Overall Impact on Real Estate Business in 1st Month of PTI Government.
It is quiet early to say anything about the real estate business in newly elected government in Pakistan. But we can figure out few aspects of real estate business in Pakistan in next five years. As per part of the manifesto of PTI, they are going to build five million (50 Lacs) houses in Pakistan in their tenure. In this regard, Prime Minister Imran Khan conducted a meeting with a real estate tycoon british Pakistani Aneel Mussarat along with other experts. Although a portion of national media is making this meeting controversial but on the positive side it is showing the seriousness of Prime Minister.
According to the Pakistan Bureau of statistics, every year country faces 1.2 million houses shortage. It’s a big number of residential units which is enough to keep moving real estate industry in Pakistan. We can find certain factors quickly like massive increase in population over the past few years, migration from rural to urban areas. Broken joint family culture etc.
If PTI government gets succeed and build 5 million houses, real estate business will flourish indeed.
Sale & Purchase of Plots:
A decline being observed in prices of plots in different societies like DHA Lahore, DHA Karachi, Bahria Pindi in the past few months but since the new government formed prices are going to stable slowly and gradually. Bahria town Karachi is suffering due to their irregularities found in Supreme court of Pakistan. A huge investment is being stuck in Bahria Karachi projects already.
Sale purchase of files is bit slow but still sellers and purchasers are available in the Real Estate market which shows a good sign. Due to massive crack on bogus societies, file’s investors are in some comfort zone. File business is the way to make some money instantly, It’s a bit risky business but good for an activity for the real estate chaps.
Due to high demand in housing sector in Pakistan. Many small and big groups are already playing a role in construction business. Many of the companies/groups are selling small built units on the installments with the help of major banks financing facility. Now we can see many brand names in housing sector in posh societies.
An anti-encroachment campaign is being started from Islamabad the capital city. Capital Development Authority (CDA) has launched an operation and demolished a lot of commercial and residential building. It seems newly government will spread this operation to the other cities and provinces. It will leave a good impact ultimately on real estate business in Pakistan.
Government owned lands:
New government is focusing on land sector. PM office gives a clear instructions to the special branch to collect the data of all governmental houses, bungalows are in the officers use. This is the first step to commercialize those properties and also to cut down the government expenses. Subsequently Federal Minister of Pakistan Railways announces to lease pakistan railways land which is in thousands of acres. This type of all measures will leave a positive impact on the Real estate business in Pakistan.
Beautiful Quote about Real Estate Business:
“In the real estate business, you learn more about people, and you learn more about community issues, you learn more about life, you learn more about the impact of government, probably than any other profession that I know of.” -Johnny Isakson, U.S. senator