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Prosperity Real Estate, 39 AA Commercial LandMark Plaza Sector D, Near Surahi Chowk, Bahria Town, Lahore (2026)

24/01/2024

11 Marla Brand New House for sale in Bahria Town, Lahore
Call at: 0321-4516049 for more details

28/09/2023

12 Marla brand new corner house available for sale in Bahria town, Lahore

For more details call us at: 03214516049

16/08/2023

Islamabad: The Federal Board of Revenue (FBR) has announced that tax exemption for non-resident Pakistanis on sales or transfer of immovable properties as per Section 7E of the Income Tax Ordinance 2001, according to news published in the leading newspaper on August 15.

As per the details, the FBR issued Circular number 3 of 2023, under which it was mentioned that the many procedural conditions of Sector 7E have been eased. The board has relaxed the obligation of obtaining exemption certificates from the Inland Revenue Commissioners in various cases.

The FBR has explained that this explanatory Circular aims to facilitate property sales and transfer transactions and will remain effective until an automated system is established for this purpose. It has been further clarified that the conditions mandating a certificate from the Commissioner, as outlined in Circular No. 1 of 2023-24, will not be applicable in certain situations.

According to the circular, section 7E of the Ordinance will not be applicable to immovable property owned by local authorities, development authorities, builders, and developers for land development and construction. This exemption is subject to the condition that such entities are registered with the Directorate General of Designated Non-Financial Business and Professions (DNFBP).

However, the authority responsible for transferring immovable property will maintain accurate records of the seller/transferor information, including relevant documentation for properties being sold or transferred under the specified situations. This recorded data will be regularly shared by the transferring authority with the respective Chief Commissioner IR of the Regional Tax Office, having jurisdiction over the seller/transferor, on a weekly basis starting from the date of the circular’s issuance.

Moreover, the provisions of section 7E do not apply to property during its first year of acquisition if tax under section 236K has been duly paid by the purchaser. In such cases, the seller/transferor of the property will need to provide a Computerized Payment Receipt (CPR) with a unique CPR number, containing details such as the seller or transferor’s name, CNIC number, tax paid under section 236K, payment date, and tax year.

The provisions of section 7E of the Income Tax Ordinance, 2001, do not pertain to immovable property allotted to Shaheeds (individuals who died in service of the Pakistan Armed Forces), their dependents, war-wounded personnel, ex-servicemen, or serving personnel of the armed forces and government. Hence, for sellers or transferors falling within these categories, the conditions for furnishing evidence to the transferring authority, as notified in Circular No. I of 2023, will not apply.

Due to numerous representations received, the FBR has introduced this circular to address challenges related to the implementation of sub-section (2A) of section 236C of the Ordinance concerning the application of Section 7E for property sales or transfers.

Furthermore, the FBR has also clarified that the contents of the said circular will not be applicable to cases falling under the jurisdiction of the Lahore High Court.

08/08/2023

Islamabad: Tax experts have called on the government to establish a specialized position of ‘Advisor to the Prime Minister on Real Estate and Construction’ during the caretaker setup to effectively address the complex taxation challenges faced by the real estate sector, according to news published on August 1.

The tax experts highlighted that frequent changes in tax policies for the construction and real estate industry have created complications for taxpayers. The unpredictable shifts in the tax regime, coupled with higher taxes on property transactions, have contributed to an uncertain situation within the real estate market.

Moreover, the recent addition of section 7E to the Income Tax Ordinance, 2001, has further intensified concerns in the real estate markets, resulting in a sense of panic among stakeholders. The experts emphasized that the intricacies of tax matters in this industry can only be comprehended by someone experienced in dealing with real estate affairs.

It is important to note that the Federal Board of Revenue (FBR), being the revenue collection agency, lacks a complete understanding of the practical challenges faced by taxpayers. Therefore, it is imperative to appoint an experienced real estate expert as the Advisor.

According to the proposal, the designated advisor should be entrusted with handling all taxation-related matters of the sector in close consultation with the FBR. This position should hold the authority to make prompt decisions in collaboration with the FBR and provincial revenue authorities. The appointed individual should be able to engage with stakeholders and government departments simultaneously to take immediate action on the pressing issues faced by both the construction sector and real estate businesses.

Overall, appointing a specialized advisor with expertise in the real estate sector would lead to better decision-making, streamlined tax policies, and effective resolutions of taxation challenges in the industry.

17/07/2023

Lahore: The Punjab government has commenced the construction of the highly anticipated Ring Road Southern Loop-3 (SL-3) project in Lahore, according to news sources. Officials from the Lahore Ring Road Authority (LRRA) have initiated the process of identifying the 3,000-kanal-acquired land for the 8.5-kilometre-long SL-3.

Lahore Ring Road Authority Chairman Dr Sohail Shahzad is overseeing the demarcation process, while Director Fahad Anees Qureshi and his team members are actively involved in the work. It has been reported that the Lahore High Court (LHC) has lifted all the previously imposed stay orders that hindered the construction of SL-3.

The Punjab government has allocated more than 17 billion rupees for the construction of the 8.5-kilometre-long Ring Road Southern Loop-3, stretching from Ada Plot to Multan Road. The necessary funds for the Ring Road SL-3 project have been approved by the Punjab government, and efforts are underway to secure additional funds from the federal government.

The SL-3 project includes the development of two interchanges, with the Multan Road interchange set to become the largest interchange in the province of Punjab. The service lanes will also be provided alongside the main corridor to cater to the population residing on both sides.

Furthermore, the Lahore Ring Road Authority has initiated preparations for the tender process under the second construction option for the project.

13/07/2023

Brand New Ready To Move One Bed Apartment For Sale In Sector E Iqbal Block Bahria Town, Lahore.
Demand: 70 lakhs
We Provide You Secure Investment & Residential Opportunities in High Rise Projects.
R. E. A. S. O. N. A. B. L. E P. R. I. C. E
100% Original Pics Attached.
FEATURES :
Super Hot Location.
A Perfect Blend of Luxury, Convenience and Security.
Near To Park, Mosque and Main Boulevard As Well.
Near To Clock Chowk.
Wide Parking Space.
24/7 CCTV Security.
Properly Organized Garbage System.
Firefighting System.
Smart Sensor lights.
High Speed 24/7 Fast Elevator.
Dedicated Maintenance Staff.
Extravagant lifestyle.
AAA Grade Material Used In Construction.
Unique Ceiling Designs.
High Quality Porcelain Tiles Used in Flooring and Washroom as Well.
It Consist Of :
1 Bedroom With Attached Washroom.
1 Kitchen.
ABOUT BAHRIA TOWN :
Bahria Town is Pakistans largest real-estate and Asias largest private housing society. It is a gated community which provides 24 hours high-fi security to its inhabitants. Bahria Town is the safest residence of Pakistan.
Bahria Town lahore consists of A to F sectors. All sectors have more than 30 blocks. It is the most innovative modern development. It gives residents the finest facilities when it comes to commercial centers, entertainment venues, and leisure activities. Bahria Town Lahore has the third-largest mosque of Pakistan known as The Grand Jamia Mosque.
ABOUT SECTOR E :
Pakistans First International Theme Park is located in E sector of Bahria Town Lahore. This sector will encompass various magnitude housing with complete lifestyle facilities.
So Guys What Are You Waiting For ? Hurry Up ! Don't Let Get This Opportunity Away.
Feel Free To Contact Us at 0320 8360438 For Any Kind Of Further Details & For Many Other Reasonable Options.

11/07/2023

Islamabad: The Federal Board of Revenue (FBR) has increased withholding tax for immovable properties with effect from July 1, in accordance with the Finance Act 2023, a news source reported on July 4.

As per the details, the board has increased the rates for buyers and sellers of immovable properties. The recently implemented Finance Act 2023 has brought increase in withholding tax for immovable properties for income tax filers and non-filers in relation to the sale, transfer, purchase, or transfer of immovable property.

Under section 236C, the rate of withholding tax has increased from 2% to 3% for filers and from 4% to 6% for non-filers.

Similarly, under section 236K, the withholding tax rate has risen from 2% to 3% for filers and from 7% to 10.5% for non-filers. These adjustments have been made as per the instructions provided by the FBR.

02/07/2023

now •
Islamabad: The Central Development Working Party (CDWP) clears 28 development projects, worth PKR 309.14 billion, during a meeting chaired by Federal Minister for Planning Development & Special Initiatives Ahsan Iqbal, a news source reported on June 25.

The meeting was attended by the Secretary of the Planning Ministry, Members of the Planning Commission, and representatives from various ministries and divisions. In this meeting, the CDWP clears 28 development projects. These include:
1) Program for Flood Response Through Reconstruction of Education facilities in Sindh, assisted by JICA, at the total cost of PKR 1.566.628 million
2) Establishment of One Stop Service Center for Special Economic Zones, at the cost of PKR 698 million
3) Modernization of Academic & Research Facilities for Students at MUET, Jamshoro, at the estimated cost of PKR 2,000.368 million
4) Immediate Needs for Artistic Innovation and Technology Integration at Aror University of Art, Architecture, Design & Heritage Sindh, at the cost of PKR 964.305 million
5) Upgradation & improvement of People Nursing School, Liaquat University of Medical & Health Sciences, Jamshoro, at the total cost of PKR 786.149 million
6) Upgradation of HPT Rawat Transmitting Station by Installing a 1000 KW DRM-Enabled Medium Wave Transmitter Under Foreign Funded Grant, at the cost of PKR 4,000.000 million
7) Establishment of Polytechnic Institute for Boys at Skardu (Baltistan Region), at the cost of PKR 978.929 million
8) Infrastructure Development of Islamabad Technopolis, at the total cost of PKR 7,338.000 million
9) Construction of Audit House, Lahore, at the cost of PKR 1,997.675 million
Women on Wheels, at the cost of PKR 4,476.170 million
10) Construction of Interchange on Lahore-Karachi Motorway (M-3) at Bucheki-Nankana Road in the Name of Rai Mansab Ali Khan Kharal, at the estimated cost of PKR 1,332.605 million
11) Construction of Lundianwala Interchange on Lahore – Abdul Hakeem Motorway (M-3), at the cost of PKR 1,706.688 million
12) Construction of Road from More Khunda to Habo By Bala, District Nankana Sahib, at the cost of PKR 5,680.358 million
13) Dualization of road from Chistian to Chak no 46/3R via Dahrnawala (41.154 km) including two-lane Link Road from Dahrnawala to Chak 175m (4.859 km), at the cost of PKR 8,962.000 million
14) Rehabilitation and Special Repair of Track Maintenance Machinery, at the total cost of PKR 5,532.157 million
15) Construction of Road from Main Duki Road to Kharshang via Baghaw and Shinlaiz Sanjavi, District Ziarat, at the cost of PKR 1,501.566 million
16) Dualization of the road from Larkano to Lakhi, at the estimated cost of PKR 4,925.462 million
17) Construction of Sunni Gar Dam (revised), at the cost of PKR 5,114.782 million
18) Establishment of Institute of Sports, at the cost of PKR 2,100.836 million
Challenges faced to address the Out of School Children (OOSC), at the cost of PKR 25,000 million

22/06/2023

Brand new, Ready to move 2-Bed Apartment available for sale in Bahria Town, Lahore at reasonable price
Demand: 11,200,000 (112 LAKHS)
Property details:
* 2-bed with attached washrooms
* TV Lounge
* Kitchen

Book your visit today 0320 8360438

Contact us for many other reasonable options!

21/06/2023

Lahore: The Lahore Development Authority (LDA) has officially begun construction on Structure Plan Road, a news source reported on June 15. The highly anticipated road will span from Ayub Chowk to Abdul Sattar Edhi Road.

The news source mentioned that the construction of the Structure Plan road by LDA aims to make a significant impact on the daily commutes of Lahore residents as it is being developed on public demand. By introducing an additional route, the Structure Plan Road is poised to alleviate the persistent issue of traffic congestion on parallel roads.

Moreover, the LDA shared a tweet about starting the construction on the said road, which was met with an outpouring of positivity from the public, who eagerly await the completion of this much-needed infrastructure.

19/06/2023

Lahore: The Punjab government has decided to revive the land acquisition process for the Gulberg-Babu Sabu elevated expressway project in Lahore, a news source reported on June 11.

As per the details, the Lahore Development Authority (LDA) has been instructed to expedite the completion of this major urban infrastructure initiative. The process was halted in 2017 due to several reasons. The project’s cost has significantly increased from PKR 18 billion to PKR 85 billion.

An LDA officer (whose name was not disclosed) stated that the authority has begun reaching out to affected individuals whose land, mostly comprising houses, was identified, and listed for acquisition in 2016 under the Land Acquisition Act. These individuals are being requested to visit the LDA offices or the relevant revenue department officers to receive their compensation as determined in 2016.

The revival of land acquisition process for Lahore elevated expressway, involving 801 kanals of land, was initiated in 2016, and the final award under the land acquisition act was announced in 2017. While some received compensation, most of them rejected it, and those who did receive compensation have yet to hand over possession of their land to the government.

In early 2022, the government began reconsidering the Gulberg-Babu Sabu Expressway project. The work came to a halt when the government was dissolved. Currently, the revised project cost estimate of PKR 85 billion is under discussion in the Punjab Planning & Development Department. The government has also written to the Election Commission of Pakistan to seek permission for launching this project.

Reportedly, the LDA is now tasked with completing the land acquisition process, and affected individuals are being urged to receive compensation and hand over possession of their land to the government. Those who have already received compensation but have not surrendered possession of their properties have been instructed to vacate the premises within a specific period.

Lahore Commissioner and LDA Director General, Muhammad Ali Randhawa, held a meeting to address this matter and directed relevant officers to expedite the process. He emphasized the need for a streamlined process at the LDA, providing a one-window counter to facilitate individuals in receiving compensation for the land they are relinquishing to the government. The project is considered a significant development for Lahore, with the potential to be a game-changer for the city.

17/06/2023

Brand new, Ready to move 2-Bed Apartment available for sale in Bahria Town, Lahore at reasonable price

Demand: 11,200,000 (112 LAKHS)
Property details:
* 2-bed with attached washrooms
* TV Lounge
* Kitchen

Book your visit today: 0320 8360438

Prosperity Real Estate

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