nicely to collect the revenue for fiscal year to meet the IMF Targets of tax collection. Please check the data of "number of transactions" taken place in last 2 week of June before 30 june. They collected billions of rupees.

And very shortly you will hear good news. Its just a temporary situation created either intentionally/testbase to check reaction. CGT will not be more than 5% of net PROFIT gain and no evaluation but with revised DC Rates
Habib replied on Saturday, July 2, 2016 02:22 PM 

Property is not like stock the rates will take about 3 months to fall, only you will not see any offers.
Whole rush will divert to plots with possession and houses
MALIK® replied on Saturday, July 2, 2016 04:08 PM 

People who are not able to do business due to whatever reason where would they invest money, with taxes profit margin will get less but I think people will still invest in property, may be less reshuffling will be done as before.
I'm selling a plot after eid as deal has already been done,I will let everyone on the forum know about how much taxes etc were paid so we know exactly where we stand.
Happy holidays and Eid Mubarak in advance to everyone
Kureshi® replied on Saturday, July 2, 2016 06:08 PM 

Is tension kay mahol mein Adnan bhai ka khushgawar and much needed positive chutkala...:)
Ahmad786® replied on Sunday, July 3, 2016 09:58 PM 

Its seller who is effected not buyer. I am surprised that u could not find buyer. I am seller and I have decided not to sell
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