Karachi: The leading builders and land developers from Karachi are looking to launch their new projects in Islamabad and Lahore due to quick and easy approval process for project initiations, a news source reported on July 7.
According to industry insiders, acquiring NOCs in Islamabad takes only two months while the same in Lahore is done in 45 days, but in Karachi, it might take as much as two years since authorities here require dozens of approvals and NOCs. Arif Jiwa, the former chairperson of Association of Builders and Developers (ABAD) and also the vice president of Federation of Pakistan Chambers of Commerce Vice, is one such builder from Karachi who is now working on projects in Islamabad.
Jeewa, reportedly, said that twenty big developers from Karachi are now working on projects in Lahore and Islamabad due to the prospect of real estate development and the quick processing of building-related NOCs. He was of the view that the development sector will flourish more in the coming days owing to the involvement of the government and the incentives provided as a result. The banks are also providing loan relief for the developers and buyers to undertake more housing projects.
Furthermore, ABAD’s Chairperson Fayyaz Ilyas said that Lahore and Islamabad would draw more realtors in the future if the Sindh Building Control Authority (SCBA) did not modify its business rules, as well as fulfill its promise of setting up one-window facility.
President of the Defence and Clifton Association of Real Estate Agents, Zubair Baig, highlighted similar grievances and issuance of loans to potential apartment buyers.
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.
