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. ...

DHA Collaborates with Leading Firms for Bahawalpur Housing ProjectThe Defence Housing Authority (DHA) in Bahawalpur has entered into strategic Memorandums of Understanding (MoUs) with three prominent business groups. This collaboration, announced on Thursday at the food park area, aims to develop affordable housing, a theme park, villas, and green energy solutions.The agreements were formalized with Delta Centauri Real Estate Development, part of TAS International Group, SOLIS Energy Solutions, and PACE Pakistan (Pvt) Ltd. General Officer Muhammad Ejaz Mirza highlighted that these MoUs are set to enhance customer confidence and diversify the amenities offered by DHA Bahawalpur.DHA Project Director Muhammad Usman ...

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 ...

ISLAMABAD: Pakistan on Tuesday notified new unrealistically stringent regulations to monitor customers of real estate dealers and developers, jewellers and accountants aimed at fulfilling requirements of the Financial Action Task Force (FATF). These businesses cannot do business with politically exposed persons until they are sure about the source of their income and they will also have to identify the customer and beneficial owner before conducting a transaction, according to regulations notified by the Federal Board of Revenue (FBR) on Tuesday. The Designated Non-Financial Businesses and Professions (DNFBPs) regulations are also likely to increase the cost of doing business ...

The State Bank of Pakistan (SBP) has announced the government of Pakistan’s markup subsidy for affordable housing finance. In a statement, the central bank said the government would provide a markup subsidy facility for the construction and purchase of new houses. This facility will allow all individuals, who will be constructing or buying a new house for the first time, to avail bank financing at subsidised and affordable markup rates. The facility will be provided with the administrative support of the SBP as executing partner with the government of Pakistan and Naya Pakistan Housing and Development Authority (NAPHDA). ...