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Budget 2024-2025 | Real Estate Market | Heavy Tax

Budget 2024-2025 Real Estate Market Heavy Tax

The new budget of 2024-2025 is going to impact real estate market, buyers, sellers and investors altogether. The imposition of heavy tax is going to reduce market value of properties and going to affect investors behavior. These changes are going to help in revenue collection and encourage tax payment among real estate market. This will increase transparency and trust among investors.

Capital Gain Tax (CGT):

Previously, CGT was decreasing with every passing year within 6 years sliding from 15% to 2.5 % for all filer and non-filer properties. Currently CGT on properties is fixed regardless of holding period, 15% CGT will be implemented on filer property and upto 45% CGT will be applicable for non-filers property.

Progressive Withholding Tax on Transfer of Immoveable Properties:

Different 3 categories for taxation are applicable for filer, delayed/late filer and non-filer. The purchase and sale of immovable property vary for property value below Rs 50 million, above Rs 50 million and above Rs 100 million.

5% FED will be applicable on allotment and transfer of commercial and 1st sale of residential properties. This will increase real estate market value and stabilize it.

FED on Immoveable properties:

Advance Income Tax:

Property buyer will pay Advance Income tax 3% and non-filer will pay 12% tax if value of property is upto Rs 5 Crore. These taxes depend upon property value and condition of filer.

This new taxation will be applicable from July 1 2024 and onward and properties brought before July till June 30 2024 will be dealt on pervious tax structures.

You can contact Pakistan Property Services to book any commercial property at Pearl One Courtyard Tower 3. We provide better consultations for your real estate matters as the authorized dealers of Bahria Town and Etihad Town projects. For further information, you can call +92 321 111 2508 or visit our YouTube channel Pakistan Property Services, where we regularly update you to learn about the new trends in the real estate market of Pakistan.

Projects We Deal in:

Many residential and commercial societies in Pakistan are evaluated carefully to help our clients make the better decision. Pakistan Property Services helps the clients invest in projects with good prospects that depend upon the parent company, developers, location, payment plan, amenities they can have in the desired project.

Lahore:

Lahore is the cultural and economic hub as well as the provincial capital of Punjab. The city is well known for its huge economic opportunities in different sectors. People come from different areas to grab these opportunities and have a residence here. Below the list of some of the top Projects in Lahore:

Karachi:

Bahria Town Karachi is a benchmark within the landscape of Karachi with its world-class excellent-planned society. This society is sketched with an area concept to supply outstanding lifestyle facilities to its residents and can introduce new benchmarks of community development in Karachi. Below the list of some of the top Projects in Karachi:

Islamabad:

Islamabad is nestled against the backdrop of the Margalla Hills. It is a modern, planned city with wide tree lined streets, large houses, elegant public buildings and well-organized bazaars. It is however; always under construction to improve transportation or develop new housing areas for its growing population. The walkways are shaded, safe, and separated from the traffic by rows of flame trees, jacaranda and hibiscus. Roses, jasmine and bougainvillea fill the parks, and scenic viewpoints show the city to its advantage. Below the list of some of the top Projects in Islamabad:

  • Gulberg Greens Islamabad
  • Al Hafiz Grand Shopping Mall Gulberg Islamabad
  • Naval Anchorage Islamabad
  • Nexus Mall Islamabad
  • Mall of Arabia Islamabad
  • Discovery Gardens Islamabad – All You Need to Know
  • Nexus Mall Islamabad – Bahria Town Islamabad
  • Park View City Islamabad
  • Verify Land Status from Property Verification Centre in Islamabad

Rawalpindi:

Rawalpindi is an important administrative, commercial, and industrial centre. Its industries include locomotive works, gasworks, an oil refinery, sawmills, an iron foundry, a brewery, and cotton, hosiery, and textile mills; it also produces shoes, leather goods, pottery, newsprint, and tents. Below the list of some of the top Projects in Rawalpindi:

  • Blue World City Rawalpindi
  • Citi Housing Rawalpindi
  • Faisal Town Rawalpindi

Faisalabad:

Faisalabad, formerly known as Lyallpur named after the founder of the city is the third-most-populous city in Pakistan after Karachi and Lahore respectively, and the second-largest in the eastern province of Punjab. Below the list of some of the top Projects in Faisalabad:

  • DHA Faisalabad

Gujranwala:

Gujranwala is a city and capital of Gujranwala Division located in Punjab, Pakistan. It is also known as “City of Wrestlers” and is quite famous for its food. The city is Pakistan’s 5th most-populous metropolitan area, as well as 5th most populous city proper. Below the list of some of the top Projects in Gujranwala:

  • DHA Gujranwala
  • ARY Laguna DHA Gujranwala

Multan:

Multan is city of Saints, it is best place to live if you belong to either middle class family, rich family or a poor family. The city is now develop city of Pakistan you can get every life facility here easily at low cast. Multan’s foods are very delicious especially mangoes of Multan are world famous. Below the list of some of the top Projects in Multan:

  • DHA Multan

Bahawalpur:

Bahawalpur lies in the heart of South Punjab and is filled with stories that surround the legacies of Kings, Nawabs and their extravagant lifestyles. Below the list of some of the top Projects in Bahawalpur:

  • DHA Bahawalpur

Peshawar:

Peshawar is the capital of the Khyber Pakhtunkhwa province of Pakistan. It is the biggest city of Khyber Pakhtunkhwa and is a relatively prosperous city. It is also a cultural and economic hub of Khyber Pakhtunkhwa. The city is famous for its food and tourism as it is one of the oldest cities of Pakistan with a recorded history that dates back to 539 BC. Below the list of some of the top Projects in Peshawar:

Gwadar:

Gwadar, town and seaport, southwestern Balochistan province, southwestern Pakistan. Located on the sandy Nuh headland that juts southward into the Arabian Sea, the town is an important fishing (sardines and sharks) and trade centre. Below the list of some of the top Projects in Gwadar:

  • Naval Anchorage Gwadar
  • Canadian City Gwadar
  • Gwadar Golf City

Suggestions:

We can see that the Pakistan Real Estate Forecast 2024 suggests investing more in this market as it promises a huge profit in the coming future. The investors should purchase the properties at a low rate so that they can earn more by selling it once the rates are good enough.

Related Cool Links:

Maps of Societies and Projects in Pakistan:

Maps are the only source to view online high resolution 24 hours updated maps of Housing Societies, Schemes, Towns, Villas and Homes in all over Pakistan. Below the list of maps of some of the top Projects in Pakistan:

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