Life Before COVID 19 And After It.

A virus is a submicroscopic infectious agent that replicates only inside the living cells of an organism. Viruses can infect all types of life forms, from animals and plants to microorganisms, including bacteria and archaea.

On February 11, 2020, the World Health Organization (WHO) announced an official outbreak, first identified in Wuhan, China. The new name of the disease is Corona Virus disease 2020, abbreviated as COVID-19 (CO) stands for Corona and (VI) stands for Virus.

The Corona Virus that causes COVID 19 is primarily transmitted through droplets containing the virus, or through viral particles that float in the air. The virus may be breathed indirectly and can also spread when a person touches a surface or object that has the virus on it, and then touches their mouth, nose, or eyes.

Corona Virus is a very dangerous epidemic disease that spread quickly in the world over. So for millions of peoples have lost their lives and millions of peoples are suffering and are kept isolation for further treatments however a good number of corona patients have also been cured by observing SOPs laid down by the government.

                                                              ‘Pandemic has shuddered almost all facets of life’

The Corona Virus has badly affected the economic scenario of the world. A large number of companies have closed their doors, resulting in the unemployment of millions of peoples. Pakistan is also facing the same problems and took various remedial measures to overcome this situation. A total lockdown has been suggested and the citizens have been advised to stay at home and do not go outside unnecessarily however most of the citizens ignored the instructions under the order of the government all commercial and industrial under likings have been closed forcibly. Later, bakeries, milk, vegetable, and meat shops were allowed to remain open from 8:00 am to 5:00 pm, as per guided times, provided by the government. Now, the government is considering relaxation in its lockdown policy, and several industrial and commercial units will be permitted to operate then business under proper guidelines, laid down by the government.

This will improve the economic scenario earlier the real estate and construction package had already been announced, with the following features;

 

Non-Filers of income tax returns will also be eligible for the purchase of a property. ( No questions will be asked)

 

There will be no (CGT) on sale of first housing unit (it means no tax)

 

The tax has been fixed and reduced on sale purchase of properties (payment of tax is made easier)

 

There will be no withholding tax on all other construction materials except cement and iron rod (it means that rates of construction materials have been reduced, as such, construction of house or building are now made easier)

 

Reduction in capital value tax. 3% reduction in stamp duty tax. It means that if a purchaser of 500 yards plot had earlier been paying RS. 5 lacs, now he will have to pay only RS. 2 lacs only.

 

The real estate construction business is now been given the status of an industry. For the purpose, an industrial board will be constituted. It means that the estate property Brokers and builders will be a stakeholder with the government in professional matters.

 

A separate civil bench will be created for dealing with typical legal matters that will be better and based on justice.

 

Government departments will be responsible for passing the building plans, obtaining various NDCs, and NDCs within 45 days under 1 window operation.

 

A house can be purchased on a bank loan, which would be returnable on lower profit rates in easy installments.

 

The pandemic across the world has changed the way of deals. Certainly this would leave deep engraved effects on Real Estate too. People would definitely think about more ways for investments and their choices have taken drastic turns too. I wish we would ever come out of this situation physically and psychologically.

 

P.S. Image courtesy: Forbes.