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Details on illegal Buildings in Rawalpindi

RMC asked to share details on illegal Buildings in Rawalpindi

Rawalpindi: (Details on illegal)

Rawalpindi Commissioner Capt. (R) Saqib Zafar has asked the Rawalpindi Municipal Corporation (RMC) to share details on illegal buildings throughout the city, a news source reported. The commissioner indicates that action would be taken against the respective building inspectors if illegal structures were found under their jurisdiction.

Commissioner Zafar took these decisions while presiding over a high-level meeting yesterday. Notable officials also attended this meeting, including RMC representatives and members of the Punjab Assembly.  S0, the commissioner directed the former to share details of illegal buildings (whether under construction or already built) in the meeting planned for next week.

CDA to construct Korang Bridge, PWD underpass

Addressing members of the meeting, Commissioner Zafar also reveals that rehabilitation work at a cost of PKR 500 million is underway in Rawalpindi. The fund is utilizing to rehabilitate roads and fix streetlights, he adds. Attendees were also briefed on the ongoing drive against encroachments in the city, and the legal action planned against the culprits.

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Details on illegal Buildings

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CDA to construct Korang Bridge, PWD underpass

ISLAMABAD-The Capital Development Authority decided to initiate the construction of Korang Bridge and an underpass at PWD as part of the Islamabad Expressway Signal Free Corridor from its own resources. (CDA to construct Korang Bridge, PWD underpass)

The signal-free corridor project was a brainchild of the previous government of Pakistan Muslim League-Nawaz (PML-N) and it was divided into two portions, from Zero Point to Koral and Koral to Rawat. 

 

   

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The first portion has already been completed with the construction of 4 interchanges at I-8, Sohan, Khanna, and Koral.

But the second portion leading towards Rawat is facing delays due to lack of funding. As earlier the civic body declined to fund it. While the project did not get the required funds in PSDP for the year 2019-20 as well.

The previous government had allocated Rs7 billion in Public Sector Development Programme 2018-19 for the project.

However, it was the incumbent government, which excluded the project while revising the PSDP.

The said portion of Islamabad Expressway is a picture of neglect and poor performance of government due to its dilapidated condition. Potholes and craters have turned the road into a permanent nuisance for commuters while daily traffic congestion is mental torture for routine travelers.

Budget Allocation: (CDA to construct Korang Bridge, PWD underpass)

However, the high ups of the city during a visit to the Islamabad Expressway on Tuesday. They decided to start the project through CDA’s own resources. An amount of Rs1.5 billion allocated from the surplus funds. CDA generate these funds for the betterment of the city.

According to an approved plan, in the second phase, the highway expansion plan is from Koral to Naval Anchorage. A 5-kilometer stretch is in the first package. while the 7 kilometers distance from Naval Anchorage to GT Road in Rawat is in the second package.

Decision: (CDA to construct Korang Bridge, PWD underpass)

It is decided that 4 lanes from Koral Interchange to GT Road are increasing up to 8 lanes. It is by adding two rigid lanes and rehabilitating the flexible lanes. Three bridges – at Korang, Bhinder and the Railway stop – were also a part of the approved project in addition to the service roads.

CDA to construct Korang Bridge, PWD underpass

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After facing a cold response from the federal government, CDA has decided to introduce interim remedies. To ensure a smooth flow of traffic on the said portion of expressway.

However, Chairman CDA, and IG Islamabad discussed during the visit.  Rather than short-term measures like protected u-turns, the full project should be launched. Consequently, the officials issued the instruction. Similarly, the CDA has written a letter to the Finance department.

Chief Commissioner Islamabad Amir Ali Ahmed while talking to the media has informed.  “We are going to seek a go-ahead from concerned ministries to execute this project.”

 The issuance of tenders is in the next week for development work”.

A press release issued by CDA has elaborated. Further that in order to cater to increasing traffic burden. And the population in the adjoining area’s construction of the remaining portion of Signal Free Corridor is the need of the hour.

However, under the PSDP program, the CDA will request the Federal Govt in the regard.

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Property Valuation Rates Hikes by 30%

ISLAMABAD:

The government on Tuesday has been further increased Property Valuation Rates Hikes by 30% for 20 major cities of the country. Further bringing them to 85% of the market prices. Its aim is to collect an additional Rs 40 billion from people in a new fiscal year.

 Moreover, the rates increases by up to 75% for defined areas of Karachi.  The main of them are residential apartments.

Property Valuation Rates Hikes by 30%

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It is the second time for six months that the Pakistan Tehreek-e-Insaf (PTI) government has increased the property valuation rates. In February of this year, the government had also increased the average rate by 20% to 55% of the market value. With a fresh increase rate, the total average increase in valuation rates has come to 50% in the six months, which has been significantly increasing the tax collection.

FBR Notification: (Property Valuation Rates)

The valuation rates, which take effect from today (Wednesday), have been increased for federal tax collection on sale and purchase of land and apartments. The Federal Board of Revenue (FBR) on Tuesday has notified the new rates for 20 cities but pended notification for over six cities.

 

“The property valuation rates are now around 85% for the fair market value. These rates are after this fresh increased rate.” said by the FBR Member Inland Revenue Policy Dr. Hamid Ateeq Sarwar.

Property Valuation Rates Hikes by 30%

 

The move is expected to generate an additional Rs40 billion in tax revenues in this fiscal year. But it will disappoint real estate agents and traders. The real estate sector remains sluggish due to the government’s taxation policies. Anyhow, the overall slowdown of the economy and the drive to encourage banking transactions.

House for Rent (Triple Story)

IMF Report: (Property Valuation Rates)

“The FBR will also align the value of immovable properties.  These aligns made with market rates and specify conditions.  The long-term leasehold consider as the purchase of property in new conditions,”

by reading the latest report of the International Monetary Fund (IMF).

 

The report tells us that the government’s decision to increase the holding period is liable to tax for capital gain tax on immovable properties. Moreover, securities and aligning the value of immovable properties. Furthermore, this alignment is on the market rates generates additional taxes equal to 0.1% of the Gross Domestic Product or Rs 44 billion.

Property Valuation Rates Hikes by 30%

 

The same report says that the PTI government imposes new taxes at worth Rs733.4 billion. Thus the heaviest taxation by any government in a single year.

 

Similarly, the government increased the holding period liable to tax for capital gain in the new budget. Which is from 3 to 4 years for the build-up area. But, it is eight years for open plots. The properties sold before the expiry of these limits would be subject to Capital Gains Tax.

 

 

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Pakistan Stock Exchange Gains 589.44 Points, 03 July 2019

ISLAMABAD, (Asian House Care – Pvt Ltd – 3rd Jul, 2019 ) :

The KSE 100-index of Pakistan Stock Exchange (PSX) continued to witness a bullish trend for the third day on Wednesday as it gained 589.44 points (1.72%) to close at 34896.55 points.

Read More: construction companies in dha

On the news front, Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh during a press conference on Sunday said the government had decided to extend the deadline for the Asset Declaration Scheme to July 3.

“Moving forward, we expect the market to remain volatile until the IMF meeting is held (on July 3). We recommend investors to buy on dips,” the analyst added.

“Market participants adopted a wait and see approach ahead of the IMF executive board meeting due on July 3.”

Find Here: construction companies in bahria town

 

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ملک کی مجموعی معاشی صورتحال پر غور کیلئے اقتصادی رابطہ کونسل کا اجلاس آج ہوگا

اقتصادی رابطہ کونسل کا اجلاس آج (بدھ) اسلام آباد میں ہوگا۔

مشیر خزانہ عبدالحفیظ شیخ صدارت کریں گے۔

اجلاس میں ملک کی مجموعی معاشی صورتحال پر غور کیا جائے گا۔

       اثاثے ظاہر کرنے کی اسکیم کا آج آخری روز: مزید

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