Karachi: Calling it a decision that will inject investments worth PKR 1,500 billion into the economy, Association of Builders and Developers (ABAD) has welcomed the removal of ban on construction of high-rise buildings in the city, reported a news source. The views were shared by ABAD Chairman Hassan Bakhshi while he addressed a meeting held yesterday.
The lifting of the ban will get the PKR 600 billion investment rolling that remained stalled in the last two years. This also allows for resumption of construction work for as many as 1,000 projects that were put on hold due to the ban. The Supreme Court of Pakistan’s decision has made builders and real estate developers engaged in various projects in Karachi happy.
For taking a bold step to remove the ban, Bakhshi appreciated Chief Justice of Pakistan Mian Saqib Nisar and other members of the bench who gave the verdict. He also mentioned that in addition to welcoming investment worth PKR 1,500 billion to related markets, the decision will also resume business activities for industries that produce concrete, steel, tiles, cement, glass and all other items used in the construction industry.
Not to mention, the decision will also help around 1.5 million skilled and unskilled labourers in Karachi earn bread and butter for their families.
