In every civilisation’s rise, land is not merely soil; it is sovereignty, security, and the stage upon which nations write their destiny. In Pakistan, however, the ground beneath our feet has been reduced to a casino floor. Where other nations govern land with discipline, we allow it to sprawl in disorder; where they see homes as dignity, we treat them as chips in a speculative game. Our cities expand like unplanned storms rather than deliberate visions. The time for reform has arrived – long overdue.

Pakistan’s real estate economy is vast. Punjab alone sees 600,000 annual transactions worth Rs1.6 trillion, yet public revenue is throttled by obsolete DC valuations that sit five to ten times below market value. Registry taxes at 8.0 per cent punish honesty, rewarding only evasion. Buyers face CVT, stamp duties, and registration fees; sellers pay withholding and capital gains taxes; together, these levies can devour 8–12 per cent of a property’s value, all without delivering transparency or efficiency. A modern system for instance, 2.0 per cent market-linked levies verified by AI-driven valuation will swell coffers, lower costs and build trust.

Withholding tax (WHT) formed a substantial share of federal revenue: In FY2024-25, the FBR raised Rs235 billion from property-related WHT under sections 236C and 236K. This is a vital stream that should be linked to transparent and fair-value taxation, not obscured behind outdated DC valuations. Yet even policymakers cannot verify these figures in real time. Pakistan lacks a digital registry that displays transactions, values and taxes in a searchable public dashboard, like those in London or HM Land Registry in the UK.

This is a breach of accountability. Without mechanisms for transparent, real-time reporting of every........

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