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Better security, more investment in development to help real estate - Salman - 03-17-2014 01:32 PM
Better security, more investment in development to help real estate
Raja Builders Real Estate Consultants Chief Executive Officer (CEO) Raja Adnan Aslam said that the government is involved in the development of the real estate sector in the country with a push towards fixing the power and water crisis in Punjab helping growth in all sectors.
Talking to ‘The News’ here on Friday on the opening day of a three-day ‘Pakistan International Real Estate Expo (Pirex) 2014’ at the Pak-China Friendship Centre, Islamabad, from March 14-16, he said the government allowed us to ensure best practices and provided easy access to roads, electricity and other facilities — backing us up in speeding up development and using the best facilities. “An improvement in infrastructure of the country, better security and more investment in development will help us further,” he added.
When asked as to how does he see the present and future of real estate sector in Pakistan, particularly in reference with neighbouring countries like India, Dubai, Malaysia and Turkey, Raja Adnan Aslam said there was a dip in property prices in 2005, but we have worked hard to outgrow that. “The price of a one kanal plot that was around Rs15 million in 2005 is now selling for approx. Rs26 million, which is a good 73 per cent increase. “In DHA Lahore, prices have shot up almost 246 per cent from the lowest point hit in 2005 and in Bahria Town prices have soared 700 per cent — one kanal plot in 2005 was around Rs2 million, which now costs Rs16 million, with Bahria Town playing a big role in the revival of the industry,” he added.
The real estate industry, he said plays a big role in activating a lot of other industries and creating jobs in an economy that has suffered immensely. With real estate gurus like Malik Riaz and the Bahria Town projects, the real estate market has seen a totally different scenario. The promises made and fulfilled by Bahria Town with quality and speed has really lifted the spirits of the real estate consultants.
He said that as Malik Riaz was once quoted as saying ‘“When you want to go fast, go alone. When you want to go far, go together”, and we have been able to achieve the latter for the same reason — working as a team.
Raja Adnan Aslam said: “We believe that as the global economies would show growth — it will help Pakistan grow as well and compared to the neighbouring countries we have a huge potential for exponential growth in this sector. The luxury property market is rising everyday, showing the potential in this country. With projects like Bahria Town, Islamabad, Lahore and now Karachi, Emaar and others it shows us that there is ample opportunity for everyone. The pie is large and real estate is such a sector that allows everyone to have a share in it. Our projects are showing a lot of people security and everyone is talking about them. If you compare us to cities like Dubai, Malaysia we provide a geographical terrain that allows us to compete with beautiful countries like Switzerland even. We just have to show everyone that Pakistan has a lot to offer in terms of real estate. With more support from the Government of Pakistan – we can do wonders.”
Raja Builders real Estate Consultants CEO, when asked as to what inspired him to become one of the sponsors of Pirex 2014, said the vision that PIREX 2014 brings to Pakistan is something that compelled us to take part in this exhibition — a place where we could show investors the potential in this ever-growing market and an event that would bring thousands together. “It is an opportunity to showcase the work we have done, the services we provide and the way we have grown and made others grow with us. The team behind Pirex 2014 have taken a great initiative and worked hard to bring on the top players together — making it a gateway for even the smaller agents to participate and grow,” Raja Adnan Aslam said.
Responding to a query about the assistance Pirex 2014 will help them promote the real estate sector, Raja Builders CEO said: “We see Pirex 2014 as a gateway for both buyers and sellers to interact in. To allow us to showcase what all there is to offer in the market, to bring to the table a list of opportunities that are present in the Pakistani Real Estate Sector. We believe the exposure that we will get from the media, the common public and through our marketing efforts – will help us immensely. Events like these will allow families to visit, spend time, and understand the potential of this market.”
When asked whether such events should be held in future, he said: “I definitely think so.” “There is a dearth of knowledge and exposure in Pakistan and events like Pirex would obviously help us create a platform to show the ‘awam’ what there is out there in the Pakistani market. As I said — the growth of the real estate sector automatically means job creation and a growth in the economy, which we believe is something that the government should support in the future. This gives everyone the opportunity to excel and encourages entrepreneurship,” Raja Adnan Aslam said.
Sharing his success story with this scribe, he said, “Having started the company in 2006, from just one small office in Rawalpindi, we have progressed day by day, bringing onboard not just a team that would strive to excel individually but our team has brought on projects that would allow us to keep up with the growing demands of the customers, be it a small villa, apartment, plaza building or a sky scraper. We have been able to succeed because of the people we have been working with. Our investors, partners and core teams working day and night to educate the layman about secure investments, ensuring quality service and reliability. We have been able to increase confidence in our clients who have not only invested from within Pakistan but from several countries across the globe.”
He further said, “The success of Bahria Town has been essential for our success as we have delivered as promised — in Lahore, Islamabad and now we are growing in Karachi as well. The fact that we are able to provide the essentials like water, power, recreation, offices, supermarkets, banks, other basic amenities and most importantly, security has allowed us to gain a large sector of the population. My advice to any new entrant would be to start small or big, with whatever you might have, just be honest, work hard and see the potential your country has. There is a lot of potential in this market and it will just keep growing day by day.”
When asked as why critics argue that real estate is a speculative market and real estate agents hike the prices, Raja Builders CEO said, real estate is an unregulated market no doubt but the prices are mainly run by genuine supply and demand. “There will always be high priced areas and low priced areas as the amenities and facilities change so we would not want to pin point on anyone. We are actually here to ensure that our customers get the best bet for their buck,” he added.
Responding to a query about the role of real estate agents, Raja Adna Aslam said this is an extremely important question. “The role of the real estate agent has changed over the course of the last 10 years. I would say that the role has enhanced. We aren’t just property dealers but your real estate consultants. We would tell you when to buy, what to buy, when to sell, why to sell, how to sell and how to make best use of the property that you have previously bought or will buy. We guide people throughout the process as the livelihood of the person sometimes depends on it. As the customers gains more knowledge, he or she wants to know more about the pros and cons and it is something that our individual consultants have to know about tell you at best. Our end role is to ensure that each and every customer of ours — be it just someone who wants advice with their current properties or someone who wants to buy an entire town — gets the best service, expert advice and we are available for them anytime of the day.”