ISLAMABAD                  -            Islamabad Chamber of Commerce and Industry (ICCI) Senior Vice President Tahir Abbasi Monday urged the government to focus on development of real estate sector that would help in reviving the economy. He said that the growth of over 40 allied industries relied on the growth of real estate sector.

He said this while exchanging views with Sardar Tahir Mehmood, President Federation of Realtors Pakistan during a meeting with him.  Tahir Abbasi said that real estate sector played vital role in economic development of country and said that government should rationalize taxes on it to facilitate its growth.

He said that development of real estate sector would create plenty of new jobs, reduce unemployment and poverty and help the economy to accelerate its growth. He emphasized upon the government to create conducive environment for real estate sector that would contribute positively in turning around the economy as well. Speaking on the occasion, Sardar Tahir Mehmood, President Federation of Realtors Pakistan said that priority focus on housing sector would steer the economy out of current challenges. 

He said that they were giving budget proposals of real estate sector to the government that would help broaden the tax base and reduce deficit. He said that Federation of Realtors Pakistan would be reorganized across the country in consultation with stakeholders.

He said that government should focus on skills development of youth, good governance and inclusion of middle class in the growth process.  He said that for sustainable development of the economy, it was necessary to bring reforms in agriculture sector and set limits to holding of properties in cities.

He reaffirmed that efforts would be made to resolve the key issues of realtors in collaboration with ICCI.