Tag: housing schemes

  • Illegal housing societies struggle as Punjab cracks down on them

    Illegal housing societies struggle as Punjab cracks down on them

    Housing scheme developers and the owners of residential construction companies are currently witnessing their efforts going down the drain as Punjab cracks down on illegal housing societies (IHS). While Punjab’s crusade against the 600 illegal societies serves to displeasure them, it comes as great news for those that have been operating legally.

    This development comes as in the coming months, the real estate market could see large transfers of investments from IHS to genuine ones. This investment transfer to competitors could cause a spike in the land prices of legal societies.

    Experts believe there will be a twofold effect on land prices, which will effectively drive up the value of land in approved societies. Initially, the fall in the supply of legal land that can be purchased will cause land prices to rise. Furthermore, speculators who will identify the fall in supply will purchase land to reap the rewards of the rising values – thus driving up land prices again.

    Legal societies and investors with available capital who are forward-looking will be able to benefit immensely from the woes of those involved in unapproved and illegal societies.

    On the other hand, any party associated with the IHS will now have to pay a hefty price. This metaphor is quite literal for some as they will have to pay fines, financial penalties, and fees to get societies approved.

    Dawn News has reported that LDA teams have been able to retrieve 600 kanals from illegal occupants in various well-known schemes, such as Johar town and Sabzazar colony in Lahore.

    The stakeholders that are expected to be hit the hardest are owners of residential construction businesses. This is because the crackdown on unapproved societies will halt many construction projects.

    These project delays are expected to cause significant issues for builders as they have to pay their workers on a daily basis. When projects halt, many builders may find it difficult to afford the wages of their employees as their business will not have a healthy cash flow.

    The plight of the losers of this crackdown does not end there, however. The fact of the matter is that this crackdown will cause major issues for the 42 ancillary industries that provide raw materials to construction businesses.

    For example, as per Profit by Pakistan, the cement sector is projected to see a growth rate of 2.4 per cent in FY 2025. However, this figure may witness some downward revisions after construction projects get delayed or even halted in unapproved societies.

    In the coming months, the real estate sector could see some movement again in terms of prices. One thing is certain, though: Speculators will keep their eyes peeled for any such movements.

  • Property dealer shoots himself allegedly due to financial dispute in Rawalpindi

    Property dealer shoots himself allegedly due to financial dispute in Rawalpindi

    A property dealer identified as Arshad Jamal has reportedly taken his own life by shooting himself in Rawalpindi.

    The video in which he is seen committing suicide has been widely shared which brought attention to the case, and the police launched an investigation.

    The video footage shows the dealer, sitting in the office of another property dealer within a housing society, inquiring about a particular individual to an office boy. Upon receiving an unsatisfactory response regarding the person’s whereabouts, the dealer takes out a gun from his bag, places it against his temple, and presses the trigger, resulting in instant death.

    The police, under the supervision of Rawat police station SHO Muhammad Zulfiqar, gathered evidence and transferred the deceased to a medical facility, reported The Express Tribune.

    SHO Rawat confirmed that a preliminary report has been initiated based on statements from Gulfam Shehzad, the nephew of the deceased.
    According to the nephew’s statement, the deceased Arshad Jamal had contacted him before the incident, mentioning a financial dispute with another man named Sheikh Tayyab amounting to Rs300 million.

    The video is disturbing and so for obvious reasons we are just including the image from the CCTV footage.

    A preliminary report has been lodged to dig deep into this matter.

  • Three low-cost housing societies approved for Punjab

    Three low-cost housing societies approved for Punjab

    Mian Muhammad Aslam Iqbal, Punjab’s Minister for Housing and Urban Development, approved the launch of three low-cost housing societies on Thursday.

    This was announced at the 86th meeting of the Punjab Housing and Town Planning Agency (PHATA) board, which was presided over by the Housing Minister, at the agency’s office.

    These housing schemes will offer locals access to high-quality, low-cost homes:

    1. Al-Rasheed Garden, Gujranwala
    2. Al-Noor Garden Residencia, Sangla Hill
    3. Campbellpur Greens, Attock  

    According to The News, a monitoring committee was also formed to oversee the housing developments. The delegates also agreed on the development of pension laws for PHATA workers, as well as other administrative issues.

    Furthermore, in each of the housing complexes, a 20 per cent quota was set aside for the Naya Pakistan Housing Program (NPHP).

    The Minister stressed the need of assisting developers in order to promote a smooth working environment and stated that corruption or dishonesty will not be allowed in his team.

    He went on to say that the NPHP is a key priority for the province administration and that it intends to finish as many housing schemes as feasible in the shortest amount of time.

    Earlier this month, the Housing Minister stated his aim to accelerate the creation of low-cost housing projects, saying, “Low-cost housing schemes should be finished quickly by working day and night.”

    He also stated that a special cell will be established to encourage foreign Pakistanis to engage in the housing business.