In FY23, the FBR recorded a 340.5% increase in tax revenue from immovable properties

In FY23, the FBR recorded a 340.5% increase in tax revenue from immovable properties

Islamabad: the Federal Board of Revenue (FBR) has disclosed a significant surge of 340.5% in the collection of immovable property tax during the fiscal year 2022-23.

Based on the information provided, the FBR’s most recent report highlights an increasing dependence on withholding tax, which had increased annually by an impressive PKR 1.87 trillion since the previous year, when it amounted to PKR 1,417.5 billion.

It is worth mentioning that all significant components of withholding tax demonstrated favorable growth, with the extraordinary 340.5% increase in collection attributed to the transfer of immovable property. Profits on debt/bank interest and securities followed closely at 106.7%, followed by salaries at 40.1% and electricity at 38%.

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According to the news source, the withholding tax on contract payments is the most significant contributor, accounting for a substantial 21% share. By examining particular sectors, it is evident that the collection of withholding tax from the salaried class experienced significant expansion. During the fiscal year 2022-23, this amount surged to PKR 264.335 billion, representing a substantial rise of 40.1% compared to the PKR 188.736 billion collected during the same period in the preceding fiscal year.

The report emphasizes that the ten most significant contributors to withholding tax constituted a noteworthy 94% of the overall withholding tax collection for the fiscal year 2022-23, reflecting a marginal increase from the 92.5% contributed in the preceding fiscal year.

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Islamabad Residents Urge for Blue Line Route Expansion

Islamabad Residents Urge for Blue Line Route Expansion

Islamabad: housing society residents situated close to the Islamabad Motorway have demanded that the Blue Line metro bus service be extended to the PWD interchange, where construction has been completed and the road has been broadened.

According to the inhabitants of neighboring communities, including Korang, Jinnah Garden, PWD, Sohan, and others, the expansion would enhance traffic flow on a critical thoroughfare connecting the two metropolitan areas. They stated that the Blue Line service was initially scheduled to traverse the route. Still, the undertaking was postponed because of road conditions and subsequent expansion and construction from Korang Bridge to Rawat.

In tandem with the demand, the Capital Development Authority (CDA) has decided to implement 160 electric buses along thirteen routes in the nation’s capital.

As the extensive work to install new road lanes up to the PWD interchange has been completed, Jinnah Garden resident Raziq Shah recommended extending the Blue Line route. According to him, it would accommodate a substantial number of commuters, including students.

Also, read on EL NEWS: In January, the Rawalpindi Safe City initiative will commence

Abdul Quddus, a PWD trader, remarked that the motorway bus service had furnished the populace with essential transportation amenities. He asserted that the route of the newly constructed multi-lane road connecting Korang Bridge and Naval Anchorage Housing Society should be expeditiously extended to include a pedestrian and bicycle interchange, as this development has improved traffic flow.

Two working women and residents of Korang town, Humaira, and Shaheena Jabeen, stated that the bus service had facilitated their commute to the Blue Area workplace.

“However, private vehicles are still required to transport us to the Koral bus stand, where we can board the metro bus,” they explained. Humaira stated, “Traversing the distance from the PWD interchange to Koral in a private vehicle is challenging.”

Several residents, Ahmed Ghulam, a retiree, proposed that the CDA-announced construction of additional passageways for electric buses from various commercial and residential areas connect the metro bus route.

In order to accommodate the expanding population of commuters, who “are frequently crammed beyond capacity in each moving vehicle, especially during rush hour,” he proposed increasing the number of buses. Moreover, he proposed an expansion of the service hours.

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Opening of the Bhara Kahu bypass for motorcycles

Opening of the Bhara Kahu bypass for motorcycles

Board Chairman of the CDA Anwarul Haq and Chief Commissioner Islamabad have directed the local administration to lift the prohibition of motorcycle riding on the Bhara Kahu bypass in ISLAMABAD.

A few days ago, the chief commissioner expressed concern regarding the closure of the Bhara Kahu bypass for motorcyclists and the excessive traffic volume.

Aneel Saeed, an assistant commissioner of the secretariat, inspected the bypass and issued a directive to motorcyclists to observe traffic regulations when traversing the bypass road.

He also instructed the traffic police to enforce the helmet requirement for all motorcyclists.

The bypass project was concluded at a cost exceeding Rs6.5 billion; officials estimate that the additional work will result in a cost increase of over Rs1.5 billion. A consultant is evaluating the cost and additional labor as a third-party validation.

CDA representatives stated that the bypass’s structural integrity was uncompromised and could be reopened to heavy traffic.

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They reported that heavy traffic was prohibited from using the bypass road due to several abrupt curves that posed a hazard for such vehicles.

However, all parties involved reached a consensus that road closures in the event of heavy traffic were not viable solutions. Instead, they recommended implementing speed breakers, signboards, and traffic police deployment.

Additionally, measures were being taken to clear the road for heavier traffic, according to the CDA officers.

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CDA Referred Consultant to evaluate the E-11 residents' underpass construction demand

CDA Referred Consultant to evaluate the E-11 residents’ underpass construction demand

Islamabad: In response to a request from Sector E-11 residents for convenient access to the newly constructed D-12/E-11 road, the Capital Development Authority (CDA) referred their matter to the relevant Consultant for advice on whether or not an underpass could be built to assist the residents.

A few days ago, according to sources, CDA Director General Engineering Habibullah Sheikh, Deputy Director General Planning Zafar Iqbal, and other officers reportedly visited E-11. Residents complained that, once the road construction is complete, they must travel an additional kilometer to reach the roundabout to access the road and the adjacent Khyaban-i-Iqbal.

In response to residents’ concerns, CDA officials commissioned a private consultant, who had planned and designed the road to assess the viability of installing a subway.

According to sources, CDA’s planning division had previously stated that the road above, similar to Seventh, Eighth, and Ninth Avenue, was a significant thoroughfare where subway access could be granted. They reported that the Consultant has been consulted and will produce recommendations shortly.

“We have requested that the consultant investigate this matter.” “With any luck, the consultant will complete his report within a week,” remarked a CDA officer.

“The residents of the entire E-11 sector cannot access the new road from E-11 and proceed to the Margalla Road due to the road’s design.” The sector is virtually entangled in it. A resident stated, “We presented our case to CDA officials, and they have referred it to the consultant; we shall see.”

Also, read on EL NEWS: In January, the Rawalpindi Safe City initiative will commence

It is pertinent to mention that in October, the Islamabad High Court, upon petition from a group of residents, ordered the CDA to resolve the matter through on-site discussion in consultation with the petitioners.

The members of the planning and engineering divisions were ordered by the Islamabad High Court to visit E-11 at the specified date and time, during which they were also granted an opportunity to present their case to the petitioners.

IHC Justice Mohsin Akhtar Kayani’s order stated, “There is no denial that the CDA authorities are well within their authority to rectify any obstacle or planning error, without incurring financial loss themselves or having it considered an administrative error if they conclude in favor of the petitioners by stating their opinion on the additional cost that will be incurred on the bypass.”

The inhabitants stated that they do not have any concerns regarding the entrance to the E-11 sector; however, they anticipate encountering challenges at the exit, as they will need to travel an additional kilometer to reach Khyaban-i-Iqbal, Margalla Road, and 11th Avenue.

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Blue World City Development Charges Latest Updates

Blue World City Development Charges Latest Updates

Blue World City Development charges are the talk of the town. And all prospective investors are keen to know about the charges before making a long-term investment. Also, investors must pay the development charges to own the property legally, and the construction work commences after paying the development charges. Furthermore, Blue World City offers the most affordable luxurious properties to all investors. Moreover, the Blue World City Islamabad development charges are also highly reasonable compared to the other housing projects. As we know, Blue World City has to offer several affordable properties. The blog will cover the details of the Blue World Development Charges in Pakistan that all investors must pay to make a long-term and sustainable investment in the community.

Blue World City Location

The locality is the initial characteristic that stakeholders consider before establishing a viable real estate asset. Moreover, location is a factor that real estate investors must consider when determining where to place their capital. Furthermore, investors typically seek out investment opportunities that are both aesthetically pleasing and provide access to reasonably priced, high-quality housing. A foreign investor may find the prominent location advantageous when purchasing a plot in Blue World City.

The Blue World City location is along Chakri Road. It is also on the CPEC route close to the M2 Islamabad-Lahore Motorway. A feature distinguishing this location is the ease and speed with which residents can reach Islamabad Airport. Furthermore, it is situated adjacent to the expansive Rawalpindi Ring Road. Moreover, this is attributable to the tremendous commercial impact that Ring Road will generate.

Blue World City Developers

The housing initiative is under the development of esteemed professionals. In conjunction with Sha Jian Municipal Engineering, the Blue Group of companies owns Blue World City. Furthermore, they have a reputation for developing exceptional real estate asset opportunities. Chaudhary Saad Nazir is the founder of the blue group of firms that will significantly influence the twin cities’ real estate markets. Furthermore, investor confidence has been bolstered by the delivery of superior products.

Overseas investors consider this investment opportunity dependable and sustainable above all else. The purpose of the Blue World City discount offer is to assist investors in establishing enduring partnerships with the twin cities.

Blue World City Development Charges

As the available source, the management takes around PKR 1 Lac to 1.5 Lac per Marla development charges for the properties available in the housing project. Moreover, as we know, the properties available and the cost of the land in the community are highly affordable, and so are the development charges.

According to last year’s announcement, investors will get a discount if they submit the Blue World City development charges before the possession. Therefore, the investors who are looking to make a suitable investment in the community must pay the development charges to kickstart the development work.

Transparency through the Payment Plans

The Blue World City Payment Plans are straightforward, with zero ambiguity for the investors. The payment plans show the charges according to the cost of land. Moreover, the developers ensured the investors knew the development charges and the land cost separately. So, they must know their investment, expenses, and the total price. Most importantly, the development charges are highly affordable compared to the luxuries and facilities it offers. The installment provision is what fascinates the majority of the investors.

Construction Materials & Labor Cost

One of the pivotal aspects that leads to the fluctuation of the development charges is the changes in the construction resources and labor costs. Moreover, the developers keep ensuring that the development charges are within the range of the majority of the investors. Due to inflation and other economic factors, the prices fluctuate and affect the overall Blue World City development charges. However, Blue World City management ensured that the investors got discounts and affordable development charges. Also, it encouraged the investors to create sustainable investments in the community.

Conclusion

Blue World city development charges are highly affordable and in most investors’ range. The development charges are a crucial amount that all investors must pay to start the development work and complete ownership of the property. Furthermore, the details of the other Blue World City development charges are available on the blog. As we know, the housing project has highly affordable property rates with easy installment plans. Lastly, Estate Land Marketing is the relevant news available for all investors. So, please keep visiting our site for more investment updates and details.

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