Pakistan’s real estate sector hits the brakes

By Uzma Nawaz

The real estate sector in Pakistan is unfolding some interesting scenarios.

Over the past two years, starting from June 2014, the market saw a bullish trend with tremendous growth across all segments including residential, commercial and agricultural land.

There has been an almost 80 to 120 per cent growth in development of commercial projects including shopping malls, purpose-built office spaces and specific industrial zones across the country. The commercial setups based on shopping malls provide investment opportunities to non-business community as well as to purchase the shops and yield maximum profits in the shape of guaranteed rental income.

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LDA issues advisory for land buyers

Lahore: IN order to safeguard the interest of public at large, the Lahore Development Authority (LDA) has issued an advisory to all the prospective land buyers and investors, directing them to thoroughly check documents of land before making payments.

 

A warning notice issued on Monday by the authority said except LDA no other authority or Town Municipal Administration/Tehsil Municipal Administration or any local body or any other government agency was authorised to approve any private housing scheme/land sub-divisions in Lahore division after 19.09.2013 and any approval granted by any other authority or Town Municipal Administration/tehsil administration or any local body or any other government agency in Lahore Division, after 19.09.2013 would not be valid and lawful.

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Lahore: 10,000 houses will be constructed for the poor

quota for overseas Pakistanis in the Ashiyana Housing Schemes to be withdrawn

Punjab Chief Minister Shahbaz Sharif has said that the purpose of Ashiyana Housing Project is to provide shelter to the low income shelterless people and hundreds of homeless persons have been provided houses in Ashiyana Quaid while work on Ashiyana Iqbal will soon be started.
He said that ten thousand houses would be constructed for low-income homeless people in Ashiyana Iqbal. He said that Ashiyana Housing Project was started in the last tenure and after Lahore, the scope of Ashiyana schemes has been expanded to other big cities. He said that Ashiyana Housing Schemes would also be set up in other cities of the province so that maximum people could benefit. 

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