Lahore: Overseas Pakistanis interested in making investments in local real estate developments have requested the Board of Investment (BoI) to create a one-window facility for acquiring required approvals and licenses from multiple government agencies to eliminate red-tapism and boost investments, according to a news report published on January 23.
Chief Executive Officer of Eighteen (a premium housing project) Tarek Hamdy also spoke on the subject and conveyed the concerns of overseas Pakistanis and foreign investors associated with the real estate industry. He said that the BoI needed to be empowered to provide a one-stop facility for the completion of all legalities on a fast-track basis to promote investment in the sector.
Presently, all concerning development, gas, electricity, highways authorities operate under their own processes and procedures to facilitate the customers. Hamdy revealed that with all the different bodies like LDA, NHA, CDA, and SNGPL, the foreign investors get confused about what needs to be done and where. He stressed on streamlining of the processes as it hinders the potential for foreign investments.
He revealed Eighteen’s plans on launching horizontal residential projects in all provinces of Pakistan and ‘specially designed tourism infrastructure in Khyber Pakhtunkhwa (KP)’. However, he said these plans will only be realized if foreign investors are made to feel welcome rather than ‘frightened’.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
