KARACHI: Pakistan’s builders and developers breathed a sigh of life on Thursday following reports that Karachi would soon see investments worth Rs1.5 trillion in its housing sector after the country’s apex court lifted a ban on the construction of high-rise buildings in the port city.
In March last year, the Supreme Court had issued a ban against the construction of high-rise buildings in Karachi due to the non-availability of water. However, the apex court on Tuesday retracted its decision, thereby making it once again legal to construct skyscrapers in the megacity.
According to the Association of Builders and Developers (ABAD), the restrictions had stalled work on 500 projects, freezing investments worth Rs600 billion.
“The work on 500 plots will start as soon as the authorities give us the go ahead. We expect that within six months we will be able to mobilize Rs600 billion in the housing sector and will see the full impact of investment,” Muhammad Hassan Bakshi, chairman of ABAD, told Arab News on Thursday.
“Our raw material is plots which are ready and within a year we will be able to start work on another 500 projects worth Rs1.2 trillion,” he added.
Pakistan is currently facing a shortage of 10 to 12 million housing units in the country as per varying estimates, including those filed by the World Bank which state that the country needs up to 700,000 units per year to cater to its growing population. “The ban had sent negative signals to the investors both local and foreign,” Bakshi said, adding that the “price of accommodation had increased by 20 to 25 percent”.
ABAD said it expects a 20 percent price correction will be made once the supply of housing units resumes.
There are currently 40-50 allied industries associated with the construction and real estate sector, most of which are small and medium enterprises. “The construction sector contributed around 2.8 percent to the GDP during FY18. With over 50 industries indirectly associated with the real estate construction sector, the overall economic impact is much higher,” a report by Karandaaz Pakistan, a development finance company, stated.
“The economic activity spurred by the construction will directly or indirectly benefit around 400,000 people including steel, cement, crush providers, labors etc,” Bakshi said.
Commenting on the shortage of water – the main reason for the top court to issue the ban in the first place — Bakshi said: “We would need water after three to four years which is the project life period. We expect that by then major water projects including K-4 and RO plants would be ready to supply water and there would be no problem.”
With an aim to attract more investments to the country, Prime Minister Imran Khan promised to build 5 million houses in five years, with the estimated cost of the project amounting to Rs15 to 17 trillion.
Bakshi, who is also the member of the task force set by the prime minister for the housing sector, said that work on the regulatory framework — including legislation, financials, and foreclosure laws — is in progress.
Real estate developers and builders, on their part, urged the government to introduce measures which would ensure ease of doing business so that the private sector could help them realize the dream of constructing five million houses at the earliest. “We want a fast track approval of projects, clear title of land, financing for builders, financing for buyers, and improvement of infrastructure,” Bakshi said.
Builders also hoped that overseas Pakistanis would step forward to contribute toward the vision too. “Yes, foreign investors were waiting for the right opportunity to invest in the country. Every expat Pakistani wants to have his or her house back in the home country,” Hanif Gohar, former chairman of ABAD, told Arab News.
Bakshi added that a part of the home remittances sent by Pakistanis is being invested in the real estate sector. “Around $8 billion worth of activity goes in the real estate sector every year, according to THE ministry of Housing and Works,” he said.
Sky is the limit for Karachi after SC lifts ban on high-rise buildings
Sky is the limit for Karachi after SC lifts ban on high-rise buildings
- Pakistan’s real estate sector to be pumped with Rs1.2tr investments
- Work on 500 projects worth Rs600bn to start in six months following apex court’s decision
No let-up in Kurram fighting in Pakistan as death toll hits 98 amid fragile ceasefire
- Tribal elders in the area say dozens of families have moved from the region to safer locations
- Pakistani parliamentarian from Kurram puts the death toll at 110, seeking government intervention
PESHAWAR: Sporadic gunfire and violence persist in Pakistan’s Kurram district despite a ceasefire brokered last weekend by the Khyber Pakhtunkhwa (KP) administration in the region, following sectarian clashes that have killed 98 and injured over 130 in the last nine days, a police official said Friday.
Kurram, a former semi-autonomous tribal area bordering Afghanistan, has a long history of violent conflicts that have claimed hundreds of lives over the years. A major conflict in the district, triggered in 2007, lasted for years before being resolved by a jirga, or council of tribal elders, in 2011.
The recent clashes in the restive district broke out when gunmen attacked a convoy carrying members of the minority Shiite community in Lower Kurram on November 21, killing 41 people.
Wazir Hussain, a police official stationed in the region, told Arab News that the ceasefire agreement had collapsed, adding that there was no let-up in clashes.
“Armed clashes have continued throughout the district,” he said over the phone. “There is a huge problem of communication because mobile signals and Internet have not been working for days.”
“Almost 98 people have died and over 130 injured in nine days of violence,” he continued. “Ceasefire agreement is nowhere and both the sides have been hitting each other’s positions with small and heavy weapons.”
Last Sunday, the provincial spokesperson of KP, Barrister Muhammad Ali Saif, announced in a statement that the two warring sides had agreed to temporarily halt attacks and enforce a seven-day ceasefire.
The development followed Chief Minister Ali Amin Gandapur’s statement that his administration was working toward a ceasefire before formulating a strategy to prevent such incidents in the future after consulting local elders.
Hameed Hussain, a Pakistani parliamentarian from Kurram, also confirmed while speaking to Arab News that the ceasefire brokered by the KP authorities had failed to hold up in all these days.
He said the death toll had exceeded 98 and stood at 110.
“Only last night’s clashes in Kalkuna, Badshah Kot and other villages have left 18 people dead,” he informed, adding that jirga members were trying to pacify the situation, but the government was finding it difficult to enforce its writ in the area.
Hussain said he had spoken with Prime Minister Shehbaz Sharif a day earlier and briefed him about the situation.
“I told the PM that the government should at least secure the roads in Kurram for passengers to travel securely,” he added. “The prime minister promised to ensure durable peace in the area and take steps to resolve the issue.”
Kurram’s Deputy Commissioner Javedullah Mehsud told the media the district administration was making efforts to implement the ceasefire agreement.
“A breakthrough to halt attacks and enforce the ceasefire is expected soon,” he added.
The clashes in Kurram mark one of the deadliest incidents in the region in recent years, following outbreaks of sectarian violence in July and September that killed dozens.
According to local elders, dozens of families have moved from the region to safer locations to avoid casualties.
Pakistan PM announces anti-riots force to deal with violent protesters
- The development came after ex-PM Imran Khan’s party staged a protest in Islamabad leading to clashes with law enforcers
- PM Shehbaz Sharif says the anti-riots force should be equipped with professional training, tools of international standards
ISLAMABAD: Prime Minister Shehbaz Sharif has instructed authorities to establish an anti-riots force in Pakistan to deal with violent protesters, Pakistani state media reported on Thursday.
The development came after former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party this week led a march to the federal capital of Islamabad to demand Khan’s release among other things, resulting in clashes between Khan supporters and law enforcers.
Pakistan’s government said three paramilitary soldiers and a police officer were killed in clashes. The protesters were dispersed after a late-night raid on Wednesday, following which the PTI said at least 20 of its supporters had been killed after being shot by law enforcers, an allegation denied by authorities.
Presiding over a meeting to review law-and-order situation in Islamabad, Sharif said those involved in “historical corruption and conspiracies to bankrupt the country” were making repeated attempts to spread chaos in the country, the Radio Pakistan broadcaster reported.
“The [anti-riots] force should be equipped with professional training and necessary tools of international level,” Sharif was quoted as saying at the meeting.
Sharif said immediate legal action should be taken against the ones who clashed with law enforcers in the capital, adding that the whole nation paid tribute to the security personnel who were killed while discharging their duties during the march.
On Thursday, lawmakers of the PTI’s political rivals, the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP), tabled a joint resolution in the Balochistan provincial assembly, calling on the federal government to ban Khan’s party.
“This august house of the Balochistan Assembly calls upon the federal government to impose an immediate ban on the PTI for spreading chaos in the country, and for attempting to make the armed forces of Pakistan and security forces fight with the people,” a copy of the resolution seen by Arab News said.
The resolution accused the PTI of being involved in violent activities in the country, saying it has adversely affected the country’s economy.
“Attacking the capital with provincial machinery and resources was a clear proof of the non-political agenda of a political party,” provincial lawmaker Meer Saleem Khosa said while presenting the motion.
Opposition parties such as the National Party (NP), Jamat-e-Islami (JI) and Jamiat Ulema Islam-Fazl (JUI-F) opposed the resolution.
Khan’s PTI has staged several protests this year to demand the release of the ex-premier, who has been in jail since August last year on a slew of charges, as well as to challenge results of the Feb. 8 national election.
Pakistan Deputy PM to visit Iran on Dec. 2-3 to attend ECO meeting
- Pakistan and Iran have had a history of rocky relations despite a number of commercial agreements
- In Jan., both countries came to the brink of war launched cross-border strikes on militant hideouts
ISLAMABAD: Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, will undertake a two-day official visit to Iran on Dec. 2-3 to attend the 28th meeting of the Economic Cooperation Organization (ECO) Council of Ministers, the Pakistani foreign office said on Friday.
Pakistan and Iran have had a history of rocky relations despite a number of commercial pacts. In 2004, both countries signed the $7 billion Iran-Pakistan gas pipeline project agreement but 20 years on, the project remains incomplete.
Tehran has completed the gas pipeline’s construction on its side of the border while Pakistan is seeking a United States (US) waiver to go ahead with it due to international sanctions targeting Iran.
In his address with the ECO meeting in Mashhad, Dar would highlight the potential of greater connectivity in the ECO region, according to Foreign Office spokesperson Mumtaz Zahra Baloch.
“Deputy PM will reiterate Pakistan’s commitment to the ECO charter and highlight the potential of greater connectivity in the ECO region to development of road and rail networks, liberalization of visa regimes, simplification of border procedures and to maintain sustainable growth and enhance geo-economic potential of the ECO region,” Baloch said at a weekly press briefing in Islamabad.
“Deputy PM will sign the charter for ECO clean energy center and hold bilateral meetings with participating ministers and other dignitaries on the sidelines.”
Dar would also reiterate Pakistan’s concerns over hostilities in the Middle East endangering peace and security.
The development comes weeks after Iranian FM Seyed Abbas Araghchi’s two-day visit to Islamabad to hold consultations with the Pakistani leadership on the Middle East situation following Israel’s invasion of Gaza and Lebanon, and to discuss bilateral ties with Pakistan.
Despite several agreements between them, Pakistan and Iran have often been at odds over instability along their shared, porous border and routinely trade blame for not rooting out militancy. Tensions surged in January when Pakistan and Iran exchanged airstrikes, both claiming to target alleged militant hideouts in each other’s territory.
Late Iranian president Ebrahim Raisi had later traveled to Pakistan on a three-day visit in April to ease tensions and strengthen bilateral relations. The two sides had also signed memorandums of understanding in the fields of trade, science technology, agriculture, health, culture, and judicial matters.
ICC board to meet virtually today amid Pakistan-India Champions Trophy impasse
- World cricket body to consider various options to end the stalemate between the two neighbors
- ICC Champions Trophy tournament will be held from Feb. 19 till Mar. 9 after an eight-year hiatus
ISLAMABAD: The International Cricket Council (ICC) board is set to meet virtually today, Friday, to discuss three options to end a stalemate between Pakistan and India ahead of the ICC Champions Trophy tournament that is slated to be held in February next year, ESPNcricinfo reported.
Pakistan is set to host the ICC Champions Trophy 2025 in Karachi, Lahore and Rawalpindi from February 19 till March 9. However, political tensions with India have already cast a shadow over the tournament following the refusal by Indian authorities to allow their team to play in Pakistan.
Last week, the ICC informed Pakistan of India’s decision, prompting the Pakistan Cricket Board (PCB) to seek a clarification. Pakistan has already ruled out a hybrid model to host the tournament, unlike last year’s Asia Cup, wherein all of India’s games were played in Sri Lanka.
The situation created uncertainty and tension until the ICC released the tournament promo, visually reaffirming that Pakistan will host the championship. According to AP, the ICC board could decide on the issue by voting among members.
“The ICC board will congregate on Friday in the hopes of ending the saga of where and how the 2025 Champions Trophy will be played with less than three months to the scheduled start of the event,” ESPNcricinfo reported. “They will consider three options.”
The first option would be to adopt a hybrid model that has already been ruled out by Pakistan, while the second option revolves around the PCB retaining hosting rights and the tournament being played “entirely out of Pakistan,” according to the report.
The third option would be to hold the entire tournament in Pakistan, “but without India.”
“The last of those options is almost a non-starter, given the negative financial and commercial impact it will have on the tournament,” the report read. “The chances of a hybrid model were reduced on Thursday after a PCB official told ESPNcricinfo they had informed the ICC once again that it was off the table.”
The report quoted the official as saying that the PCB had asked for a “reasonable or acceptable” proposal to Pakistan before the ICC board meeting. It said the chances of a hybrid model had increased, quoting PCB Chairman Mohsin Naqvi as saying that he would discuss the ICC board’s decision with the Pakistani government.
“Whatever we do, we will make sure the best outcome for Pakistan is achieved,” ESPNcricinfo quoted Naqvi as saying. “But I repeat, and I am sure you know what I mean, it’s not possible that Pakistan play in India, and they don’t come here.”
Naqvi also doubled down on Pakistan not being willing to play in India any longer. India will be hosting the Women’s World Cup next year, Asia Cup in 2025, Men’s T20 World Cup in 2026 and Champions Trophy in 2029.
Pakistan could consider a hybrid model if the ICC gave the PCB the same option for tournaments being hosted by India, according to ESPNcricinfo.
It quoted the PCB chairman as saying that Pakistan would not be motivated by any financial settlement.
“We’ll not just sell our rights out just for more money. This will never happen. But we’ll do whatever is best for Pakistan,” he said.
A decades-long tense political situation between the two South Asian countries hasn’t seen India playing international cricket in Pakistan since 2008 when it competed in the Asia Cup. Both nations have competed in ICC tournaments, with Pakistan touring India last year for the 50-over World Cup.
The ICC is in talks with the PCB and the participating boards before finalizing the schedule of the eight-team tournament. The ICC Champions Trophy 2025 tour kicked off on Saturday after the trophy was displayed at the Pakistan Monument and Faisal Mosque in Islamabad.
Authorities issue rain, snowfall alert for upper parts of Pakistan
- Local authorities, emergency responders and public have been asked to remain vigilant and take necessary precautions
- Residents of hilly areas should exercise caution while traveling due to slippery roads and reduced visibility, authorities say
ISLAMABAD: Pakistan's National Disaster Management Authority (NDMA) has issued a weather alert for upper parts of the country, predicting rain, thunderstorms and snowfall as a result of a westerly wave.
The western and upper parts of the country are likely to experience rain, wind and thunderstorms, with snowfall expected in mountainous areas, according to the NDMA.
"Upper Khyber Pakhtunkhwa, including Malakand and Hazara divisions, is expected to receive rain and thunderstorms, along with snowfall in [areas with] higher altitudes," the NDMA said in a statement.
"The plains of Punjab will largely experience dry conditions, although smog and fog are likely to persist, especially during early morning and nighttime."
Rain and thunderstorms are also expected in the Pothohar region and its surroundings.
The NDMA said it had advised local authorities, emergency responders and the public to remain vigilant and take necessary precautions.
"Residents in northern and hilly areas should exercise caution while traveling due to the risk of slippery roads and reduced visibility," it said.
"Farmers are encouraged to safeguard their crops against potential weather impacts."
Additionally, the NDMA asked people in smog-affected areas to minimize outdoor exposure and take protective measures during low-visibility conditions.
