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Public Auction Fails To Provide Spark For Dubai’s Real Estate MarketFriday, May 29, 2009A first-ever public auction of residential properties in Dubai, seen as a barometer of the emirate’s property market, exposed a widening gulf between the expectations of the sellers and buyers. The four properties that went under the hammer this week failed to find any takers. Only one of the properties saw any bidding action. Another property received a single bid, but the auctioneer considered ... more |
CDGK issued notice against conversion of amenity plotFriday, May 29, 2009Karachi: The Sindh High Court (SHC) issued a notice to the City District Government Karachi (CDGK) and restrained a builder from continuing to reserve apartments and shops on a petition against the conversion of an amenity plot in Gulshan-e-Iqbal and subsequent construction of a building. The petitioner, Ms Qamarun Nisa, had challenged the conversion of an amenity plot for commercial use, s ... more |
CDA has done little to resolve Sector E-12 issueFriday, May 29, 2009Islamabad: The Capital Development Authority (CDA) has claimed a tremendous breakthrough when it signed a package deal with inhabitants of Soran and Bokra villages located in sectors I-11 and I-12 to settle what it termed one of the oldest land disputes with local people. However little has been done to resolve a similar issue in Sector E-12. In Sector E-12, people were allotted residential ... more |
Railways losing battle against encroachment mafiaFriday, May 29, 2009Islamabad: The Pakistan Railways has failed to get its land vacated from the encroachment mafia. Well-placed sources told ‘The News’ here on Thursday that the plan to utilise the railway land for commercial purposes after getting it vacated from the encroachment mafia has failed due to litigation. The plan to this effect was chalked out by former federal minister for railways Sheikh Ra ... more |
Indifference and corruption fast decaying Gwadar Mega City ProjectFriday, May 29, 2009KARACHI: Gwadar Mega City Project is tilting because of poor management and corruption, resulting in bankruptcy of several investors. Several investors have decided to withdraw their investment from the mega project to utilise it somewhere else, The Nation has learnt. According to a survey conducted by The Nation, several businesses particularly, the real estate industry has collapsed as th ... more |
Mizin To Link Payments With Building ProgressThursday, May 28, 2009Mizin, the real estate development arm of Tatweer, is in talks with Dubai's Real Estate Regulatory Authority (Rera) to link investor payments to construction milestones. Investors in the Remraan project voiced concerns that they continue to pay installments despite slow progress in construction. We are currently liaising with Rera to endorse our payment plans which are linked to construction mil ... more |
TCP to set up rice export zone on 600 acres landThursday, May 28, 2009KARACHI - The Trading Corporation of Pakistan (TCP) has agreed to convert 600 acres land, consisting on rice milling units and godowns at Pipri near Karachi, into “Rice Export Zone”. Chairman TCP Saeed Ahmed Khan during his meeting with managing committee members of Rice Exporters Association of Pakistan (REAP) at REAP House on Tuesday accepted the offer of rice exporters body. REAP Chairma ... more |
Kuwait real estate prices decline 50%: TabtabaeiWednesday, May 27, 2009KUWAIT CITY, May 18, (KUNA): Prices of real-estate properties namely the housing units have fallen by 50 percent, the Commerce Undersecretary announced on Monday. Rashid Al-Tabtabaei, in a statement to journalists after inaugurating the 22nd Real-Estate and Investment Fair, indicated the prices of properties vary from region to another with regard of the location of the plot, nature of the regio ... more |
CDA fails to remove encroachments along service roadWednesday, May 27, 2009Islamabad: It is almost over three months that the Capital Development Authority (CDA) has been unable to comply with a directive issued from the President’s Secretariat (Public) to take action against the encroachments that have sprawled over a vast tract along the Service Road (West) of sectors G-11 and F-11. The residents of the two sectors, particularly those living along this ‘Service ... more |
Work on major housing projects haltedWednesday, May 27, 2009KARACHI: The construction work of all major residential projects has come to a halt, as the House Building Finance Company Limited (HBFCL) has almost frozen loan sanctioning for housing projects and individual owing to liquidity problems. Insiders told Business Recorder on Monday that all operational activities, which were going on at rapid pace during the tenure of former chief executive o ... more |
Developers look to North Africa for real estate opportunitiesSaturday, May 23, 2009Major property developers are looking to North Africa as a key emerging real estate market as it is largely unhindered by the global crisis and offers potential that can't be found elsewhere, it is claimed. Countries like Libya, once shunned by western nations and subject to sanctions, are now seen as full of investment potential. Dubai property developer Deyaar is looking at a number of op ... more |
Residents demand repair of Asghar Mall RoadTuesday, May 19, 2009Rawalpindi: Residents of various areas of Asghar Mall Road have urged the district administration to take immediate measures to repair the dilapidated roads causing hardships for them. A visit of this scribe to the populous areas revealed that the residents of these localities are facing serious problems owing to the broken roads at various places, as the authorities concerned are reluctant ... more |
Land-grabbers take over Aligarh SocietyMonday, May 18, 2009Karachi: The future of thousands of residents of the Aligarh Muslim University Old Boys Co-operative Housing Society is at stake as powerful groups of land-grabbers are allegedly trying to occupy the 233-acre piece of land by any possible means. The society is situated in Gadap Town and falls under Scheme 33. Groups of land-grabbers are trying to establish “Goths” in each sector of the soci ... more |
Scheme 33's Saadi Town residents lack basic facilitiesMonday, May 11, 2009KARACHI: Residents of Saadi Town, situated in Scheme 33, are living in utter despair and hopelessness in the absence of basic facilities despite paying dues regularly. The project was launched by Pak Land Housing Project 28 years ago, but the developers have not been able to provide committed facilities to the residents. All Pakistan Property Purchaser Welfare Association Chairman Rash ... more |
Benazir Bhutto Road becomes centre of problemsMonday, May 11, 2009Rawalpindi: Benazir Bhutto Road, the busiest road in Rawalpindi and used by thousands of people daily, now becoming centre of many problems, including daily accidents, traffic mess, lack of parking space for vehicles and growing encroachments. Like other roads of the city, the flow of traffic on Murree Road has become a nightmare for the commuters as many traffic signals are also out of ord ... more |
DHA residents request city Nazim to increase water supply to DHAFriday, May 08, 2009Karachi: Association of Defence Residents (ADR) will request city Nazim Mustafa Kamal to increase water supply to Defence Housing Authority, said ADR General Secretary Asad Kizilbash while talking to PPI on Thursday. “We will Kamal to supply 16 million gallon of water per day to Defence Housing Authority (DHA) from Karachi Water and Sewerage Board (KWSB) to overcome the acute shortage of wa ... more |
F-9 park’s timely completion orderedFriday, May 08, 2009Islamabad: ISLAMABAD: Capital Development Authority (CDA) is committed to providing the best recreational facilities to the city residents, said CDA Chairman Tariq Mehmood Khan on Thursday. According to a press statement, he was addressing a ceremony held at the CDA Headquarters to brief him on the master plan of F-9 Fatima Jinnah Park. He directed the park project director to accelerate the pac ... more |
F-9 park’s timely completion orderedFriday, May 08, 2009Islamabad: ISLAMABAD: Capital Development Authority (CDA) is committed to providing the best recreational facilities to the city residents, said CDA Chairman Tariq Mehmood Khan on Thursday. According to a press statement, he was addressing a ceremony held at the CDA Headquarters to brief him on the master plan of F-9 Fatima Jinnah Park. He directed the park project director to accelerate the pac ... more |
Residents along Lahore-Kasur Road face problemsFriday, May 08, 2009Lahore: Thousand of residents of various colonies along the newly-constructed Lahore-Kasur road are facing serious difficulties as contractor has not given them access to their homes. Big private residential colonies and several influential people have managed to get access through road cuts linking the inner roads or business premises with the main road while those without connections are ... more |
Auctioning of Railways’ land leased to college stayedThursday, May 07, 2009Rawalpindi: Justice Tariq Shamim of the Lahore High Court (LHC) Rawalpindi bench here on Wednesday stopped Pakistan Railways from auctioning a piece of land leased out for the construction of a degree college of women and directed the department to submit its comments till June 8. The LHC bench while admitting the petition of former federal minister Sheikh Rasheed Ahmed directed the Railway ... more |
Seven Tides Unwavering About Hotel Developments In DubaiTuesday, May 05, 2009Seven Tides, a UAE-based holding company, and associates yesterday said, they will unveil four new luxury hospitality developments all due to open between the end of 2009 and the beginning of 2010 in Dubai - two of which are on the iconic Palm Jumeirah. Michael Scully, Managing Director Hospitality for Seven Tides, told Gulf News: "The combined value of these projects is well in excess of Dh1.5 ... more |
Pace Of Decline In Dubai Apartment Rents SlowsTuesday, May 05, 2009The pace of decline in apartment rents in some sought-after areas of Dubai has slowed during March-April after recording steep falls in the beginning of the year, a research study by Khaleej Times and Asteco, a property management firm, reveals. The research finding, which was used to create the KT-Asteco Rental Monitor, suggests that while rents have dropped across the board from March to April ... more |
Model Town Society to expand outer ring roadMonday, May 04, 2009LAHORE: The Model Town Society (MTS) will expand the outer ring road and its linking roads to facilitate the commuters who suffer from traffic jams, especially during peak hours. The decision was taken as the number of vehicles present on the society’s roads dramatically increased after a large superstore was launched in the area. The town officials said more than 30,000 vehicles passed thr ... more |
CDA razes 18 illegal houses, 3 roomsMonday, May 04, 2009ISLAMABAD: CDA has demolished 18 illegal houses, three rooms and two boundary walls in various sectors of the city during an ongoing anti-encroachment drive. CDA Director, Enforcement, Capt ® Faiz Muhammad told this news agency that 10 house and two rooms in Sector I-11, eight houses in sector G-8/1 and one room in Sector G-8/4 were razed during the drive. The director said the authority had iss ... more |
Argentina drawing in property investorsFriday, May 01, 2009The 1,500 acre estate has been developed by best-selling author and investor Doug Casey, who has travelled to over 170 countries and lived in ten, discovering Cafayate in 2005. Last year Mr Casey, alongside local Juan Romero, launched the first phase of real estate development, with the second phase now well under way. Mr Casey said: "Argentina will do better than most countries simply beca ... more |
