PHOTO COURTESY: EIGHTEEN DUBAI: On March 30, 2018, Eighteen celebrated an exciting milestone by hosting a launch event at the luxurious Armani Hotel, located in the iconic Burj Khalifa. This event brought together overseas Pakistanis and local business communities from the UAE, creating a vibrant atmosphere of networking and opportunity. The chairperson of Ora Developers, Naguib Sawiris, expressed his enthusiasm about the Eighteen project, stating that it promises to reshape the landscape of real estate in Pakistan. With a commitment to excellence, he noted, “Eighteen will revolutionise real estate projects in Pakistan. Together with our esteemed partners, we are ...

LAHORE: The real estate market of all major cities of Pakistan showed modest growth in February, with hope that prices would strengthen even as elections approach later this year.Last year’s bearish trends still affected buying, as growth was moderate, and no society stood out drastically, revealed a report of an online property portal.“However, the moderate growth and buying trends indicated that investors are returning to the market after last year’s calmness,” stated Zameen.com. All four major cities - Lahore, Islamabad, Karachi, and Gujranwala - experienced moderate changes and stability. Projects by big-name developers performed well in all four ...

KARACHI: Real estate is one of the most lucrative avenues of investment. Yet it has also been the pumping force behind financial bubbles in recent history. This calls for a theoretical, logical investigation and analysis of pros and cons of this investment tool.Kevin Spacey, in the famous movie Superman Returns, remembers and reproduces a precious piece of advice from his father. His father told him that land is a perpetually scare resource, you can print more money but land is limited. How true is this observation I leave to the judgment of the readers.It is from this perpetual ...

ISLAMABAD: Pakistan’s efforts to curb the use of black money in the real estate sector, and enhance its tax collection have been dealt a serious blow. The country’s bureaucracy has halted implementation on two key reforms, which were introduced by the last PML-N government.The Federal Board of Revenue (FBR) has delayed the notification for the establishment of Directorate General of Immovable Properties that could have given authorities the first right to acquire assets that were undervalued to evade taxes. It has also not increased the property valuation rates in big cities as an alternate to the DG Immovable ...

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Sheikh Amir Waheed has urged the government to reduce taxes on the real estate sector so that it can spur economic development.His remarks came as he addressed a delegation of Islamabad Estate Agents Association (IEAA).Waheed said that the real estate sector is vital in promoting industry, and employment but imposition of taxes has badly affected its growth.“The growth of about 250 ancillary industries including cement, steel, brick, timber and building material is linked with the real estate sector,” he remarked.Key reforms for Pakistan’s real estate sector hit a snag“However, ...

ISLAMABAD: A panel of senators has stressed the importance of swiftly setting up a Real Estate Authority in the federal capital to help protect the rights of land allottees.This was stated in a meeting of the Senate Standing Committee on Capital Administration was held under the chair of Senator Dr Ashok Kumar at the Parliament House on Monday.During the meeting, Senator Mohsin Aziz of the Pakistan Tehreek-e-Insaf  (PTI) reviewed the Real Estate Bill and asserted that establishment of a Real Estate Authority was imperative to protect allottees’ rights.To elaborate his point, he said that residents of the capital ...