KARACHI: The advent of Naya Pakistan appears to have sparked a real estate gold rush as the number of newly registered companies in the land-use planning segment increased by 132% in 2020-2021.
No less than 1,794 real estate development companies were formed during the last fiscal year, up 2.3 times from the 773 companies registered in 2019-2020, according to data obtained from the country’s supreme regulator of the business sector.
In addition, the number of newly formed entities in the construction sector increased by 54% year-on-year to reach 2,698 companies in 2020-2021.
The rapid increase in new registrations in the real estate and construction sectors stems from several government incentives in the form of amnesty plans, tax cuts and increased allocations of development funds as well as ‘A 25% drop in the capital gains tax rate on the sale of property for each subsequent year, according to a spokesperson for the Securities and Exchange Commission of Pakistan (SECP).
SECP data shows 1,794 land development companies formed in 2020-2021
In April last year, Prime Minister Imran Khan introduced a tax amnesty program that allows people to invest their undeclared wealth in the construction industry without revealing to the tax authorities how they first earned that money. place. The program was valid for investing in new and under construction projects for 10 months. The amnesty period was later extended by six months.
As a result, 1,321 people have registered with the federal revenue collection agency to demand amnesty on funds amounting to Rs 493 billion invested in 2,125 projects.
Significant growth was also observed in the number of newly registered companies in the IT (52 pc) and commerce (42 pc) sectors in 2020-21, according to the data. Over 1,000 companies were registered in the pharmaceutical, textile, e-commerce and automotive sectors last year.
In total, the SECP registered 25,533 new businesses in 2020-2021, bringing the total number of registered businesses to 145,913.
The SECP spokesperson said the 51% year-over-year growth in the number of incorporations was unprecedented. The number of newly registered companies has grown at an annualized rate of 32.5% since 2016-17.
Of the 25,533 new businesses, 99% were registered online. A third of them were registered during the day.
The spokesperson gave the SECP the credit for the cumulative investment in Pakistani start-ups amounting to $ 258 million in the first eight months of 2020-2021, three times the investment of $ 77 million. dollars that start-ups received throughout 2019-2020.
If momentum continues over the next two years, annual investments in start-ups can reach $ 1 billion by 2025, the spokesperson said.
Foreign investment in established companies showed a notable increase in 2020-2021, he said, although official data shows that direct investment by foreign investors fell nearly 28% last year. No less than 529 new companies received foreign investment while 21 foreign companies established establishments in Pakistan in 2020-2021.
Posted in Dawn, le 12 September 2021
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