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SLAMABAD:

    The government has devised a relief package for the real estate and housing sector to benefit the public. The 11-member task force, formed by the Ministry of Housing, has proposed significant tax revisions and measures to revitalize the sector.

    Key recommendations include allowing three-storey house construction, offering full tax exemptions for first-time homebuyers, and reducing property transaction taxes. The proposal also suggests lowering property sale tax from 4% to 2%, cutting buyer's tax from 4% to 0.5%, and eliminating federal excise duties on property transactions.

    Additionally, the task force recommends providing housing subsidies for low-income individuals and offering loans with repayment periods ranging from 5 to 20 years. Prime Minister Shehbaz Sharif will review these recommendations in a meeting scheduled for February 3.

    Prime Minister Sharif has also marked World Interfaith Harmony Week, observed from February 1st to 7th. In his message, he urged citizens to promote brotherhood and counter extremism and divisive rhetoric that threaten social peace and harmony. He emphasized the importance of dialogue, understanding, and cooperation among diverse religious communities, citing Pakistan's constitutional oath to protect every citizen's right to belief, dignity, and equality.