Pakistan Real Estate - An Integral Sector to Spur Economic Growth
It is observed that wealthy local and overseas Pakistan investors are quickly losing interest in the real estate sector because of absence of investors’ protection laws and uncertainty over the law and order situation in the country.
The burgeoning population and rapid migration to major cities demand for more houses, but the government hardly pays attention towards this issue and allocates minimal budget for the construction and housing sector every year. Eventually, private real estate developers take the burden and launch residential societies to meet the housing demand. Despite the fact that government earns a lot from Pakistan real estate sector in form of taxes and duties, it spends on the development of this sector.
Keeping the law and order situation and other security concerns in view, private real estate developers selected few major cities and semi-urban areas to build gated residential societies. When it comes to property sector development, the chapter of real estate progress remains incomplete without two notable residential developments Defence Housing Authority (DHA) and Bahria Town.
Bahria Town is the largest real estate development in Pakistan, which has also introduced a new concept of gated residential developments. Bahria Town is the first residential society in Pakistan that is load shedding free and developer made sure to implement the idea of foolproof security. Following its footprints, developers now tends to offer the same features in their newly-introduced residential societies. For instance, most of the new gated residential societies are now load shedding free and fully secure.
After being open heartedly accepted in Lahore, the developer launched Bahria Town projects in Islamabad and Karachi. Bahria Town Karachi (BTK) is a huge success as it offers secure and extortion free lifestyle to the residents there. Besides premium living, Bahria Town also offered economical housing options named Awami Villas for middle and lower middle income strata.
Another magnificent real estate project is Defence Housing Authority (DHA), which is administered by Pakistan Army and mainly develops residences for in-service and retired military officers. Like Bahria Town, DHA is also extended to all major cities such as Lahore, Karachi and Islamabad. Recently, the authority has also introduced this project in Multan and Gujranwala.
These two and few other high end residential developments have been fuelling the growth of real estate sector in Pakistan. However, to strengthen and revive real estate sector, constant efforts from government sector are required so that it can prosper well, contribute more to economy and grab larger chunk of country's GDP.