CEO Bahria Town Mr. Malik Riaz, Asia 's largest private real estate developer, met Governor Punjab Lt. General (Rtd.) Khalid Maqbool today. They discussed issues related to the real estate and construction industry and the role of this sector in the economy of Pakistan.
Mr. Malik Riaz stressed on the need of a new sustainable mortgage finance scheme. Emphasizing on its importance he said “ A national housing finance system will energize much more than just the housing sector. Long term financing will allow both middle and low income families to own a house, fuel economic growth across the country and draw in foreign investment.”
With an annual deficit of over 500,000 houses and the population growth rate of 2.09% the gap between the supply and the demand of the houses is widening sharply. Moreover, with the escalation in the real estate prices it is now impossible for a common man to own a house. Mr. Malik Riaz said “The finance scheme will help pubic from all income brackets to materialize their dreams of owing a house.” He also urged other private real estate developers to introduce projects not only targeting the well to do classes of the society but also those that fulfill the need of the masses. He further added that these societies can also contribute by introducing new technological innovations which will reduce project development costs and the completion schedules.
He added “The real estate sector feeds over 75 associated industries and is making great contributions to the economy.” Allied industries including manufacturers of building materials, cement, glass and as well as producers and retailers of construction equipment, motor vehicles and household appliances will benefit from the boom in real estate industry and fuel the economic growth of the country.
Mr. Malik Riaz also highlighted another contribution of the real estate and construction sector, as the main employment source. At 6.6% Pakistan has one of the highest unemployment rates in the region. He said the growth in the real estate and the construction industry will help solve the unemployment problem in the country.
He reinforced government's strict measures against unregistered and low-quality construction of societies, buildings and homes. He said “This will help institutionalize the real estate sector and build trust of the public in this sector. This will also be specifically beneficial to draw in the foreign investment”
Governor pledged government's full support to the housing industry. He said “the housing industry has a great potential as one of the main drivers of economic growth. It can not only become the biggest creator of jobs but can also support a large number of allied industries, thus creating demand for growth of the economy on the one hand and on the other, contribute to efforts for the alleviation of poverty from the country.” He also acknowledged Bahria Town 's contributions, which has revolutionized this sector.
Bahria Town is the largest private property developer in Asia, which has revolutionized the construction industry in Pakistan by setting new benchmarks. They have successfully delivered projects on large scale in Rawalpindi/Islamabad and Lahore . They have products that cater to an eclectic client base. Underlining their core belief Business with Responsibility they have recently launched Awami Villas. The project has been launched without any profit motivation. Awami Villas is an exclusive project which caters to the demands of the lower income class with an aim to mitigate the housing crisis of the country.
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