Real Estate Sector attracted PKR 1 Trillion in Investment

August 1, 2021

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Information and Broadcasting Minister Farrukh Habib said on Thursday that the country’s economic activity has grown significantly due to the recovery in the construction sector, which has crossed Trillion rupees in Investment in a year.

He told the media that Prime Minister Imran Khan has unveiled a special package in the construction sector, including a federal tax exemption system and flat tax cuts, to offset the negative impact of the COVID lockdown introduced last April to contain the coronavirus pandemic.

According to him, the package received a huge response throughout the country, since there are dozens of projects in the construction industry worth 1,000 billion Rupees, approved by both the federal and regional governments. The minister added that projects worth PKR 491 billion were also registered with the FBR under the preferential system.

Farrukh said the construction boom had a positive impact on more than 120 related industries, ultimately generating PKR 100 billion in economic activity and creation of 700,000 jobs across the country.

During a public discussion, he said that about 24,404 Real Estate projects worth Rs 373 billion have been approved in Punjab, which not only guarantees economic activity of Rs 1,900 billion, but also creates 325,000 jobs in the province.

He added that similarly approved several projects worth PKR 74 billion in Khyber Pakhtunkhwa, which will also bring PKR 371 billion of economic activity and 64,000 jobs.

Likewise, he said that PKR 175 billion projects have been approved for the federal capital, which is likely to create 104,000 jobs.

The minister said that the approved projects worth PKR 267 billion would create PKR 1.3 trillion of economic activity and 200,000 jobs in Sindh. However, he expressed regret that some of the builders and investors are complaining about delays in approving their projects.