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Pakistan Real estate news and information

Stakeholders against affordable housing

By Adnan Adil

In the absence of any regulatory mechanism by the government and a dysfunctional judicial system, the land property mafia has ripped off the middle-class

Our newly rich property magnates keep making quite a splash by building grand mosques and flaunting their charity works. These shows of riches and piety mock the misery of millions of Pakistanis on whose hard earned incomes these tycoons have thrived. The private real estate business has prospered in a country that has a shortage of 10 million housing units according to official estimates, which means that 60 million people need housing on the basis of six members constituting a family. If one takes into account the fact that 80 percent of the 200 million population either lives below or on poverty line, an unofficial but more realistic estimate of this shortage would be 20 million units.Read More »Stakeholders against affordable housing

CDA plans to establish commercial hub in Islamabad I-12

Alike other sectors of the Capital, Sector I-12 has many peculiarities due to its strategic location and the Capital Development Authority (CDA) has planned to establish state-of-the-art commercial hub of twin cities for promotion of trade and economic activities in the Federal Capital. This was stated by Chairman CDA, Syed Tahir Shahbaz while presiding a meeting here at CDA Headquarters on Tuesday, while reviewing progress on planning and design of commercial plots in Sector I-12. On this occasion, Member Planning and Design, Syed Mustafain Kazmi and concerned officers of Planning Wing were also present. He said that strategic location of Sector I-12 had its great significance as this sector was a gateway Read More »CDA plans to establish commercial hub in Islamabad I-12

World’s tallest building to be built in Karachi

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* Malik Riaz signs agreement with Abu Dhabi Group for $45 billion construction projects

ABU DHABI: Real estate magnate Malik Riaz Hussain has signed an agreement with Chairman of the Abu Dhabi Group, Union National Bank and United Bank Limited Nahyan bin Mubarak Al Nahyan, under which $45 billion will be invested in Pakistan for various construction projects, including contraction of the world’s tallest building in Karachi.

It would be the biggest and historical investment in Pakistan. The Abu Dhabi Group has previously made huge and successful investments in country with the establishment of Bank Alfalah, Warid Telecom and Wateen Telecom. Out of the total investment, $10 billion will be invested in Islamabad and Lahore, whereas $35 billion investment would be made in Sindh. Read More »World’s tallest building to be built in Karachi

CDA cancels NOC issued to Roshan Pakistan housing scheme in Sector E-16

 

Islamabad: The Capital Development Authority (CDA) has cancelled the NOC issued for development of the Roshan Pakistan Housing Scheme in Sector E-16, as according to it, the planners of the project were not completing various formalities.

The CDA has informed the public and other concerned regarding cancellation of the No Objection Certificate (NOC) issued to the M/s Roshan Pakistan (RP) Corporation for development of Roshan Pakistan Housing Scheme in Sector E-16, Zone-II of Islamabad, with immediate effect. 

The CDA spokesman said that action had been taken by civic body because of non-completion of post-NOC formalities even after lapse of more than seven years after issuance of the NOC.Read More »CDA cancels NOC issued to Roshan Pakistan housing scheme in Sector E-16

Islamabad G-14 allottees concerned over delay in development work

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 The allottees of Sector G-14 of the federal capital have expressed concern over the inordinate delay in the development work of the sector.

 The allottees also pointed out the delay in the report of a commission about houses of affected people, especially complaints of construction of illegal houses and one-room structures.

 The Islamabad High Court (IHC) had formed the commission comprising District and Sessions Judge (r) Chaudhry Mazhar Hussain Minhas to probe into the matter.Read More »Islamabad G-14 allottees concerned over delay in development work