ABAD seeking to form ‘Sindh Business Forum’

KARACHI: The Association of Builders and Developers (ABAD) is leading the establishment of a 'Sindh Business Forum', a collective advocacy body encompassing heads and secretaries of every provincial business association. The formation was disclosed by outgoing ABAD Chairman Muhammad Hassan Bakshi, alongside Patron-in-Chief Mohsin Sheikhani, incoming Chairman Hanif Gohar, Senior Vice Chairman Afzaal Hameed, Southern Region Chairman Ahmad Ovais Thanvi, and Vice Chairman Tariq Aziz.

Bakshi elaborated on ABAD's accomplishments during his two-year leadership and presented the forum's proposed five-point agenda. The forum aims to pressure provincial authorities to promptly address Sindh's deteriorating infrastructure, land grab and extortion syndicates, merit-based employment in government departments, digitalization of Sindh's departments, and the water scarcity crisis.

Bakshi detailed ABAD's significant strides over the past two years, including the revival of the Prime Minister's Task Force on Housing, resolution of issues related to grey structures' completion certificates, issuance of Interpol Red Warrants against notorious land grabbers, tax reliefs such as the abolition of Section 7E and a 50% reduction in taxes under Section 236C, and exemption of builders and developers who paid taxes under Section 7F from payments under Section 236C.

To attract foreign investment, the Roshan Digital Account parameters were expanded, enabling residents with foreign assets to transfer their capital into the country. ABAD also lifted the 2019 Supreme Court ban on changing land use in Karachi, granted developers access to project financing up to 10 billion rupees at a 5% interest rate with Escrow accounts, and pledged to construct free state-of-the-art low-cost homes for Nasla Tower affected individuals once land titles are cleared.

ABAD has also formally requested the Sindh Government to allocate 10,000 acres of land at departmental rates for a low-cost housing project.