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UK’s real estate tycoon arrives in Islamabad to help PM on 5 million housing project

ISLAMABAD: Prime Minister Imran Khan has invited a renowned real estate tycoon in the United Kingdom for consultation on the initiative to build five million cost-effective housing. Aneel Musarrat, a Manchester-based tycoon, on Monday arrived in Islamabad along with Sahibzada Amir Jehangir. He is one the richest men in the UK and is considered a close friend of Imran Khan. He is expected to hold consultation with the prime minister on the construction of the cost-effective houses, and also on new policies for overseas…

Senate body demands general tax amnesty after reprieve to realtors

ISLAMABAD: Senate Committee on Finance has demanded tax amnesty for all after an amnesty scheme launched by the government for the real estate sector. Senate Standing Committee on Finance yesterday demanded a general tax amnesty scheme for all sectors of the economy. Senator Saleem Mandviwalla, the chairman of the committee, asked the Federal Board of Revenue (FBR) officials in a senate hearing to prepare a proposal for general tax amnesty scheme on the same pattern. The committee members of the opposition parties…

Modi eyes real estate assets in drive against graft

NEW DELHI: Prime Minister Narendra Modi has quietly plugged a tax loophole used by the wealthy to buy real estate in someone else’s name as part of his campaign against corruption, a senior tax official said on Monday. While the focus of his administration was managing the fallout of a shock move last month to scrap old 500 and 1,000 rupee notes, the official told Reuters that the department expected to step up scrutiny of real estate assets with suspicious titles. Tax officials expected to use returns for the current…

Dubai ruler issues decree on mortgaging granted lands in the emirate

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum issued Decree No (31) of 2016 on mortgaging granted lands in the emirate. The Decree defines the granted lands as the lands owned by the government and granted to the beneficiary for residential, commercial or industrial purposes. The Decree states that the beneficiary may mortgage the land to any bank or financial institution registered duly in Dubai. The mortgage is legally binding for all concerned parties if the monies arising from the pledge of the commercial…

China’s home prices inch down in May: surveys

BEIJING: China's home prices fell slightly in May from the previous month, two private surveys showed on Sunday, adding to fresh signs of cooling in a property market that has become a persistent drag on the broader economy in recent months. Prices of new homes in 288 cities fell 0.03 percent in May from April, marking the second month-on-month drop in a row, a poll by real estate services firm E-House China Holdings Ltd showed. Compared to the same period a year ago, home prices rose 5.8 percent in May, easing from a rise…