Karachi, October 13, 2023 – Brigadier Muhammad Shoeb Anwar Kiyani, the Administrator of the Defence Housing Authority (DHA) Multan, expressed his reservations about Section 7E of the Income Tax Ordinance 2001, calling it an unwise decision.
Brigadier Kiyani made these remarks during a seminar titled “Revitalizing Real Estate Industry of Pakistan” held at the ABAD House in Karachi, which was organized by DHA Multan and hosted by the Association of Builders and Developers (ABAD). He highlighted that despite approaching the General Headquarters (GHQ) for the removal of Section 7E, the previous government remained steadfast in its commitment to implementing it. Nevertheless, Brigadier Kiyani remained hopeful that this section would soon be abolished.
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In his address, Brigadier Kiyani stressed the importance of collaboration between DHA and ABAD for the betterment of the national economy. He acknowledged that the real estate sector offers attractive investment opportunities for all individuals. Notably, DHA Multan organized a three-day Expo in Karachi starting from October 13, 2023, to showcase investment opportunities and developments in the real estate sector.
The seminar also saw the presence of key figures, including Senior Vice Chairman of ABAD Ibrahim Habib, Vice Chairman Zeeshan Siddiqui, Chairman of the Southern Region Mustafa Shaikhani, officers, and staff of DHA Multan, and a significant number of ABAD members.
Chairman of the Association of Builders and Developers of Pakistan (ABAD), Asif Sumsum, emphasized the need to revive the construction industry as a means to steer the country out of its current economic challenges. Sumsum highlighted the vital role that ABAD and the Defense Housing Authority (DHA) can play in removing hurdles hindering the growth of the real estate and construction industry.
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Sumsum further underscored that the real estate sector is often considered the backbone of a country’s economy. It is a sector that receives special attention and relief to help boost the national economy, as construction and real estate activities generate employment opportunities and contribute significantly to government revenue through taxation.
The seminar provided a platform for stakeholders to discuss critical issues surrounding the real estate and construction industry, with a focus on fostering collaboration to drive economic growth in Pakistan.
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