Pakistan's Real Estate Market

[qadir]

www.gdais3.com

[pakboy]

Land prices in Islamabad soar by 500% in five yearsPublished: Tuesday, 10 May, 2005, 12:01 PM Doha Time

ISLAMABAD: Rates of real estate in different sectors of the Pakistan capital have increased by over 500% in the last five years, diminishing hopes of the middle class to own property despite the government’s assurances about resolving housing problems.

According to owners and property dealers, the rates increased when overseas Pakistanis invested their assets in real estate in their homeland after the 9/11.

The sudden increase in the demand triggered an unprecedented hike in property prices.

Similarly, another reason behind the increase was development work in different sectors of Islamabad.

In 1999, a 50x90feet plot in Sector F-10 was sold at Rs6mn, while now the same values at Rs20.5mn.

Likewise, 180x115feet plot is now available at Rs40mn against the previous rate of Rs10.25mn.

In 2000, owners of 50x90feet plots in Sector F-11 demanded Rs1.3mn from prospective buyers but now the prices have jumped to Rs10.35mn.

A plot of 180x115feet was sold at Rs10.25mn five years ago. However, now one would have to invest Rs40mn to own it. In Sector E-11, the recent prices of 50x90feet and 35x65feet plots are Rs10.35mn and Rs8mn, respectively.

In Sector G-11, a 20x40feet plot is being sold at Rs4.5mn, which was available at Rs0.5mn five years ago.

For a 25x40feet plot, owners are demanding Rs6mn while its rate was only Rs1mn five years ago.

Similarly, in the year 2000, 25x50feet, 30x60feet, 40x80feet and 50x90feet plots were sold at Rs2.5mn, Rs2.8mn, Rs3.2mn and Rs4mn, respectively. However, the latest prices are Rs5.2mn, Rs8.3mn, Rs10.35mn and Rs20.2mn, respectively. – Internews

[fasal]

Saeed Ahmed

RAWALPINDI: The Rawalpindi Development Authority (RDA), in accordance with the decision of the Ministry of Defence, has imposed a ban on all housing schemes and societies based near the new Islamabad airport.

Talking to ‘The News’ here Friday, the RDA spokesman said that the owners of the banned societies have been directed to get clearance from the Ministry of Defence and submit approval papers to the RDA. Till that period, the RDA has imposed a ban on housing societies having schemes close to the new airport. These societies include: Top City One, Mumtaz City, OGDC Employees Cooperative Society, University Town, Tarnol Housing Scheme, Pakistan Employees Cooperative Housing Society in addition to others.

The spokesman said that the cases of Khudadad City and Pakistan Overseas Housing Scheme were under the process of approval.

Meanwhile, the Rawalpindi Development Authority has declared a housing scheme — Al-Haram City — illegal and directed the public not to purchase plots from this society. The spokesman, referring to the location shown by the Al-Haram City in different newspaper advertisements, said that it falls in the RDA’s jurisdiction. "The RDA has not approved the housing society. People should not purchase plots in this scheme until its owners get town planning approved from the RDA."

Similarly, Lawyers Colony, Eastridge Housing Scheme, Mozah Kotha Kalan, were not approved by the RDA. But their owners have applied to the RDA for getting approval of their schemes, the spokesman said.

The RDA has given approval to Gulrez Housing Scheme with regard to building maps under operational plan. The public should get clearance from Gulrez Housing Scheme before purchasing plots and getting approved building maps.

The spokesman said that the RDA has approved the town planning of 21 housing societies. These include: Revenue Employees Cooperative Housing Scheme, Mozah Morgah; Rabia Bungalows, Mozah Kotha Kalan; Garden Villas, Mozah Daigal; Fazaya, Mozah Gangal; Kehkashan Town, Mozah Shahpur; Army Officers Housing Scheme, Mozah Morgah; Doctors Town, Mozah Lohi Bheer; Kohsar View, Mozah Lakhu; Allama Iqbal Town, Bajnial; Judicial Colony, Mozah Gangal; Bahria Town Scheme 1 & II, Mozah Kotha Kalan; Safari Villas Sector B, C, D Mozah Kotha Kalan; OGDC Employees Cooperative Housing Scheme, Mozah Nasrullah Vahkla; Atomic Energy Commission Employees Cooperative Housing Scheme, Mozah Rawat; Municipal Corporation Sector A, B Housing Scheme, Rawat; Gulshanabad, Mozah Kalyal; Foreign Office Employees Cooperative Housing Scheme, Mozah Narhala Kawelian and Lakhu; and Pakistan Employees Cooperative Housing Society, Mozah Kharan and Mozah Ghurbal.

The RDA had, however, requested the owners of these schemes to transfer their land to the RDA. But the owners did not comply with the orders. They have been again directed to transfer the land under new Regulations of Private Housing Schemes 2005 by the Punjab Government. If again, the owners fail to implement the orders, the RDA would be in a position to take legal action, the spokesman added.

source: http://www.jang.com.pk/thenews/may20.../metro/i10.htm



can anyone confirm about this Al-Haram City, is it legal or not, coz my parents asking me to get info on it....... according this news clip it looks like illegal

[Admiror]

my goodness.

I knew property prices are shooting but never realized they have gone up by so much now.
So what is likely to happen in the next 5 years ?? Another 500 % increase ??

[Admiror]

Nice website.

Thanks for sharing.

[Sultan]

Thanks for sharing.

[pakboy]

DHA and Dubai firm launch housing venture

ISLAMABAD: The Defence Housing Authority in Islamabad and EMAAR Properties Dubai have signed a joint venture to develop residential, commercial, entertainment and sporting facilities.

The agreement-signing ceremony was held at the office of DHAI. Speaking on the occasion, Maj Gen Zakaud Din Malik, the DHAI vice president, said that the DHAI would emerge as a model for residential projects in Pakistan.

He said the quality of services and residential facilities provided in the DHAI had made it a symbol of lifestyle, cleanliness, calmness, tranquility and affluence. online

[Sultan]

Which one is this ? Defense Housing Islamabad ?

Al Ghurair Group also bought land in DHAI to develop 19 highrises. This is going to be pretty cool!

[dost_4u]

Memon Group of Companies, one of the largest groups in Pakistan and IPB Eigenheim, a reputable German company have forged a partnership that will see the rise of another remarkable project In Dubai - the heart of the Middle East.
At the launch, held at the Emirates Towers Hotel, Memon Group unveiled its newest venture in Dubai, Champions Tower, its prime luxurious apartment building, located in Dubai Sports City.

Champions Tower, a 13-storey structure, will be strategically situated within the prestigious enclaves of the Dubai Sports City. Rising on a 31,484 sq. ft. of land area, the tower will offer a total of 125 apartments with the choice of a studio, one, two, and three bedroom apartments, each with its own magnificent views and fine architecture.

The developer, Memon Real Estate - Dubai, is a part of the $4-billion worth Memon Group of Companies that prides itself with an experience of over 28 years in real estate development across the world. The group also has a trading presence in 35 countries, apart from its IT and manufacturing interests. It has been financially stable since its inception, which is a result of its dedication to excellence.

Expecting no less than the best from its roster of competent professionals, Memon Group emphasizes the practice of integrity and teamwork among its people, while its values and performance attract clients to the firm and form the basis of their global reputation.

IPB Eigenheim is a German firm specializing in live and trade project planning. Headquartered in Frankfurt, it has a worldwide presence and has completed over 100 residential units within the last year.

Announcing the venture was Mr Abu Bakar Shaikhani, Founder and Chairman, Memon Group, said, 'This partnership is part of our vision of combining different cultures in order to create a development of excellence. Champions Tower aims to offer superior value and surely each home will be an asset for life. '

Memon Real Estate's Marketing Director Mr. Imad Badr added that, 'The launching of the Champions Tower could not have come at a better time than now, when real estate in Dubai is at its peak and provides onus to Memon's mission to drive itself into growing markets. We want to play a valuable part in the fastest growing economy in the Middle East.'

The Champions Tower, will boast of a large, elegant marble reception, swimming pools, spa, sauna and Jacuzzi, fully equipped state-of-the-art gymnasium, two-level basement parking, 24-hour security, cafeteria, indoor games room and high-speed elevators.

It will offer an unparalleled range of activities for the family by benefiting from the secure and gated community of Dubai Sports City that will feature a variety of schools, parks, mosques, sports, entertainment and recreation facilities. Within close distance will be an 18-hole golf course, a cricket stadium and academy, rugby, football and track & field stadium, hockey stadium, indoor stadium, jogging/bicycle tracks, boulevards, restaurants, cafes, malls, cinemas, retail outlets, medical centres and other services.

Centrally located, the project is just 15 minutes away from the Dubai International Airport, 10 minutes away from Mall of the Emirates, 5 minutes drive from the proposed Formula 1 circuit, and less than 5 minutes from Sheikh Zayed Road.

Also speaking at the press conference, Mr Ahmed Shikhani, Managing Director of Memon Real Estate (UAE) said, 'The Company values the practice of integrity, teamwork and the pursuit of excellence in everyday living. We are committed to continually evaluate the needs of our clients in applying the best practices, systems, and technology in our quality of work,' in citing what sets the Champions Tower apart.

You can also see the rendering on the link.

http://www.pakpositive.com/common/cl...m%2F64961.html

[Akimatsuri]

Trust a Pakistani group to launch projects everywhere but Pakistan.

[swerveut]

So thats how our foreign exchange floats away...

[Sultan]

Memon Group has launched a project somewhere in Pakistan besides Dubai. Also, with launching the project in Dubai, they'd market the project, sell apartments, make profit, and bring it back to Pakistan, which in return would give a boost to our foreign exchange.

Its all about investing in international markets too. We see a lot of arab investors investing in Pakistan's Real Estate market, why ? because its at a boom stage, and they want to make money $$,, and take it back to where ever they come from.

[JADI]

Emaar aggressively expands retail business with AED 15 billion investments
Author: Property World Middle East Thursday, October 13, 2005 at 12:06
Rating:

Emaar Malls to build 100 shopping malls in MENA and Indian subcontinent
Emaar Properties PJSC, the world’s largest real estate company by market capitalization, announced plans to aggressively expand the retail sector with investments of over AED 15 billion to develop about 100 malls in the mega emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent.
The Company has decided to incorporate a fully owned subsidiary, Emaar Malls, which will develop world class shopping malls in the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Algeria, Morocco, India and Pakistan. The Company is already fast developing the world’s largest shopping destination – the 12 million square feet Dubai Mall – in the Burj Dubai Development in the heart of Downtown Dubai.

His Highness General Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence said: “The Dubai Mall is shaping up to be an example of what can be achieved in this region and is an iconic symbol of what we could share and replicate here and elsewhere, starting first with the Gulf and South Asian regions.”

To successfully penetrate into these markets and accelerate the entry process, Emaar Malls will leverage the strategic international operations that Emaar Properties already has in Saudi Arabia, Morocco, Egypt, India and Pakistan, besides its home base in the UAE.
Emaar Malls would tap into Emaar Properties’ established reputation and depth of experience as a developer and manager for commercial, residential and retail properties in the UAE and internationally.

Speaking at a press conference here today, Emaar Chairman Mohamed Ali Alabbar said: “The malls would benefit the Group in two ways: revenue would come from both real estate development and later on from managing these malls as assets to the Group. Our strategy would be to procure land at competitive prices and then unlock their potential by developing them into retail properties of good real estate value´.

“The Middle East and the Indian subcontinent have a combined customer base exceeding two billion, of which half are young people who are increasingly enjoying higher disposable income levels and aspire for a better lifestyle. This will form significantly lucrative catchments for the customer base for Emaar Malls. In addition to good quality housing, people are increasingly looking for a fantastic shopping experience, rivaling that of developed countries. We aim to create this for them´.

“The GDP of the countries in the catchments are in excess of $1.7 trillion and the retail sector will be one of the key drivers of growth and development in this region. International studies by renowned consultants such as McKinsey have clearly demonstrated that the retail industry is one of the largest worldwide and growing at a rate of 15 per cent annually. Over 45 per cent of the GDP of any economy is driven by the retail sector,” Mr. Alabbar said.

In addition, retail space per capita in the USA is 17 square feet, while in Asia it is 7 square feet and in the MENA region is less than 2 square feet. The Indian subcontinent is a fraction of one square feet. The market thus is ripe for expansion and additional retail space will be a boon for mall developers, retailers and consumers.
“Besides affording the surrounding community with convenience, comfort and leisure enjoyment, shopping malls have the ripple effect of boosting the real estate value of both commercial and residential properties around them. From our experience too, we observe building new retail properties often give economies a shot in the arm by invigorating different industries including construction, property and tourism as well as helping to create new jobs,” Mr. Alabbar concluded.

Emaar Malls will fund its retail properties with part of the capital raised from Emaar Properties’ recent rights issue. The company is not ruling out other forms of financing besides using its own cash reserves.

Depending on the country and specific to each project, recouping the capital outlay would involve various income streams, including lease and rental fees. Where suitable, Emaar Malls may opt to co-own the retail properties with local partners.

[pakboy]

Bahria Town has started its planning for building homes for VICTIMS



today bahria town in national newspapers have announced they will build homes for victims.

Bahria Town announced construction of 100 Awami Villas in effected area as an experimental basis.

Bahria Town team is working to develope infrastructure for constructing homes in Muzafarabad area.

Lets hope Bahria Town will work on this ground without wasting time.


this is what it should look like, these are the ones in rawalpindi

[shaz]

well done bahria times!

[pakboy]

bahria times?

that is a magazine.

[NewYork-wala]

Excellent!

[dost_4u]

[pakboy]

malik riaz has started planning for victims

[Intoxication]

Hats off to Bahria Town