The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to declare real estate sector as an industry.

It also demanded the government to not impose any new taxes on real estate sector as it is not only an important source of revenue for the government but is also providing direct or indirect employment to millions.

The demand was raised by LCCI President Sheikh Muhammad Arshad while talking to a delegation of Defence Housing Authority (DHA) Real Estate Agents Association, led by its Chairman Major Rafiq Hasrat at the LCCI.

The LCCI president said that real estate sector is an important and growing sector of economy and Pakistan spends billions of dollars on construction every year.

He informed the delegation members that LCCI is making all out efforts to solve the issues faced by the trade and industry at the earliest. The LCCI Industry has forwarded budget proposals to the government, he said.

He added that the ongoing projects under China-Pakistan Economic Corridor (CPEC) have a direct relation with the economic development and would also boom the real estate sector.

The LCCI president said that real estate sector is playing a significant role to promote the economic activities in the province. He said that the LCCI would extend maximum cooperation to DHA Real Estate Agents Association.

DHA Real Estate Agents Association Chairman Major Rafiq Hasrat said that the real estate sector could generate huge revenue for the government once it is declared as an industry. He said that government should establish a licensing authority for real estate agents which would also help trust building of the investors.

He informed the LCCI president that the association has designed courses for real estate agents to give them awareness about the day-by-day changing business techniques.

Former LCCI president Muhammad Ali Mian, former senior vice president Irfan Iqbal Sheikh and Executive Committee Member Nasira Taskeen also spoke on the occasion.