Islamabad, November 07, 2016 (PPI-OT): Islamabad Chamber of Small Traders on Monday said unilateral decision of the government to regulate property market has damaged this sector.
Authorities should have taken stakeholders into confidence before taking decision which has resulted in eighty percent fall in the business, said Shahid Rashid Butt, Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
He said that the stake holders have in the realty sector have not accepted the steps taken by the government to regulate the property market while investment in the property market is falling to an extent that it has started shrinking economy.
Shahid Rasheed Butt said that the fall is damaging construction sector providing jobs to millions while dozens of allied industries supporting the construction sector are also feeling the pinch of the situation.
The property market has become dormant while many expatriates have lost interest in the realty market which has resulted in reduced remittances, he added.
He noted that the home remittances and foreign investment continue to drop which is disturbing. Pakistan is heavily depended on the remittances but policy makers continue to attribute the fall the economic slowdown in the oil producing countries.
The business leader said that fall in the remittances will widen the trade deficit which has already broadened to almost thirty percent in the first quarter amounting to over seven billion dollars.
For more information, contact:
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad