Despite the chronic unrest in Karachi, her real estate sector has managed to keep its spark alive and throbbing. In fact, the property sector of Pakistan’s biggest city is believed to be one of the few sectors to attract a huge sum of money on regular basis. The gigantic stature of the property sector is best suitable to stack the money whose whereabouts are unknown. This is exactly what concerns the Federal Board of Revenue at the moment.
According to news reports, the FBR has collected data of 100,000 real estate transactions made during the last five years in jurisdiction of Karachi’s municipal corporation and has discovered that black money worth of trillions of rupees has been directed into Karachi’s property market. Despite debating on how this money is keeping the government from tax returns and affecting the economy in a dozens of manner, it is easy to assume that the aura of Karachi real estate is appealing enough to keep this money from staying idle in private lockers.
With such huge amount of money trading in the real estate sector, the property market of Karachi is surely been lead in the forward direction shouting out loud to whole world about its real time worth. Other than that, the business community of Karachi is also known to greet the new real estate landmarks in a manner that is totally unique. With Bahria Town finding stable grounds to give Karachi property market some real estate treats, things surely look good for the property business in Karachi.
This increased sale and purchase activity is destined to make the skeptic investors less wary about the future of Karachi. The affects are already visible in form of rising cost of property in all promising developments. The response received by Bahria Town Karachi is one example in this regard and it is very likely that other private developers will follow footsteps of their counterpart and cash the brewing activity seen in the property market of Karachi.
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