Pakistan Property & Real Estate News

Poor maintenance of parks, markets resented

Islamabad: Residents of smaller sectors of G-7, G-9, G-10, I-8, I-9 and I-10 of the federal capital are facing a lot of problems, as the authorities concerned seem least interested to fulfil their responsibilities related to cleanliness.

Residents alleged that the civic body is least bothered about ensuring the proper maintenance of parks. They said there is no place in the sectors where public gatherings could be organised.

Asad, an area resident, said the issue has been brought to CDA’s notice, adding that even the roads and streetlights are in poor condition. Heaps of garbage, scattered raw material of construction and a large number of bushes along the roads and streets need immediate attention, residents of these localities demanded.

The residents of Sectors G-7, G-9 and I-10 also alleged the concerned authorities for negligence of cleanliness, which spread different kinds of diseases in the locality. They said pedestrians avoid using footpaths due to overgrown bushes and prefer to walk alongside the roads, which also cause disruption in the smooth traffic flow and might also lead to accidents.

Besides cleanliness, the residents have also complained of the growing encroachments in the markets, causing inconvenience for pedestrians and motorists. They appealed to the concerned authorities to remove these encroachments to provide a smooth way for pedestrians and other people visiting the markets.

When contacted, a CDA official said the concerned staff regularly cleans parks, streets and markets. However, he said CDA has started cutting shrubs on the footpaths to provide a safe way to pedestrians. He said CDA would also shortly launch a drive for cutting wild grass in the capital.

Ban on land lease and auction results in Rs 600 million loss to CDGK

Karachi: The ban imposed by the Sindh chief minister on lease and auction of land by the local bodies in the province has resulted in a loss of Rs 600 million to the City District Government Karachi (CDGK) as two of it major projects have hung midway.

The CDGK has already been going through a serious financial crunch due to depletion of Single Line Transfer Funds (SLTF). For the first time, the CDGK could not pay Eid advance to its employees this year.

The CDGK had demolished Shahabuddin Market, which is adjacent to the historical Empress Market in Saddar Town so a new market could be constructed at the spot. It had spent Rs 80 million for temporary rehabilitation of its shopkeepers, while the contract was awarded to Abdul Majeed and Company for constructing the new building of the market.

The contractor firm had invested around Rs 500 million for constructing the building foundation. According to the contract, the contractor firm was to gather necessary funds from the proposed owners of shops in the new building but the ban on lease and auction of the land has caused the CDGK and the contractor firm to suffer financially.

The shopkeepers of the Shahabuddin Market have also been left in a lurch after the ban as they were supposed to be allotted shops in the new building.

The same is the case of the CDGK Saddar Car Parking Plaza, which also could also not be auctioned or sold out.

While talking to Daily Times, CDGK Estate Department District Officer Muneer Ali Khan said that as yet, the CDGK lacks any sovereign policy on the subject whether the CDGK Saddar Car Parking Plaza would be rented out to shopkeepers or would allot the shops to the affected shopkeepers of the Shahabuddin Market on permanent ownership basis or would operate it alone.

The loss of revenue is partly due to early investment of huge funds on rehabilitation of the affected shopkeepers of Shahabuddin Market and due to delay in the sale of shops and floors of the CDGK Saddar Car Parking Plaza through an auction, he said.

The CDGK Estate by-laws have a clause that when the land was auctioned, the owner would be awarded necessary allotment while after obtaining the allotment. The would-be allottee could get the land leased in his favour for a 99-year period. However, in case the land was rented out, the CDGK remains the owner of the land and could get it back any time, he said.

The ban has also caused the CDGK Estate Department to suffer a colossal loss amounting to Rs 40 million because the ban has prevented it from auctioning the newly built 39 shops in Liaquatabad Super Market. The ban has inflicted the CDGK with a loss of around Rs 30 million due to delay in construction of new building of Shahabuddin Market while the gross loss as yet has amounted to Rs 600 million on these two projects only, he claimed.

The CDGK has to decide within a couple of days as how to deal with this situation or else it would be too late to take any step due to the fast expiring tenure of the present city government.

Middle east and north Africa real estate markets need huge shift to move towards maturity

Abu Dhabi, Dubai, Cairo and Casablanca are in the best position in the Middle East and North Africa region to attract more long term capital to their real estate markets, according to a new report.

They are destined to perform the best out of 11 cities surveyed in the area by analysts at international property consultants Jones Lang LaSalle as they have the right combination of investment opportunities and competitiveness.

The report, published today (Monday Sept 28), point out that long term investors have been deterred from the Mena region by the short term speculative mentality of both investors and developers.

As a result few sales have occurred recently and a lot of work is needed to create more mature markets, it says.

‘Creating the right environment to attract long term investment into Mena real estate markets remains a work in progress.

While few of the necessary requirements have yet to be fully met, significant progress has certainly been made in many critical areas,’ the report adds.

The last few years saw too much greed and speculation and the need to attract long term, stable investment was ignored.

But now the wholesale withdrawal of speculators and short term investors over the past year due to the global economic crisis offers a chance for positive change.

However, the crisis has also left many property owners needing to hold onto and reposition their assets, some of which they had intended to sell quickly.

On top of this prices and rentals have fallen between 25 and 50%.

Analysts predict that there will be more falls and prices corrections, but at a much slower rate in the rest of 2009.

‘The pace of correction is now easing as global and regional economic stability leads to an improvement in investor sentiment,’ the report says.

It points out that to move ahead the real estate markets need to attract long term regional and global investment.

‘This transition will require a paradigm shift from the previous reliance on short term strategies and rapid implementation to an increased focus on the creation of quality real estate assets that will be attractive to both occupiers and long term property investors,’ it adds.

The key to a successful shift towards a mature real estate market will be private family groups, conglomorates, government entities and institutional investors such as insurance companies, pension funds and listed real estate companies as they bring high volumes of stability and long term capital.

One of the biggest challenges remains oversupply, particularly in Dubai where it is likely to worsen and put further pressure on rents and prices in the short term.

Unique recreational complex to be set up at Manghopir

Karachi: With its proposed facilities, Manghopir Resort, if constructed within stipulated time and without any hurdles in terms of funding, is all set to become a model recreational zone in the country. However, there are some fears regarding the eviction of the locals, who have been inhabited the area for generations, including those associated with the famous shrine of Manghopir and its adjoining pond of crocodiles.

The scheme is extremely ambitious. It includes a lake for fishing to cater to angling enthusiasts as well as facilities for cooking by the lake’s shores. Besides this, cottages will also be constructed there.

There is also a plan to set up a golf course with international facilities and a water amusement park. A proposal has also been floated to set up a “city forest” while wooden huts on the hilltop for temporary stay of visitors along with a hilltop view park have also been proposed.

Plants and trees will be grown using the drip irrigation system to provide a green cover while dew jet poles are also included in the scheme to make the atmosphere pleasant by decreasing the warm temperature. Roads leading to the Manghopir Resort will be constructed and repaired while space for car parking for visitors will also be provided.

At present, it is full of wild growth and extremely underdeveloped, which provides ample shelter for criminals. “After completion of the resort, the area will be a recreational place and will add on to the beauty of the city,” the officials believed.

Hussain Bux Mallah, research officer at the Collective for Social Science Research, however, has his reservations. He says that developing the resort was a good thing but it would be advisable for the authorities to give due considerations to other aspects.

“There is the possibility of eviction of inhabitants as often happens in the case of such schemes. The resort should not be developed at cost of evictions of residents,” he said. He regretted that land ownership in the city was vague. “There are old villages, which officially are not recognized. A large number of members of the Sheedi community have been living there for centuries who, along with fishermen, were the original inhabitants of the city,” he said, adding that they had strong attachment with the area and even celebrated Sheedi Mela each year. Mallah said that, similarly, ownership of the crocodiles at the shrine was “hereditary” as the same family of caretakers of the Sufi saint, Pir Mangho, had been taking care of the reptiles for generations and had strong attachment with the crocodiles.

The Additional Chief Secretary (Development), Nazar Hussain Mahar, told The News that both the CDGK and the Local Government Department had informed them that there would be no evictions. He said instead, there was possibility that if the proposed site of the resort was not protected, it might be encroached upon.

He said they would provide support and better environment for protection of crocodiles where tourism would be increased to provide job opportunities and other facilities to the inhabitants.

Land mafia kicked out of Chinar Park

RAWAWALPINDI: Rawal Town Tehsil Municipal Administration (TMA) has kicked out land mafia from Chinar Park by carrying out a grand operation to demolish illegal structures built by them over public property. These structures spanned over seven kanals of land.

The operation was conducted on the special directives of Punjab Chief Minister Shahbaz Sharif, Rawalpindi Commissioner Zahid Saeed, and District Coordination Officer (DCO) Imdadullah Bosal.

The mafia agents tried to stop the demolition operation and hurled bricks on TMA staff as well as the local residents.

The land mafia had deputed armed men at the children park for the last several months to build illegal structures and keep children away from playing in the park. The land that covered these structures valued over Rs 120 million.

The TMA used three heavy machines to raze the huge two-storey building and five-feet high walls to the ground.

The residents, especially children and women, thanked the government for saving the park in Satellite Town that contained rare Chinar (Maple) trees.

The operation was supervised by Town Officer Aftab Chohan while EDO (Muncipal Services).

Chohan said the park’s possession was taken back from the land mafia with assistance of Enforcement Building Control, Horticulture, and Anti-Encroachment Department officials. The park is now fully under control of Rawal Town TMA, he said.

Chohan said the land mafia showed court orders for a different Khasra number to occupy the 50-year old children park and sold it to a number of buyers. The park was demarcated twice, which proved that the land mafia’s possession and construction was absolutely illegal.

Multan Road construction project approved

Lahore: THE City District Government, Lahore, has approved the plan for construction of 11-kilometre road from Chauburji to Multan Chungi, which also includes an underpass and an overhead bridge.

This was announced in a meeting chaired by Lahore Commissioner Khusro Pervez here on Wednesday.

The commissioner was informed that an underpass would be constructed at Morr Samanabad and an overhead bridge would be constructed at the Scheme Morr.

He was further informed that service lanes would also be constructed along with the road with the latest street lights while speed guns and cameras would be installed.

The commissioner directed the officials concerned to lay down a new sewer system at both sides of the road keeping in view the needs for the next 20 years. The project would help reduce traffic mess on the Multan Road.

Commercial property defaults predicted to have major impact on us banks and lenders

The full extent of the commercial property market crisis in the US and its impact on banks and lending institutions has not yet been revealed, according to analysts.

The possible collapse of Capmark Financial Group is seen as the start of a new wave of real estate losses for banks, this one tied to business property, that could push the year’s tally of failures past 100, they are warning.

Capmark, ranked among the largest US commercial real estate lenders by Moody’s Investors Service, posted a $1.6 billion quarterly loss last week and said it might go bankrupt.

The Pennsylvania-based company is struggling because of the default rate on commercial mortgages held by US banks.

‘We haven’t really experienced the full extent of the distress. When you look at community banks and some smaller regional banks you see they tend to have a far greater concentration in terms of exposure to real estate,’ said Sam Chandan, chief economist at property research firm Real Estate Econometrics LLC in New York.

Residential real estate losses have already pushed US bank failures to 84 so far this year including Colonial BancGroup, the sixth- largest failure in the history of the Federal Deposit Insurance Corporation.

It is estimated that US banks hold about $1.087 trillion of commercial property loans, almost 15% of their loans and leases.

Stress tests conducted by regulators in May found that the largest US financial firms could face losses of $53 billion tied to commercial real estate.

Risks are heightened for commercial property owners who need to refinance because property values have dropped, according to Terry McEvoy, an analyst with Oppenheimer & Company. in Portland, Maine.

That makes it harder for owners to get new loans covering their original debt, he explained.

‘We’re still in the early stages of the commercial real estate cycle and things will get worse before they get better,’ McEvoy added.

Ravi Town ordered to remove encroachments

Lahore: CHIEF Justice Khawaja Muhammad Sharif of the Lahore High Court (LHC) while disposing of writ petitions has directed the Ravi Town Administration to remove encroachments from Pakistan Cloth Market.

The chief justice on Tuesday also gave time to shop owners to remove debris by Eid ul Fitr. The petition was filed by Muhammad Sadiq, a resident of a locality adjoining to the Pakistan Cloth Market seeking easy access to the main road coming from Delhi Gate.

The petitioner submitted that the access of the residents to the main road was restricted due to illegal encroachment by construction of a wall along with the seven shops, some ‘khokhas’ and electricity transformers.

Earlier, a report filed by a law officer and the DCO also confirmed that there were illegal and unauthorized constructions of shops against the sanctioned plan. As many as 36 shops in the centre of the market had been built, the report said, adding 11 more shops had been built along with the street on the eastern side of the market.

The CJ observed that these two sets of shops had not become the dispute between the residents of the area and the committee, therefore, he left their demolition at the discretion of Ravi Town TMA and the committee.

However, the owners of seven shops were given time to remove their shops by Eid ul Fitr and if they failed to do so, the shops will be demolished, CJ observed.

Wapda authorities were also directed to install the transformers at proper places so as to avoid inconvenience to the residents of the locality.

The chief justice also directed the SSP (Operations) to give full support to the officials of Ravi Town.

The TMO Ravi Town was directed to give compliance report to Additional Registrar (Judicial) of the high court.

Accidental landlords leave UK property market due to improved real estate sales

Residential rental prices in the UK are stabilising as the number of accidental landlords declines due to an improvement in the property market, it is claimed.

The latest figures from the Royal Institution of Chartered Surveyors show that 6% more estate agents reported a rise in new instructions from landlords in the three months to the end of July, compared with 21% in the previous three month period.

The number of rental properties coming on to the market is falling quickly, leading to less choice and potentially higher rents for those priced off the housing ladder, it says in its report.

The main reason for the fall in new landlords is the disappearance over summer of so-called accidental landlords who decided to rent rather than sell their properties in a falling market.

Their numbers increased at the end of last year as property prices reached lows but now evidence of price stability in the housing market has encouraged owners to sell instead.

‘This may be the first indication that the stabilisation in the residential sales market is having an impact on the number of accidental landlords entering the lettings sector,’ said a RICS spokesman.

It now expects rental prices, which had been falling, to start to stabilise.

The balance of surveyors reporting a fall rather than a rise in rents was 29% in the quarter, compared with 55%.

In an optimistic sign for buy-to-let landlords, an increasing number of agents expect rents to rise in the coming months.

The balance expecting a fall rather than a rise improved from 25% to 6%, RICS said.

‘The number of properties coming on to the rental market has slowed as the sales market has begun to stabilise.

This is good news for landlords, who were coming under pressure to reduce rents as a result of oversupply.

The need to respond in this way is easing and, providing the housing market holds firm, the outlook for the rental market should continue to improve,’ the spokesman added.

However, the change in sentiment could put those searching for affordable accommodation at a disadvantage.

Figures from RICS, due next week, are expected to show that housing market activity continued to improve in August.

CDA acquires possession of Sectors I-11, I-12

Islamabad: The Administration of the Capital Development Authority (CDA) has started development works in Sector I-11 and I-12 after acquiring most of the land in these sectors.

According to sources, the construction work of Service Road North in Sector I-11 has been started. The sector was opened in 1991 and 2500 residential plots were allotted.

Sources further told that in Sector I-11, 375 commercial plots have been acquired and the capital’s authority would earn an amount of Rs. 24 billion by auctioning these plots and it would be helpful for CDA to get out of financial crisis.

Meanwhile, in Sector I-12, the work to level the ground has been started. The sector has been reserved for affectees and out of 5900 plots, 2400 plots to be given to affectees of sector I-11 and I-12.

The concerned authorities have been directed to demolish houses of slum areas in Sector I-11.

PPI Adds - The sanitary workers of Capital Development Authority (CDA) Monday staged protest demonstration against the sanitary administration, urging government to increase their wages according to the price hike. Dozens of daily wagers of sanitation department of CDA assembled here in front of National Press Club (NPC) and chanted slogans against the sanitary inspector and their private contractor.

Talking to this agency Sameena David told that their salary Rs.6000 was too meagre to meet both ends. She asked the high ups of the CDA to regularise their services and also increase their salary up to Rs 9000 so that they could meet their financial requirements. “Even sanitary workers in Rawalpindi are getting Rs. 9500 per month” she argued.

Sajid Masih, and others complained that Sanitary Inspector Mukhtar Masih and their Private Contractor always misbehave them and receive Bhatta (forced money) from them while threaten to terminate their contracts in other cases. They further told that those poor workers who deny paying forced money (bhatta) are terminated from their services.

They appealed to the Chairman CDA, and other concerned authorities to increase their wages from Rs 6000 to 9000 and also issue directives to Sanitary Administration not to harass poor sanitary workers. They vowed to continue their protest until fulfilment of their demands.

Office property leads signs of recovery in the commerical real estate sector in india

The office property market in key business districts in India is experiencing an increase in confidence with banks and financial services companies buying but the IT and ITeS sectors are yet to enter the growth spree as they are still depressed by the global economic downturn, according to analysts.

Delhi and Mumbai are seeing the most growth. For example, the Bandra Kurla Complex and Kalina districts of Mumbai saw overall vacancy levels rise to 29.4%, while vacancy levels in Noida in the National Capital Region hovered at around 40%, according to the CB Richard Ellis Asia Market View for the second quarter of 2009.

The report said the election of a new government and falling interest rates improved local business sentiment during the second quarter in India.

But despite these small signs of improvement, cities like Mumbai, Delhi and Bangalore also witnessed a slide in office rentals due to businesses moving to alternative locations as a cost cutting measure and the retail sector is still negative.

‘While the second quarter of 2009 observed some improvement in the office-space market with levels of enquiries going up, vacancy levels continued to remain high, said Anshuman Magazine, CBRE Chairman and MD for South Asia.

‘The fall in capital values has encouraged more companies to explore and evaluate opportunities for buying rather than leasing the required office space,’ he added.

The report concludes that overall the Asian market has started showing signs of stability in the second quarter of 2009 but companies remain focused on reducing costs and tightening their real estate expenditure.

It predicts that the markets are expected to remain soft in the short to medium term with landlords of buildings in secondary office destinations struggled with the consequences of speculative overbuilding. Landlords are having to increase incentives to recruit tenants.

Suman Memani of Religare Securities said that the commercial market is now following the growth spurt of the residential sector but slowly.

His firm’s research shows that banks and financial services are leading the buying spree. But sectors like IT are still experiencing de-growth and is therefore the one looking for cheaper options. Retail is even worse with a negative outlook, he added. He added that improvements will be gradual as the economy gets back on track.

Transparency Intl Pak asks DHA to provide details of contract agreeme

ISLAMABAD (September 04 2009): Transparency International Pakistan (TIP) has asked the Defence Housing Authority (DHA) to provide details of all contract agreements awarded from 2005-2009 as well as National Accountability Bureau's (NAB) evaluation, under Rule 47 of Public Access and Transparency.

The Public Procurement Regulatory Authority (PPRA) has written at least four letters to the Secretary Defence Ministry stating that it would be appreciated that the organisations under the administrative control of the Defence Ministry are directed to ensure strict compliance of Rules-8 & 9 of PP Rules, 2004 and furnish their proposed annual requirements of the financial year 2009 -10 for placing on Authority's website at the earliest.

TIP has noted from DHA Islamabad website that it has awarded contracts worth billions of rupees to different contractors. According to the Rules as soon as a contract has been awarded the procuring agency shall make all documents related to the evaluation of the bid and award of contract public.

TIP, in its letter to Brigadier Javed Iqbal (Retd), Administrator, Defence Housing Authority, stated that on May 28, 2005 Emaar Properties PJSC, a UAE based company, signed an agreement with DHA Islamabad to form a Joint Venture company, for constructing and managing residential houses, commercial premises, bridges etc in DHA Islamabad.

On August 9, 2005, Meinhardt (Pakistan) pvt Ltd, entered into another agreement with DHA for providing consultancy services on development of Phase II Extension. It had to undertake to develop 4,000 acres of land "project" of Phase-II extension DHA Islamabad. The project was envisaged to be high class development comprising residential and commercial plots, public amenities like schools, colleges, parks, playgrounds, stadiums, sports complex, town halls, community centres, club houses, libraries, mosques, utility buildings and other ancillary facilities.

An agreement had been signed with HRL on 18th of May, 06 for the development of Phase I-Extension and earth breaking ceremony was on 6th June, 06. Total area to be developed by HRL is 1,500 acres in phase-1 extension. Habib Rafiq (pvt) Ltd has been committed for all the development work in phase-I, II including roads, parks etc. Habib Rafiq (pvt) Ltd has successfully completed other ambitious projects.

On September 1, 2009, DHA in collaboration with the Bahria Town and Habib Rafique Limited (HRL) launched a low-cost housing project 'DHA Valley and DHA Valley Overseas Block'. Balloting for the project was held at the DHA Valley Expressway Phase II Extension. Addressing the gathering on the occasion, DHA Administrator Brigadier Javed Iqbal (Retd) said the project was designed for low-income people.

"We are determined to complete the project in time," he added. He stated that the project would have all basic facilities of life like schools, parks and shopping centres. Bahria Town Chairman Malik Riaz said they had taken care of public. "An ordinary person can only dream to have luxuries of life, but we made it possible in the DHA Valley. We have taken care of the salaried class and they will be having all world-class residential facilities in the project. In this phase, we have developed 5- and 8-marla plots. More than 90,000 people, both in Pakistan and overseas, have registered with us through this project," he said.

Malik Riaz assured the allottees that the project would be completed well before its time. The chief engineer of the project said the scheme would be a world-class residential experience. He said an American firm, OJMR-Los Angeles, has designed the project.

"We would like to remind you that as Director NAB Sindh, you and TI Pakistan worked tirelessly with NAB for transparent implementation of Public Procurement Rules 2004. We hope you will follow PPRA Rules 2004 in DHA Islamabad too, and change of posting from NAB to DHA has not affected your understanding," the TIP reminded Administrator DHA.

Conservatives defend change in housing plan

The Conservative Party has reacted angrily to what they perceive as a misinterpretation of the content of the leaked letter from shadow communities secretary Caroline Spelman.

Bob Neill, the shadow minister for local government and planning, robustly defends the party’s proposed policy.

'I categorically deny that our proposed new plans will result in any delay in the provision of new housing,' he said. Neill points out the number of housing completions in the UK are at record lows, and the Conservative policy is specifically designed to overcome the potential legal challenges that Labour’s strategy may face.

Some authorities have objected to regional planning strategies because they distort local choice over developments.

The Conservatives appear committed to a rethink of local housing and development plans as part of an early local government White Paper, should they win the election.

We are only encouraging councils to delay unpopular local programmes, Neill concludes.

Flagship development project to be halved and sales suspended on another as global crisis hit

The size of a flagship real estate project in Ajman is to be halved amid concerns that most investors have not made any payments for the last eight months.

There are now major doubts about the future of the $5.4 billion Awali City project with master developer Awali Real Estate Investments blaming the global economic crisis for the state of affairs.

Amal Amir, sales and marketing manager at Awali Real Estate Investments confirmed that the project has major problems and that it is likely to be resized by up to half its original size.

‘There are 136 plots of land and all had been sold at the time of launch. Most of our investors have stopped paying us for the past eight to nine months and so we are in talks with every one to find out their plans,’ Amir said. ‘We will be reworking the master plan once we get feedback from all our investors,’ he added.

Amir said the company may even return land to the Ajman Government. ‘We are paying the government even though we are not getting payment from our investors. In case we don't have a sizeable number of investors who want to go ahead with their projects, then we may return land to the government,’ he said. Amir also explained that the company has not forfeited any deposits or cancelled any contracts as such steps have to be taken after informing the Ajman Real Estate Regulatory Agency.

It is not the only project in the northern Emirates area that is troubled. Ras Al Khaimah-based Saraya Development Group confirmed that it has suspended sales in its $1.4 billion project citing a lack of availability of electricity. The apartment blocks run off generators and this has produced a number of power surge problems for residents. Omar Agha, Saraya's managing director, said the suspension of sales was temporary, however, and he stressed that the project had not been cancelled or put on hold indefinitely.

‘In the light of the financial crisis and issues pertaining to the availability of power in RAK, Saraya's directors opted to slow the project down,’ he explained. He added that Saraya has given a 100% refund to all its investors in the project and it is now working out a new development strategy and a new phasing plan for the project and this is expected to be completed by the end of this year.

DHA, Bahria Town, HRL jointly launch

The Defence Housing Authority (DHA), in collaboration with the Bahria Town and Habib Rafique Limited (HRL), has launched a low-cost housing project ‘DHA Valley and DHA Valley Overseas Block’.

Balloting for the project was held at the DHA Valley Expressway Phase II Extension here on Monday. Addressing the gathering on the occasion, DHA Administrator Brigadier Javed Iqbal said that the project is designed for low-income people. “We are determined to complete the project in time,” he said. He stated that the project would have all basic facilities of life like schools, parks and shopping centres.

Bahria Town Chairman Malik Riaz said that they have taken care of the public. “An ordinary person can only dream to have luxuries of life, but we made it possible in the DHA Valley. We have taken care of the salaried class and they will be having all world-class residential facilities in the project. In this phase, we have developed 5- and 8-marla plots. More than 90,000 people, both in Pakistan and overseas, have got themselves registered with us through this project,” he said.

Malik Riaz assured the allottees that the project would be completed well before its timeframe. The chief engineer of the project said that the scheme would be a world-class residential experience. He said that an American firm — OJMR-Los Angeles — has designed the project. The DHA has constructed an expressway to join the project with Islamabad Highway, he added. He said that parks, golf courses and green areas would be developed in the project. The housing scheme will be completed in three-and-a-half years.