Pakistan Property & Real Estate News

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Plunder of plots Thursday,March 20, 2008 WITH reference to news items regarding the suffering of hapless plot seekers, this plunder is taking place in the surroundings of the capital city which is heavily guarded by all the ruling elites along with the top junta of the current regime. Many people are fleeced off their hard-earned money at the hands of influential mafia groups. The prices of land in the twin cities have soared greatly during the last three-and-a-half years. Apparently, people term this rise as the aftermath of the earthquake of October 2005, but one differs with this point of view as the prices of all commodities have skyrocketed. The government should take some concrete steps to stop these irregularities. All the property business houses should be registered. Licences should be issued to them on conditionality of their future conduct and dealings. If any licensee misleads anybody, his licence should be cancelled and he must be put behind bars. There also should be proper legislation to tackle this issue and lessen the sufferings of the people. The people in the revenue department who help in the plunder must be taken to task. Source: Dawn [Internet Edition November] Pakistan has vast scope for investment in housing sector Wednesday,March 19, 2008 ISLAMABAD, Mar 9 (APP): Pakistan offers excellent investment opportunities to national and international builders in housing sector as the country needs massive development in this sector, said Caretaker Minister for Provincial Coordination Dr Muhammad Amjad. “The real estate sector in Pakistan is flourishing as there is a huge demand for housing in the country,” Dr Amjad said while addressing a gathering for balloting of Top City project situated adjacent to the Motorway and New Islamabad Airport. The minister said the national and international investors are playing an important role in development of the housing schemes. He hoped that these schemes would be completed according to the schedule given by the builders , developers and the directors of the Top City. He assured the investors in the housing schemes that the government will fully cooperate with those societies that are fulfilling commitment made to their members. He said every efforts will be made to make such societies a success without creating any hurdles if they meet criteria set by the government and respective departments. The balloting ceremony of the Top City was attended by members, property dealers, investors, and representatives of the other segments of the society. The participants appreciated the management of the Top City for allotting plot numbers to the members. The management assured the investors and members of the housing project that the development work on the housing society will be started shortly. Source: APP [Associated Press of Pakistan]