The term ‘benami properties’ refers to any property and assets which have been purchased in the name of a person other than the one financing it – a move which allows parking of undeclared money in the real estate sector.
As per the draft law, a person, who is required to furnish information under this Act, knowingly gives false information to any authority or furnishes any false document shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to five years and shall also be liable to fine which may extend to 10 per cent of the fair market value of the property.
Once passed, this will be applicable to new as well as existing benami properties.
Published in Dawn, August 17th, 2016
Real Estate is best replied on Wednesday, August 17, 2016 09:27 AM
Big corrupt fish like Nawaz Sharif Zardari, Corrupt police official, Ministers, corrupt Govt officers etc etc sholud be worried about it not the common people like us should be bothered aboout it. |
Wajid® replied on Wednesday, August 17, 2016 09:39 AM
Real Estate is best - include IK as well in your list. Bani Gala is "Benami Property". |
Real Estate is best replied on Wednesday, August 17, 2016 09:46 AM
Wajid bhai jis ko marzi include kar lain yeh baray logon ki game hai all i wanted to say was Big corrupt fish always buy benami properties not general massess |
Ahmad replied on Wednesday, August 17, 2016 10:03 AM
Wajid® It is in IK's name, its not Benami, |
Ali replied on Wednesday, August 17, 2016 11:03 AM
By taking measures against real estate sector in Pakistan, Dar sb is trying to increase the value of his Dubai properties by encouraging capital flight to Dubai.
But he will not be successful, as GCC countries are nearing bankruptcy due to low oil prices. |
Arif M® replied on Wednesday, August 17, 2016 11:20 AM
Wajid, just to clarify further... benami property is basically a property which is not in the name of actual investor. Like having it in name of relatives, or driver cook mizaray etc.
I don't know how they will treat offshore accounts/properties in this law as they are also created to hide actual investors!!
Oh by the way this law will also be applicable to pakistani's properties in abroad. |
Jehanzeb Ahmad replied on Wednesday, August 17, 2016 12:47 PM
I think this will further reduce the buyers specially those who buy property in other's name..I think this will further slow down the market |
