Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has reported that land-grabbing incidents in Karachi have cost USD 2.9 billion annually to the state exchequer, news sources reported on March 6.
Speaking at a conference in Islamabad, FPCCI President Irfan Iqbal Sheikh said that the country’s constitutional and regulatory mechanisms are ranked 156th out of 190 countries in terms of preventing land-related issues. He said that the annual losses due to land grabbing and other incidents in the big metropolitan areas of the country are the major reason for the undergrowth of the real estate sector.
The FPCCI president Sheikh stated that the illegal occupation of industrial, commercial, agricultural, and residential lands through forged documents, outright grabs or encroachments is depleting the country’s resources.
He also urged the Sindh government to take immediate action to resolve the issue of land grabbing to improve the ease of doing business in the country and ensure the protection of the lives, properties, and businesses of the taxpayers and law-abiding citizens.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
