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December 16, 2019

Thousands visit property expo

Lahore

December 16, 2019

LAHORE:The government should ease out the regulations for the property sector of Pakistan which generates the economic activities and other allied construction sector which boosts the economic growth. The local investors of the real estate sectors are in fear due to uncertainty, besides the overseas Pakistanis who also stopped investing in real estate sector after a sharp devolution of Pakistani rupee against the US dollar and maintaining their savings in dollars instead of making investments in the real estate sector of Pakistan.

Star Marketing Chairman Wasiq Naeem talking to The News in the sidelines of the closing day of two-day Star Marketing Property Expo here at Lahore Expo Center on Sunday said that activities in the real estate sector of Pakistan were halted for almost two and half years. However, despite all odds, the star marketing has taken initiative to gather all the stakeholders of the industry under one roof to provide oxygen to the sector which is on ventilator, Wasiq believed.

The public response was encouraging as thousands of people visited the Expo both the days, besides dozens of successful deals were made by the exhibitors which make the show successful.

“The participants are happy as the public response was more than the expectations and every participant of the expo informed that at least one deal they had made in a day”, Wasiq shared with the feel of satisfaction on holding a property expo in a lean period when economic uncertainty is at its peak and investors instead of making investments are holding their money with them.

Wasiq indentified number of factors, including fear of arrest, taxation issues, rupee devaluations which were hindering the investment in the real estate sector. ‘Almost 90 percent of ill-gotten money invested in real estate sector which was halted now while those who have such money are looking for avenues’, Star Marketing chairman said suggesting the government to come up with solution for it; otherwise, this money will remain out of the sector.

‘Investors confidence revival is need of the hour as after ill-gotten money a major component of overseas Pakistanis remittances are invested in the real estate sector of Pakistan which is also stopped”, he said adding that almost 50 percent prices of DHA and Bahria Town’s real estate was correcting down but the buyers are not there. However, he believed that further correction in the prices of real estate sector was unseen as the cost of new projects was increased due to which the prices of old projects and real estate will not further decrease. Further, the betting in the real estate sector was ended which was another reason of prices correction while now the rates of real estate sector was at almost two and half year low level, Wasiq commented.

Appreciating the Prime Minister’s Naya Pakistan Housing Project, Wasiq said it could be a booster for the sector if implemented and completed. However, he believed that public sector usually fail due to uncertainty with the government and its existence. More than 80 stalls of local and foreign exhibitors were established in two days Star Marketing Property Expo while the exhibitors were also satisfied with their decisions of participating in the expo.

Mian Masroor representative of Qardes Holdings – Turkish real estate sector which manages five different companies and looks after almost 80 percent of new construction activities in Istanbul, said the Turkish participants also got encouraging response from Pakistani investors as well as industry. Some of the investors specially visited Islamabad and other cities for meeting. He said that Turkish exhibitors also held B2B meetings with local builders, developers and construction industry businessmen. Masroor was optimistic that some joint ventures could also be possible in future as result of the Expo activities. A 20-member delegation from Association of Builders And Developers of Pakistan (ABAD), Karachi, including three chairmen also attended the two-day expo and held number of B2B meetings with local and foreign counterparts.

Further, leading developers, builders and construction industry businesses from all over the country participated in the expo where real estate and plots in Gwadar, Islamabad, Faisalabad, Karachi, Lahore and other parts of the country were being offered to the visitors. Thousands of people visited the exhibition. Besides builders and developers, other professions related with construction also established their stalls, including architects, and termite control specialists.

As Pakistan’s number one real estate marketing company, Star Marketing offers unique, creative and cost effective residential and commercial properties in Karachi, Lahore, Islamabad, Peshawar and other cities of Pakistan.

Dr Seemi Bukhari PTI MNA, renowned architecture Nayar Ali Dada, singers Jawad Ahmed, and Abrar-ul-Haq, Punjab Information Commissioner Mehboob Qadir Shah and others also visited the expo.