KARACHI: The Association of Builders and Developers of Pakistan (ABAD) has warmly welcomed Prime Minister Imran Khan’s decision to extend incentives for the construction industry until June 30, 2021.
The association expressed gratitude to the Prime Minister, emphasizing that this extension will create thousands of job opportunities, stimulate economic growth, and support the development of low-cost housing for the public.
In a joint statement, ABAD Chairman Fayyaz Ilyas, along with Senior Vice Chairman Khawaja Muhammad Ayoob, Vice Chairman Arif Sheikhani, Chairman Southern Region Eng. Danish Bin Rauf, Chairman Northern Region Sheraz Mannoo, and Vice Chairman Hyderabad Sub-Region Kashif Shaikh, praised the government’s decision. They highlighted that the extension of the construction incentive package, alongside the extension of the fixed tax regime until December 31, 2021, and the extension of project completion deadlines to September 30, 2024, would significantly benefit the national economy.
The ABAD representatives noted that buyers would not be required to disclose their source of income until March 2023. This, they explained, would encourage more investment in the construction sector, boosting economic activity across the country. They acknowledged the government’s proactive steps in addressing the industry’s concerns, particularly regarding the challenges posed by the second wave of the coronavirus pandemic.
“ABAD had formally requested the Prime Minister to extend the deadline for the construction incentive package, as the pandemic had disrupted project timelines,” the statement read. “We are truly grateful to the Prime Minister for considering our concerns and giving the industry a New Year’s gift with these extensions.”
The association also stressed the importance of provincial cooperation, urging the Sindh government to expedite the digitalization of land records and implement automated systems for building plan approvals. ABAD believes that these reforms will further streamline the construction process, enhance transparency, and support the industry’s growth.
With this extension, ABAD is optimistic about a robust year for the construction industry, predicting increased activity, job creation, and enhanced economic contributions. The association reiterated its commitment to collaborating with the government to ensure the successful implementation of these incentives, which are expected to have a long-term positive impact on the national economy.
ABAD remains confident that the extended package will not only uplift the construction sector but also contribute to broader economic stability by encouraging investment and infrastructure development across Pakistan.