ISLAMABAD: The Cabinet Committee on Privatisation (CCOP) on Thursday reversed a seven-month-old legally questionable decision of deciding the fate of real estate jewel, Roosevelt Hotel New York, through a ministerial task force, putting the transaction back on right track. Headed by Adviser to Prime Minister on Finance Abdul Hafeez Shaikh, the CCOP authorised the Ministry of Privatisation to hire a financial adviser for finalising the transaction structure of Roosevelt Hotel, according to a statement issued by the Ministry of Finance after a meeting. Roosevelt Hotel, located in the heart of global commercial and tourism hub, is ...

KARACHI: The World Bank has planned to provide a credit line of $500 million to Pakistan for low-cost housing including Prime Minister Imran Khan’s flagship five-million houses project for the low-income people. Besides, the International Finance Corporation (IFC) – a member of the World Bank Group – on Thursday invested $3.2 million (Rs500 million) in Pakistan Mortgage Refinance Company (PMRC) with the aim of providing financing for low-cost housing in Balochistan and Khyber-Pakhtunkhwa (K-P). The World Bank had planned to establish the credit line of $500 million (around Rs80 billion) in the ongoing year 2020. However, ...

KARACHI: Real estate stakeholders have voiced unanimous hope that the realty segment could uplift Pakistan’s economy and assist in enhancing foreign direct investment if it receives due importance from the government. Pakistan is one of the few countries in the world whose real estate sector has ample room to drive its economy because only 0.5% of the country’s area falls under planned land, said Graana.com Chief Executive Officer Shafiq Akbar. Talking to The Express Tribune, he stated that at present, roughly 4,000 square kilometres of Pakistan’s land is classified as planned area out of a total ...

ISLAMABAD: As many as four plots were sold on Thursday during an auction for the new Blue Area commercial district, raising another Rs5.54 billion. During the second day of the three-day auction at the Jinnah Convention Centre, the Capital Development Authority (CDA) claimed that they had witnessed a highly encouraging response from the large number of investors who participated in the auction. Officials said that the authority considered bids for four plots worth Rs5.54 billion. This was in addition to the bids of Rs11.7 billion it had received for seven plots on the first day of the auction. ...

Defence Housing Authority (DHA) in Bahawalpur and three renowned business groups inked MoUs on Thursday at food park area for affordable housing, theme park and villas and provision of green energy solutions. The agreement was signed with Delta Centauri Real Estate Development, which is part of TAS International Group, SOLIS Energy Solutions and PACE Pakistan (Pvt) Ltd. General Officer Muhammad Ejaz Mirza, during his address, said that these MoUs will add customer confidence and will add a variety of amenities to the canvas of DHA Bahawalpur. DHA Project Director Muhammad Usman said, “The 21st ...

ISLAMABAD: Representatives of the federal capital's apex civic authority chief and the district magistrate have been summoned to appear before the court today (Thursday) in a case on government departments building housing societies. Hearing the case, a single-member bench of the Islamabad High Court (IHC), led by Chief Justice Athar Minallah, remarked that all government departments appear to be busy in the real estate business and of building private housing schemes. "Where has the Federal Investigation Agency (FIA) been empowered to engage in a business," the court asked, adding that the investigation body is tasked with probing such ...