The real estate mega project is a revolutionary landmark in Pakistan. The real estate industry is one of the most successful industries in Pakistan. Since 2017 the real estate and the construction industries have increased by 9%. Moreover, It accounts for 2% of the total GDP of Pakistan, and around $5.2B is spent on real estate yearly in Pakistan. An increment in the demand for residential and commercial properties has captivated the interest of real estate investors and builders. In addition, All these factors have made real estate a secure and reliable investment.
An increase in the population of an area implies an increment in business opportunities. In addition, Islamabad is full of real estate development and offers a lot of possibilities to investors. In the past five years, the evolution of malls, housing societies, and other commercial properties have become prominent in this area. Vertically structured buildings are the focal point of infrastructural development. It all started from the Centaurus mall but now there are more than 10 mega projects in the city. This shows Islamabad is the land of sustainability and growth. Advancements in technology have revolutionized this industry and have opened many opportunities for it. Let’s take a look at how it has affected the real estate industry positively.
Technology Change the construction industry
The construction and real estate industry has leveraged technological advancements to remodel the conventional methods and ideas. However, New reforms and techniques have made construction secure and it has created room for productivity and improved collaborations. Innovation allows us to intercept challenges easily, the use of drones, 3D printing, smart devices, and virtual reality have helped solve problems, made decision making facile, — to make our dreams turn into reality.
The space mall has adopted new technology to fabricate a gravity-free adventure. The zero-gravity area grants us a chance to float freely and provide the experience of space while being on the earth. This extravagant adventure won’t be attainable without the revolution in technology. The space mall also offers golf simulation that permits real-life simulation of golf, you can enjoy your favorite games indoors and can have a lifetime experience
Opportunity for Real estate investors
Real estate is an emerging industry in Pakistan. The space mall is located in Bahria town phase 7, an ideal location for investment. The marvelous logistic connectivity of the GT acts as a significant tool in the expansion of urban development but also connect different parts of the country. The increasing commercial needs and development grabs investors’ attention and make this area a real estate investment hub.
GT road zone 5 is the next business core of the twin cities. It houses nationally renowned and lavish societies such as Defence Housing Authority (DHA), Bahria Town, Jinnah Gardens, and Naval Anchorage. Moreover, exceptional commercial and residential growth has been seen in this sector. It encapsulates several massive projects to cater to the needs of the people.
The space mall real estate mega project offers high returns on investments, simple installments plan, great annual profit up to 100-300%, immediate rental returns, no recession, and a transparent payment plan. It is the secure and safest investment one can have in his portfolio.
Government policies will boast the Construction Industry
The construction industry is one of the most important industries in Pakistan. It offers lots of job opportunities and helps to boost the country’s economy. In addition, the government encourages people to invest in real estate and construction by introducing new reforms and policies. Moreover, a construction relief package was announced by the prime minister of Pakistan to improve infrastructural growth and expansion. The main attributes of the package are as follows.
- There will be no question about the source of income.
- There is a fixed construction tax for everyone in the 2020 budget.
- If an investor is investing in projects of Naya Pakistan Housing Authority, he will only have to pay 10% tax 90% fixed tax will be exempted
- All the withholding taxes on the construction equipment will be eliminated apart from steel and cement.
- 8 years will be the period of Capital Gains Tax for real estate and plots.
- The Naya Pakistan Housing project will have a subsidy of 30 billion.
- The provincial government will reduce sales tax
- The tax rate will be decreased in accordance with the valuation table.
- Capital Gains Tax holding period for the constructed property be reduced from 4 years to 3 years
- While declaring their net wealth, builders and developers will be eligible to take credit or impute incomes that equal to 10 times of tax paid under this policy
Attracting International Investor
The space mall mega real estate project is a unique concept in Pakistan, first-ever space-themed mall. It features elements such as zero gravity, golf simulation, business center, food court, apartments, and a space museum dedicated to the airmen and army. The mall meets the standards of international shopping centers so it is one of the kind. The mall will be equipped with international amenities such as we are introducing globally famous shopping brands as the global buyers usually contrast the shop and brands not only between the cities between countries as well. Therefore, the space mall will attract international investments which will be fruitful for the country’s economy.
The application of new technology in construction and real estate will help to restructure the primitive methods and techniques of the industry. The benefits and characteristics of the space mall will make it the trademark of shopping in Pakistan. Soon real estate mega project based on theme mall will be trending across Pakistan.