Pakistan Property & Real Estate News

Sharea Faisal, green but dangerous

Karachi: Sharea Faisal, the city’s main artery stretching from Karachi Airport to defunct Hotel Metropole, has been turned green due to massive plantation of wonder tree Conocarpus by the City District Government Karachi (CDGK). However, the road is equally dangerous for pedestrians who simply can’t cross the road due to fast traffic flow.

Conocorpus is ever-green, beautiful and has a thick foliage. It is hardy and needs little water, which it draws from the soil. Hence its plantation on Sharea Faisal is understandable. One also finds other evergreen trees on the road, such as Lignum and Ashoka. The road is punctuated by Neem and date palm trees. Then we find creepers at Naval Officers Residential Colony (NORE) that makes one nostalgic because one doesn’t find them in the city anymore.

“I think it’s a wise decision on the part of city government to plant Conocarpus on Sharae Faisal as elsewhere in the city,” said ex-secretary of Sindh Wildlife and Forest Department, Shamsul Haq Memon. “They have planted a species that is slow growing and won’t affect electric wires,” he said. He also rejected the notion that the pollen of Conocarpus would pave the way for allergy. “No scientific study has been conducted so far that proves that pollen of Conocarpus is allergic,” he said.

What is worrisome about Sharea Faisal, however, is that it lacks appropriate pedestrian crossings. “It’s really suicidal to cross the road. Karachi is being transformed into a ‘fast car city’ although it should be made into a pedestrian- and commuter-friendly city,” noted architect and town planner Arif Hasan.

“Research about the requirements of pedestrians and commuters should become a part of road and transport projects,” he said.

The research should include details about footpaths, zebra crossings, right height of footpaths, comfortable bus stops at accessible places and an understanding that pedestrian bridges are not an alternative to zebra crossings. Then the decision should be made about the speed limit of cars and the possibility of pedestrians moving across the city from one place to another without fear of being overrun, Hasan said.

“The vision to convert Karachi into fast car city has also destroyed localised commerce,” Hasan said. He predicted that after 10 to 15 years, traffic would pile up so much that the government would have no choice but to install traffic signals again.

One wonders why city administration is adamant to make a road dangerous that has such a historical significance.

CDGK to construct six more flyovers on Sharea Faisal

Karachi: The City District Government Karachi (CDGK) will construct more than six flyovers and u-turns at Sharea Faisal to make the city’s busiest artery a signal-free road from the Quaid-e-Azam International Airport to the Jinnah Bridge at PIDC.

The proposed fourth signal-free corridor (SFC) of the city will cost Rs2.9billion. The amount has been allocated in the next budget.

Meanwhile, City Nazim Mustafa Kamal has directed the Works & Services Executive District Officer (EDO) to start work on the preliminary formalities without delay so that this project can begin as soon as possible.

According to the plan, a right-turn flyover will be constructed near the FTC Flyover, for traffic from the Airport to Saddar, while a two-lane flyover will be constructed from Lucky Star to Jinnah Hospital to reduce traffic volume at the signal.

Two twin-lane flyovers would also be constructed at the Metropole Hotel, Hotel Mehran and PIDC Roundabout to facilitate traffic moving from Metropole Hotel towards Saddar Cantt, from Clifton to the Saddar area, and from Saddar to PIDC.

Rawal Town Council approves Rs 710m budget for 2009-10

RAWALPINDI: Rawal Town Council (RTC) on Monday approved Rs 710.761 million Rawal Town budget for fiscal year 2009-10 amid uproar and pandemonium.

Rawal Town Naib Nazim Chaudhry Farooq Azam presided over the budget session in Jinnah Hall, Town Municipal Administration Complex. Rawal Town Nazim Sheikh Rashid Shafique presented the budget, which was approved by the RTC.

Shafique informed the house that development expenditure had been estimated at Rs 456.195 million and non-development expenditure at Rs 254.566 million.

“For the first time, no development scheme or project is included in the budget,” he informed the house.

Punjab govt turned Pindi into ruins: The nazim said the Punjab government had banned new development schemes in the city because of which it now looked like ruins. He said in the two years after the assassination of Benazir Bhutto, Rawal Town Municipal Administration (RTMA) had recently got approval from court to start the development schemes, envisaged in budget 2008-09.

He said the RTMA had allocated Rs 170 million for development schemes, which must start even without approval from the Punjab government since the city had generated resources for them on its own. He said development schemes to the tune of Rs 2 million each in all 46 union councils of the city would be supervised by naib nazims.

Parks, streetlights and CCB schemes: He said the RTMA had allocated Rs 20 million for improvement of parks, Rs 1 million for streetlights and Rs 130.135 million for CCB schemes, adding that this amount had remained unspent for the last three years.

Slaughterhouse: He said slaughterhouse project had not yet been completed despite the fact that RTMA had paid Rs 50 million to the City District Government for its construction in addition to Rs 2.4 million paid to Pakistan Railways as two-year rent of the land reserved for the slaughter house.

Mother and Child Hospital: He requested the federal government to complete Mother and Child Hospital project, which was started three years ago. He said the RTMA had no objection if the Rose Cinema was given into enhancement of DHQ Hospital.

Transfer of resources: He said after transfer of major revenue resources to the City District Government and an increase in salaries and pensions of government employees, it had become very difficult for the town administration to present a surplus budget next year.

He said Rawalpindi Environmental Improvement Project (REIP) had dug all main roads of the city without getting NoC from the RTMA.

Four-year performance: Shafique said the RTMA had completed development projects to the tune of Rs 810.92 million over last four years. He said RTMA members had launched 308 development projects, installed 70 water filtration plants, 28 tube wells and laid new roads at a cost of Rs 436 million.

He said Government Girls College Dhoke Hassu; Sheikh Fazal Elahi Girls High School Hazara Colony; Government Girls High School, Ziaul Haq Colony and Government Girls High School, Aryia Mohallah had also been built during the same period.

He said all house members would oppose the provincial government for giving procession of old TMA offices at Fawara Chowk and General Bus Stand, Pirwadhai, to City District Government and that of parks to Rawalpindi Development Authority (RDA).RAWALPINDI: Rawal Town Council (RTC) on Monday approved Rs 710.761 million Rawal Town budget for fiscal year 2009-10 amid uproar and pandemonium.

Rawal Town Naib Nazim Chaudhry Farooq Azam presided over the budget session in Jinnah Hall, Town Municipal Administration Complex. Rawal Town Nazim Sheikh Rashid Shafique presented the budget, which was approved by the RTC.

Shafique informed the house that development expenditure had been estimated at Rs 456.195 million and non-development expenditure at Rs 254.566 million.

“For the first time, no development scheme or project is included in the budget,” he informed the house.

Punjab govt turned Pindi into ruins: The nazim said the Punjab government had banned new development schemes in the city because of which it now looked like ruins. He said in the two years after the assassination of Benazir Bhutto, Rawal Town Municipal Administration (RTMA) had recently got approval from court to start the development schemes, envisaged in budget 2008-09.

He said the RTMA had allocated Rs 170 million for development schemes, which must start even without approval from the Punjab government since the city had generated resources for them on its own. He said development schemes to the tune of Rs 2 million each in all 46 union councils of the city would be supervised by naib nazims.

Parks, streetlights and CCB schemes: He said the RTMA had allocated Rs 20 million for improvement of parks, Rs 1 million for streetlights and Rs 130.135 million for CCB schemes, adding that this amount had remained unspent for the last three years.

Slaughterhouse: He said slaughterhouse project had not yet been completed despite the fact that RTMA had paid Rs 50 million to the City District Government for its construction in addition to Rs 2.4 million paid to Pakistan Railways as two-year rent of the land reserved for the slaughter house.

Mother and Child Hospital: He requested the federal government to complete Mother and Child Hospital project, which was started three years ago. He said the RTMA had no objection if the Rose Cinema was given into enhancement of DHQ Hospital.

Transfer of resources: He said after transfer of major revenue resources to the City District Government and an increase in salaries and pensions of government employees, it had become very difficult for the town administration to present a surplus budget next year.

He said Rawalpindi Environmental Improvement Project (REIP) had dug all main roads of the city without getting NoC from the RTMA.

Four-year performance: Shafique said the RTMA had completed development projects to the tune of Rs 810.92 million over last four years. He said RTMA members had launched 308 development projects, installed 70 water filtration plants, 28 tube wells and laid new roads at a cost of Rs 436 million.

He said Government Girls College Dhoke Hassu; Sheikh Fazal Elahi Girls High School Hazara Colony; Government Girls High School, Ziaul Haq Colony and Government Girls High School, Aryia Mohallah had also been built during the same period.

He said all house members would oppose the provincial government for giving procession of old TMA offices at Fawara Chowk and General Bus Stand, Pirwadhai, to City District Government and that of parks to Rawalpindi Development Authority (RDA).

Model Town residents getting contaminated water

LAHORE: Model Town Society (MTS) residents are being supplied contaminated water, and even that in limited supply, due to ongoing power cuts and a likely leakage in newly installed sewage pipes.

The residents have complained of a visible change in the colour and smell of water, which, they say, is a mix of sewer material. This has made the lives of residents difficult, as they cannot use water for cleaning and drinking.

The residents most affected are the residents of G, H and J blocks. The situation has deteriorated since the administration installed new sewage pipes in the location two months ago. People have complained to MTS authorities but in vain.

An H-Block resident Moeen told Daily Times that the people were so disturbed that they were planning to launch a protest inside the administration building.

“We have informed the MTS officials many a time but no one is paying heed to our complaints. Life has become a living hell due to this menace, as we have to purchase mineral water for drinking and have no alternative for bathing and washing,” he explained.

Moeen said tap water was so contaminated that its consumption was unimaginable. He said the residents were also facing a severe shortage of water due to load shedding.

“Though such water is useless anyway, the colour of water changes if the tube wells remain turned on for around an hour and this water can then be used only for plants and a few other things,” the resident added.

“We will go to the court or authorities concerned against the probable corruption in installation of sewage pipes, which is the root cause of the problem,” Moeen said.

President denies: MTS President Tahir Kardar told Daily Times that the authorities have already taken action and asked the concerned people to fix the problem. He said the installation of a new sewerage system was one of the key demands of the residents because the previous system was at least three decades old.

He said there was no possibility of embezzlement in the project because the authorities themselves monitored it and they would replace the old sewerage system with modern pipes throughout the locality very soon.

Kardar said the MTS authorities were planning to have independent power supply to cope with load shedding while they would soon build more overhead water tanks in different blocks to ensure continuous water supply to the residents.

Gujjarpura residents protest against LDA

Lahore: Hundreds of residents of Gujjarpura Scheme Thursday held a protest demonstration against the Lahore Development Authority (LDA) for issuing plots to influential property dealers and land mafia on bogus claims.

The protestors led by Mohammad Akhtar Cheema, Chairman Action Committee Gujjarpura Scheme, blocked the road outside the Lahore Press Club and raised slogans against LDA officials, especially its Land Development Director Rana Mohammad Yaqoob.

The protestors alleged that the entire directorate of LDA dealing with the Gujjarpura Scheme was full of corrupt officials who had links with influential property dealers and land mafia and were minting huge money for allotting new plots on bogus claims.

Akhtar Cheema said the Action Committee was formed by the residents and genuine owners of plots and land in the scheme to unveil the corrupt LDA officials as well as the local influential property dealers and land mafia. He said applications had been given to the Punjab chief secretary, the LDA DG, the Chief Ministerís Secretariat and other offices concerned against the mafia and ongoing bungling of millions of rupees.

The protestors demanded Chief Minister Mian Shahbaz Sharif to personally visit the area to know the actual situation. They also urged the LDA DG to come in the locality where the residents would show him the real land and plots issued to the land mafia.

They said they would continue their protests until the high ups took action against the corrupt officials and the land mafia.

Model Town residents getting contaminated water

LAHORE: Model Town Society (MTS) residents are being supplied contaminated water, and even that in limited supply, due to ongoing power cuts and a likely leakage in newly installed sewage pipes.

The residents have complained of a visible change in the colour and smell of water, which, they say, is a mix of sewer material. This has made the lives of residents difficult, as they cannot use water for cleaning and drinking.

The residents most affected are the residents of G, H and J blocks. The situation has deteriorated since the administration installed new sewage pipes in the location two months ago. People have complained to MTS authorities but in vain.

An H-Block resident Moeen told Daily Times that the people were so disturbed that they were planning to launch a protest inside the administration building.

“We have informed the MTS officials many a time but no one is paying heed to our complaints. Life has become a living hell due to this menace, as we have to purchase mineral water for drinking and have no alternative for bathing and washing,” he explained.

Moeen said tap water was so contaminated that its consumption was unimaginable. He said the residents were also facing a severe shortage of water due to load shedding.

“Though such water is useless anyway, the colour of water changes if the tube wells remain turned on for around an hour and this water can then be used only for plants and a few other things,” the resident added.

“We will go to the court or authorities concerned against the probable corruption in installation of sewage pipes, which is the root cause of the problem,” Moeen said.

President denies: MTS President Tahir Kardar told Daily Times that the authorities have already taken action and asked the concerned people to fix the problem. He said the installation of a new sewerage system was one of the key demands of the residents because the previous system was at least three decades old.

He said there was no possibility of embezzlement in the project because the authorities themselves monitored it and they would replace the old sewerage system with modern pipes throughout the locality very soon.

Kardar said the MTS authorities were planning to have independent power supply to cope with load shedding while they would soon build more overhead water tanks in different blocks to ensure continuous water supply to the residents.

Gujjarpura residents protest against LDA

Lahore: Hundreds of residents of Gujjarpura Scheme Thursday held a protest demonstration against the Lahore Development Authority (LDA) for issuing plots to influential property dealers and land mafia on bogus claims.

The protestors led by Mohammad Akhtar Cheema, Chairman Action Committee Gujjarpura Scheme, blocked the road outside the Lahore Press Club and raised slogans against LDA officials, especially its Land Development Director Rana Mohammad Yaqoob.

The protestors alleged that the entire directorate of LDA dealing with the Gujjarpura Scheme was full of corrupt officials who had links with influential property dealers and land mafia and were minting huge money for allotting new plots on bogus claims.

Akhtar Cheema said the Action Committee was formed by the residents and genuine owners of plots and land in the scheme to unveil the corrupt LDA officials as well as the local influential property dealers and land mafia. He said applications had been given to the Punjab chief secretary, the LDA DG, the Chief Ministerís Secretariat and other offices concerned against the mafia and ongoing bungling of millions of rupees.

The protestors demanded Chief Minister Mian Shahbaz Sharif to personally visit the area to know the actual situation. They also urged the LDA DG to come in the locality where the residents would show him the real land and plots issued to the land mafia.

They said they would continue their protests until the high ups took action against the corrupt officials and the land mafia.

CDA chairman’s help sought against ‘qabza group’

Islamabad: The Traders Welfare Association, Qadria Market, G-7/3-4, has sought help of the Capital Development Authority chairman in taking action against alleged ‘land grabbers’ who are bent upon illegally occupying public toilets in the market.

According to a press release issued here on Tuesday, Traders Welfare Association President Shaukat Ali and General Secretary Sheraz Ahmed wrote an application to the CDA chairman seeking his help in averting an attempt by a ‘qabza group’ to illegally occupy toilets meant for the use of shopkeepers.

In an application, on a stamp-paper duly signed by all shopkeepers of the market, they said that the CDA sold the market to tenants in 1988 and took money even for toilets.

They alleged that a ‘qabza group’ is trying to occupy toilets, which are owned by shop owners.

They appealed to the CDA chief to look into the matter and help them.

CDA chairman’s help sought against ‘qabza group’

Islamabad: The Traders Welfare Association, Qadria Market, G-7/3-4, has sought help of the Capital Development Authority chairman in taking action against alleged ‘land grabbers’ who are bent upon illegally occupying public toilets in the market.

According to a press release issued here on Tuesday, Traders Welfare Association President Shaukat Ali and General Secretary Sheraz Ahmed wrote an application to the CDA chairman seeking his help in averting an attempt by a ‘qabza group’ to illegally occupy toilets meant for the use of shopkeepers.

In an application, on a stamp-paper duly signed by all shopkeepers of the market, they said that the CDA sold the market to tenants in 1988 and took money even for toilets.

They alleged that a ‘qabza group’ is trying to occupy toilets, which are owned by shop owners.

They appealed to the CDA chief to look into the matter and help them.

New Property Laws In Dubai Expected To Be Announced Soon

Dubai investors and home owners should keep their eyes peeled on a soon-to-be announcement that involves new rules and regulations governing the property industry. The announcement, expected within a few short weeks - is supposed to be helping with confidence in the hard hit real estate industry in Dubai.

Falling house prices have only served to increase the growing number of disputes in the small emirate over the last year or so.

With the recent publication of the Law 9 or 2009 the government hoped to gain more control on investor issues while providing people with new hope to see matters taken care off with correct procedures. The new changes will take into account all the recent changes and advise on procedures and law interpretation.

The latest introductions to Dubai’s real estate law has certainly given RERA more authority to cancel projects on a need to basis while increasing their power at the same time.

Mohammed Kamal, head of the property practice at Lovells said: “The whole purpose is to put the purchaser in a situation of security. Currently there are some very bad situations where purchasers have no certainty on what is going to happen.”

Emad Farouq, a senior legal counsel at the Dubai Land Department was overheard saying that these new regulations would mostly focus on the procedure for terminating a purchase agreement, the rights and obligations of developers and the payment of damages.

The current problem with Dubai’s law is the Grey zone. With many cases falling outside the rules and regulations as described in the law right now, court matters have become somewhat complicated and heated.

One typical example is when a purchaser pays 80 percent on a home, but then ends up defaulting on the remaining amount after completion. At this stage, Law 9 states that the buyer would lose all their money. Naturally this wouldn’t be just and for reasons like these the law needs to be changed sooner than later.

The law clearly needs to state what would happen if such situations arise, giving both buyers and seller peace of mind during the process.

Current discussions are involving the need to change how RERA will deal with developers and third-party experts to determine how vital proposed projects really are. If we listen to lawyers, then the most important things to deal with are cases when RERA cancels a particular project with no money left in an escrow account.

Ludmila Yamalova, a lawyer with Al Sayyah Legal Consultants and Advocates in Dubai said: “Investors are calling me every week with situations like this. There needs to be some kind of mechanism besides just going to court.”

Some industry experts expect possible RERA-sanctioned auctions of assets such as land or, in the case when a development is in the middle of its process - the sale of an unfinished building to a distressed asset fund.

The sad fact is that many people got hurt because they bought into the property boom in Dubai too late. Now they have to deal with their financial losses which is too much for some. The idea to eliminate bad projects and investments in Dubai might just be possible with the implementation of the new property law.

Chaklala Cantt to impose tax on 5-marla plots

Rawalpindi: Taking a leaf out of the Rawalpindi Cantonment Board (RCB) book, the Chaklala Cantonment Board (CCB) has decided to impose property tax on those owners of five-marla plots who do not have building plans.

The law, which is already effective in the RCB jurisdiction, will make the owner of a five-marla plot to either get the building plan made or pay development charges for the covered area on his plot to exempt himself or herself from payment of property tax.

The decision is beneficial for the Chaklala Cantonment Board both ways, as a handsome amount would be generated through the scheme.

Well-placed sources told ‘The News’ that about 40 per cent of people having properties up to 5 marlas do not have any building plans. The situation, they said, would be beneficial for the CCB.

Sources said that the federal government has given a nod for amendments in clauses of the Chaklala Cantonment Board Act. According to them, the new law by the Chaklala Cantonment Board was directed at owners who had violated building bye-laws.

According to sources, the CCB Building Department has already prepared a list of violators of building bye-laws. The list has been submitted to the Military Lands and Cantonments director as well as station commander. In the next phase, the cantonment board, after enforcement of the new law, would issue notices to violators. The cantonment board would ask them to get building plans made otherwise they would not be exempted from payment of property tax.

Those owners, who are not in a position to get building plans made, would be directed to pay development charges of the total covered areas of their houses to get exemption from property tax.

Commenting over the issue, Chaklala Cantonment Board Chief Executive Officer Khurshid Ali Khan told ‘The News’ that after enactment of the new law, owners of up to five-marla houses, having no building plans, would be bound to either pay property tax or get building plans made. “In case of failure, they would be directed to pay development charges to exempt themselves from property tax,” he added.

Punjab: The Punjab government has created a new head of Special Infrastructure in the Annual Development Program (ADP) and put major infrastructure development projects including Lahore Ring Road Project, (LRR), Sialkot-Lahore Motorway (SLM) and Lahore Rapid Mass Transit System (LRMTS) projects into the head.

The projects are, technically, included in the infrastructure development head but the government has created a new head for it without mentioning its need in the budget documents. The LRR and SLM projects are the road infrastructure development projects. The government has reduced the allocation for the road development by 25.2 per cent in this fiscal year but allocated a hefty amount for these projects.

The government allocated a total of Rs 25.048 billion for the development of Special Infrastructure, out of which 11.834 billion rupees have been allocated for the on-going schemes and 13.214 billion rupees for the new schemes.

The special infrastructure sector comprises the mega projects catering for major urban (intra-city and inter-city) transit and transportation requirements.

The current yearís development program (2009-10) includes Lahore Ring Road (LRR), Sialkot-Lahore Motorway (SLM) and Lahore Rapid Mass Transit System (LRMTS) projects.

The ongoing projects of Lahore Ring Road (LRR) and Lahore Rapid Mass Transit System (LRMTS) have been given a hefty amount even in this budget (2009-10).

The total cost of the LRR and LRMTS is Rs 22.805 billion and Rs 1.952 billion respectively in the fiscal year of 2009-10.

The Sialkot-Lahore Motorway, a new project, will be started this year and a total of Rs 290 million have been allocated for its construction.

A total of 44 schemes are underway for the LRR out of which, 33 schemes are already underway while 11 schemes will be new.

Similarly, there are 4 ongoing schemes for LRMTS and 4 schemes will be new in this project.

On the other hand, 3 schemes will be started for the construction of Sialkot-Lahore Motorway which is a new project in this budget altogether.

The construction of LRR has been divided into four sections i.e. North Loop (civil works), North Loop (land acquisition), South Loop (civil works) and South Loop (land acquisition).

The major Ongoing Schemes of LRR, North Loop (civil works) which have been allocated the amount in the current budget are Establishment of PMU, Lahore Ring Road costing Rs 194miillion, Lahore Ring Road Construction of Interchange at Saggian Chowk costing Rs 793 million, Lahore Ring Road Construction of Road Portion from Barki Road Intersection to Ghazi Road Intersection costing Rs 1.120 billion, Lahore Ring Road Construction of Interchange at Airport Access Road costing 856 million, Lahore Ring Road Construction of Interchange at Harbanspura Canal Crossing costing 1.169 billion, Lahore Ring Road construction of Interchange at Ghazi Road costing 1.606 billion, and Lahore ring Road Construction of Interchange at Bedian Road costing Rs 1.529 billion.

There is only one new scheme in this North Loop (civil works) which is Construction of Additional Underpass/ Flyovers at the Left-Over Crossings in Lahore Ring Road project costing 372 million rupees.

There are total 13 Ongoing Schemes for North Loop (Land Acquisition) in the current budget costing Rs 1 million each.

The only new scheme under North Loop (Land Acquisition) is land Acquisition for Construction of Additional Underpass/ Flyovers at the Left-Over Crossings in Lahore Ring Road Project costing Rs 987 million.

Similarly, there is only one ongoing scheme for the South Loop (Civil Works) which is Feasibility Study, Selection of Route and Detailed Engineering of Lahore Ring Road (Southern Loop) costing Rs 2.7million.

Whereas, a total of six new schemes will be underway in the South Loop (Civil Works) costing Rs 1.997 billion.

On the other hand, there is only one ongoing Scheme under South Loop (Land Acquisition) costing Rs 1 million.

Whereas, a total of three new schemes will be underway under South Loop (Land Acquisition) Project costing Rs 8.999 billion.

The second mega project whose detailed feasibility had been finalized in December 2006, and which was given a share in the previous budget and in this budget as well, is Lahore rapid Mass Transit System (LRMTS).

This is a network of mass transit corridors comprising 4lines spread over 97km distance with 82 stations with Ferozepur Road as the top priority corridor- called ëGreen Lineí.

This Green Line has a length of 27km traverses from the south at Hamza town along Ferozepur Road to Fatima Jinnah Road, The Mall, Lower Mall, Ravi Road and after crossing the River Ravi, ends at its terminus in Shahadra. A total of 22 stations are located along the Green Line.

The LRMTS targets for the fiscal year 2009-10 are, removal of utilities services by LESCO, WASA, PTCL, NTC and SNGPL, Engagement of Transaction advisor for preparatory work of LRMTS, Engagements of the general consultants to oversee the project, and Tendering for the design- build LRMTS execution contract during year 2009.

Currently, there are four ongoing schemes under LRMTS Project costing Rs 1.856 billion.

On the other hand, a total of four new schemes will be started in LRMTS project in the fiscal year 2009-10, costing Rs 843 million.

The construction of Sialkot-Lahore Motorway will be a new venture in the current budget and a total of three new schemes have been devised for this purpose costing Rs 300 million.

This Motorway will link Sambrial Dryport near Sialkot with Lahore city east of Niazi Chowk Interchange on Lahore Ring Road. The Motorway might extend up to Kharian in the future in the wake of a bigger project.

Ajman One on Track for Completion in 2011

Ajman One, a fully-integrated mixed-use development, will be completed on schedule, Aqaar LLC, developer of the project, said. The initial phase of the development, which is the residential component of the project, has completed 30 per cent, and handover of the units to investors will take place in the first quarter of 2011. Ten of the 12 residential towers of the Dh2.7 billion have already been completely sold out. Comprising 72,000 square metres, the complex consists of residential, business and hotel facilities. “We aimed from the beginning to build a long-term strategy, based on three key elements: professionalism, by partnering with reputable contractors; sustainability, by developing self–funded projects; and pro-activity, by offering a unique and flexible payment scheme which can meet our clients’ needs under any circumstances.

Despite the current tough situation, our investors, who are mostly end-users, can look forward to receiving their keys without any hassles. This strongly demonstrates our forward-thinking values and strategic plans are well in place,” said Rami Dabbas, CEO of Aqaar. Aqaar is one of the first developers to register with Ajman Real Estate Regulatory Agency, or ARRA. It is also one of the first developers to sign an agreement with the Abu Dhabi Commercial Bank for a major financial package. Under the terms of the deal, the bank has provided a fixed term loan of 
Dh600 million. “Our clients are our key assets and we value a long, fruitful relationship with them. Aqaar has offered different flexible solutions based on the clients’ specific individual needs,” Dabbas said.

CDA gets Rs700 million share in federal budget

Islamabad: The federal government on Saturday allocated Rs700 million for the fiscal year 2009-2010 to the Capital Development Authority (CDA) for three major road construction projects to be initiated this year.

The biggest project would be the conversion of ‘Kashmir Highway’ into ‘Kashmir Expressway’ by adding two additional lanes from 9th Avenue intersection to ‘Golra Mor’ round about for which the government has allocated Rs300 million in the federal budget for fiscal year 2009-2010.

The government announced another Rs400 million to the CDA for executing work on yet another couple of major roads projects, i.e. ‘Rehabilitation and widening of Islamabad Highway from Koral Chowk to GT Road, Rawat’ and for the construction of ‘Khayaban-e-Margallah Islamabad’ from Nicholson Monument on GT Road to link it with ‘Khayaban-e-Iqbal’. The total estimated cost of the ‘Kashmir Expressway’ project stands at Rs1,095.915 million out of which for the fiscal year 2009-2010 the federal government has allocated Rs300 million. The CDA has been allocated another Rs200 million for the year 2009-2010 for the ‘Rehabilitation and Widening of Islamabad Highway from Koral Chowk to GT Road, Rawat out of the estimated total cost of Rs2,000 million. For the Rs3918.350 million project of construction of ‘Khayaban-e-Margalla, linking the GT Road at Nicholson Monument with Khayaban-e-Iqbal, the federal government allocated Rs200 million for the year 2009-2010.

CDA Member/FA Saeedur Rehman told ‘The News’ that all the three are major inter-city road projects to be executed by the Authority. “In addition to these,” he added, “there are another 19 projects of the federal government, which would be executed by the CDA or other development agencies like the Pakistan Public Works Department (Pak PWD).” These include the construction of residential and non-residential accommodation for police at Aiwan-e-Sadr for which Rs40 million have been allocated in the 2009-2010 budget out of the total estimate cost of Rs157.864 million. For renovation of Aiwan-e-Sadr (Revised Phase-I), which is estimated to cost Rs82.700 million, Rs48.900 million have been allocated for the new fiscal year. Rs10.074 million have been allocated for construction of official residence of speaker of the National Assembly in Sector F-5/2 out of the total estimated cost of Rs77.420 million.

For the construction of 16 Category-IV flats for AGPR in Sector G-9/2, Rs12.201 have been allocated in the federal budget for the year 2009-2010 out of a total estimated project cost of Rs34.022 million. Rs11.334 million have been allocated in the budget for the new fiscal year to replace two lifts installed in the ex-USAID building that would actually cost a total amount of Rs16.534 million. Rs5.200 million were already spent on this project during the last fiscal year up to June, 2009. The government released the remaining Rs25.770 required for the improvement of HVAC system and furnishing of residence end at Aiwan-e-Sadar. The total project cost of Rs62.239 and during the last fiscal year Rs36.569 were spent. For the installation of professional CCTV system in the Senate Hall at Parliament House the government released the remaining Rs10.007 to complete the project during the upcoming fiscal year.

Similarly, the remaining Rs26.096 were allocated to complete the work on rehabilitation/replacement of 32 lifts installed at Pak Secretariat building. The total project cost was Rs200.065 out of which Rs173.969 were already spent till June, 2009. For the provision of A/C facilities by providing additional installation for split/package type units and for providing/installation of fire alarm system and P/L of CCTV system procurement of spares for lifts at Parliament House building the remaining Rs37.979 million were released in the budget for 2009-2010 to complete the project that was estimated to cost Rs59.890 million. Rs21.911 million were already spent by June, 2009. The government approved and released Rs37.433 million for providing/installation of security equipment and fire alarm system at the Cabinet block building. Similarly Rs26.725 were allocated for providing/installation of CCTV system for outside and provision of computer along with software, spares and test equipment for SIS system at Parliament House building.

For upgradation/renovation of public address, simultaneous interpretation and automatic vote costing system installed in the Senate hall at Parliament building the whole project cost of Rs63.693 were allocated in the budget 2009-2010. For security arrangements at Parliament House Rs98.133 million were allocated that makes the total cost of the project. For the construction of second ‘hanger’ (pre-engineering steel structure) at Helliport in Islamabad Rs349.300 million, the full estimated project cost, was allocated in the new budget. Similarly Rs87.344 million, the total estimated cost for furnishing of Supreme Court building, was allocated in the 2009-2010 budget. For the construction of 106 family suits at a total estimated cost of Rs4,000.000 million, the government allocated Rs200.000 million for the fiscal year 2009-2010. For the construction of offices of parliamentary Secretaries Rs200.000 million were allocated for the year 2009-2010 out of the total estimated project cost of Rs1,800.000 million. For the construction of offices of chairmen standing committees a project was approved at an estimated cost of Rs1,800.000 million out of which Rs200.000 million were allocated in the 2009-2010 budget. For the construction of the next phase of the Supreme Court of Pakistan a project estimated at Rs400.000 million was submitted out of which Rs360,000 million have been released in the 2009-2010 budget.

Memon Investment’s Dh 1.3B Projects On Track

Investment’s Dh 1.3B Projects On Track Memon Investments, a leading Dubai-based property developer and part of the Memon Group of Companies, has announced that it is on track with the construction of all its projects in Dubai, which are collectively valued at Dh1.34 billion. he developer is asserting its commitment to delivery despite the massive delays and cancellations of 48 real estate projects in the UAE, the company said in a Press statement. The first development within its ‘Champions Tower’ series, and the ‘Cambridge Business Centre’, are expected for delivery by the end of 2009.

Having strictly adhered to the Escrow Law and registered with the Real Estate Regulatory Agency, or RERA, the developer is expecting a boost in investor confidence as a result of its efforts to ensure security for investments, the 
statement added. he global recession has created an astounding backlash to the regional real estate sector that has even the largest real estate players in the region reeling from its blows,” said Ahmed Shaikhani, managing director, Memon Investments. “We are proud to be still standing strong amidst the downward momentum that is sweeping the regional real estate market, and we believe that this has been the result of our unwavering commitment to meeting our clients’ needs.