Real Estate is considered to be one of the growing sector in the economy of Pakistan. According to a report Pakistan spends $5.2 billion in construction. A large amount is spent in buying residential and commercial plots.
According to the Pakistan Bureau of Statistics, construction output accounts for 2% of GDP which includes expenditures on housing less than total. The rate at which Pakistan is growing towards urbanization needs attention towards the investments in urban planning.
According to FPCCI (The Federation of Pakistan Chambers of Commerce and Industry), real estate agents are playing an important role in the economic development of the country.
“Construction sector has grown by 9% which indicates its strength but this robust sector needs help of the real-estate sector,” it said in a statement.
With the increasing population the demand for residential plots is also increasing since 2010. Since then the real estates investers and developers are putting their energies in this area.
Inflammation as well as demand has aided to increasing prices which have exceed 10 million PKR. The housing scheme developer have targeted upper middle class for their marketing. Government is also giving its input in this regard Government of Pakistan announced a reduction in interest rates on mortgage loans in 2012.
Pakistan is home to Asia’s largest real estate investors, Bahria Town, DHA, Eden Developers, Zaamin Group, Habib Rafiq, Paragon, Naya Nazim Abad, Landmark and Chapal group etc. Because of low level of check and balance, many housing societies launched in the market without getting proper approval from the concerned authorities and they robbed many Pakistanis not only in Pakistan but also from overseas Pakistanis.
After few incidents and complaints, government took a notice and immediately took stern actions and made it impossible for crooks to launch a housing society without fulfilling all the requirements.
On the recent Monday, LDA granted technical approval to some societies in Lahore. One of the prominent societies, Zaamin city is one of the biggest society who secured an approval from LDA.
Lahore Development Authority (LDA)Director General Amna Imran Khan on Monday approved preliminary planning permission for three private housing schemes and technical approval of three other private housing schemes in Lahore division. The preliminary planning permissions and technical approvals were granted on the recommendations of scrutiny committee.
The preliminary planning permissions and technical approvals were granted on the recommendations of scrutiny committee. The preliminary planning permissions were given for Qasim Garden Housing Scheme for an area of 334 kanals and 11 marlas, Mauza Raiwind, Halloki Raiwind Road, Lahore, Blue Town Phase-I Housing Scheme For Land Measuring 512 kanals and five marlas, Mouza Tarrar, Multan Road, Lahore and Shaheen Villas Phase-II, for land 497 kanals and nine marlas, Mouza Khadalthi, Jeewan Pura Kalan and Ayyan Virkan, Faisalabad Bypass Road Sheikhupura.
The housing schemes, which were given technical approval were Five Star Garden Housing Scheme for an area of 102 kanals and five marlas, Mouza Rakh Hiran Minar, district Sheikhupura, Takbeer Villas land sub-division for area 92 kanals and 10 marlas, Mouza Chandrai Lahore and Zaamin City, for area 1,821 kanals, seven marlas and 110 Sq-ft, Mouza Kacha, Hudiara Drain, Near Fruit & Vegetable market, Lahore.
Mediabites congratulates Zaamin for getting technical approval from LDA and wish them to make Zaamin City one of the best housing project of Lahore!