Arif Habib urges ABAD members to avail amnesty scheme


KARACHI: Arif Habib, Chairman Arif Habib Group, has said that real estate industry should avail benefits of tax amnesty in order to grow the business and document the economy.
He was addressing at the launching of website of Advisory Centre for Affordable Settlement and Housing (ACASH) developed by Association of Builders and Developers (ABAD) held last week, he said that builders and developers should avail this opportunity to declare undisclosed assets.
He said low cost housing projects are need of the time because presently it is almost impossible for poor segment of society to own a house.
He urged ABAD members to work on a model housing scheme for the confidence building of people. He said that it would be great achievement for a lower income group to own house instead living in a rental house.
He said that previous governments had only talked about low cost housing schemes but done nothing. Every year shortfall of housing units is increasing, he added.
Arif Habib said that the industry has potential to attract billions of rupees if governments focused on housing schemes.
He said ACASH website is first step towards low cost housing. This website will help all the regulatory authorities, political parties and other stakeholders, he maintained. He said that this site will provide information about low cost housing projects.
Arif Habib said that investments in property business is the avenue for the best returns besides banks have good place for extending loans.
In his address Zigham Rizvi, former chairman of House Building Finance Corporation (HBFC) said past government had not taken initiative to provide people low cost housing.
He said that population of Karachi had crossed 24 million and it was increasing rapidly. Besides, Pakistan has been ranked at six in terms of huge population, he added.
Arif Jeewa, Chairman ABAD said the PML – N government had promised to build around 0.5 million low cost housing project but failed to initiate the project. He said that the association had offered cooperation to the previous government in low cost housing project.
The other political parties have also not given due consideration to this issue, he said and added that Pakistan Tehreek e Insaaf had announced to give policy to build 100,000 housing units for lower income group but it was still not known about the seriousness of this party.
ACASH website is developed by ABAD for providing one window facility in obtaining utility connections and information about land, Jeewa added.