Possibility of Booming Pakistan Real Estate Business

[Salman]

Possibility of Booming Pakistan Real Estate Business



Business activities irrespective of its nature do play a pivotal role in strengthening the overall economy of any country. Every, government tries to attract the investors to invest their money for earning handsome profit in some safe various business fields. However, tendency of investment reveals that most of the Pakistani overseas preferring investment in Real Estate Business. The overseas investors consider that in Real Estate Business, early profit taking and safety of funds is much more as compared to the other businesses. But one has to invest at right time, at right place and in the reliable society. Therefore, while investing they prefer reputed and institutionalized society managed by some board rather than run by a single person.

Nevertheless, reputation of society in general public depends upon fraud free and fairness in the system of management. In this regard, we can say that it is only possible in the institutionalized societies like DHA, WAPDA, Police, Punjab Housing Society, Pakistan Housing Authorities, PAF and AWT rather than committing their finances in the societies headed by single individual, or trust consist of same family members.

Truly speaking some housing societies like Bahria and Eden are running under the direction of a single executive. The point of concern here is that what will happen to these societies, in case their top most executives encounter with any mishap since all authorities lies with him. Whereas in institutionalized societies the management keeps on changing in due course of time and no policy change can take place on replacement or leaving of its some staff. Moreover, the person occupying the office normally tries to prove better from his predecessor and implement the policies.

For example, DHA Lahore’s team under the leadership of present management has launched various public interests projects and took steps in construction of new road, establishing medical centre, quick and rapid system of transfer of plots, paying reasonable amounts to the investors and running efficiently and effectively education institutions for normal and special children. Here it is also mentionable that Lt General Naveed Zaman, President of DHA Lahore despite his commitment as Corps Commander is regularly chairing the meetings of the board, supervises DHA affairs for taking steps to up keep the society and improve upon its existing system.

In fact media has played a very positive role in saving people from investing their money in irrupted housing schemes. At the same time, media is also exposing those owners who played games with the innocent people while grabbing their money and lands. Recently, TV programme “Khara Sach” with Mubashir Lucman regarding “Eden Housing Scam Fraud” has been aired by ARY News Talk Show on 13th February 2014. The host of the programme stated some horrible facts about Eden Housing and plot schemes. According to him, Eden Housing Schemes due to the overbooking has failed to comply with the promises of provision of plots in time to its allotees.

Meanwhile, my brother in law visited and stated that he has almost nearer to complete final installments of land but still no plot or house been allotted to him by the administration of Eden Housing Society. The administration keeps on promising the allotment of plots since 2006. It is a common practice that some of the societies do announce the number of schemes against a piece of land that might be registered for some other purpose. Thus, the societies’ owners fraudulently make money while deceiving innocent public. Many people have become victims due to illegal and fraudulent activities of the land grabbers.

I do remember that in 2005 Bahria Town Islamabad without acquisition of land has announced Phase IX .Thus; perforce Management of the society after earning profit has merged it with their Phase 8 but astonished to learn that there is no such Phase IX on ground. It means that owners of both these organizations must have earned a profit millions of rupees while keeping masses of money in their accounts.

It is worth mentioning here that balloon of Bahria Town is getting punctured and the house of cards is crumbling. The anti corruption unit has submitted its report to the Supreme Court and the report says that the Malik Riaz and his son Ali Riaz is involved in the land scandal and the whole project of Bahria Town is a scam. The media reports also confirmed that 1401 acre land was acquired through fake documents in Rawalpindi by Malik Riaz and his son Ali with the help of Qabza group.

In this connection one affectees of Bahria Town, Muhammad Khalid on October 6th, 2011 has applied for 10 Marla plot in extension 8 Rawalpindi so now we are waiting for SC decision.

Another victim of Bahria Town, Mr.Fawad Khan stated on October 8th, 2011, Malik Riaz is 100% unbelievable, Fawad further revealed that many persons around Rawat, Humak, Sihala and South-Eastern Rawalpindi are available to narrate the sad tales of being deprived of land by force due to this gang. But due to his close association with political heads and Judges, he cannot be touched.

Concluding, I would say that Real Estate business can be flourished , if the lords of this sector ready to eliminate fraud, provide secure environment to its inhabitants, abide by their promises, establishing authoritative board rather than giving executives posts to its family members and proper registration of the housing societies under company acts.

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