ABAD to hold real estate expo on March 24

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The Association of Builders and Developers of Pakistan (ABAD) on Sunday announced holding Pakistan’s largest real estate and construction expo on March 24-26, 2017.

In this regard, ABAD Chairman Mohsin Sheikhani signed Memorandum of Understanding (MoU) with stakeholders. Mayor of Islamabad, Shaikh Ansar was the chief guest on the occasion.

A large number of national and international industry leaders from real estate and construction sector will exhibit their products and services in the exhibition to be held at Pak-China Friendship Centre.

Sheikhani said that currently, Pakistan is facing a shortage of 12 million houses. The ABAD has a capacity to build new houses on minimum rates and it seeks help and assistance of federal government and administration of Islamabad in this regard. “We plan to construct one-hundred-thousand low-cost houses in Islamabad to meet the country’s growing need for housing”.

He said the ABAD is contributing one new home in Karachi every thirteen days by using modern technology. He confidently claimed that the ABAD has all the resources and capacity to fulfill the gap in the housing sector, provided federal as well as provincial governments announce sound and sustainable policies for the real estate, construction and allied sectors.

Sheikhani said that a large number of foreign investors want to invest in Pakistan’s real estate sector but due to taxes and uncertain policies and security situation, investors are reluctant to invest in Pakistan. He pointed out that the federal and provincial governments have different property rates which cause frequent fluctuation in prices.

He suggested that the Federal Board of revenue (FBR) should announce equal tax rates on property across the country. He asked all stakeholders to join hands to make efforts to provide maximum housing facilities in affordable rates to masses. He expressed his expectation that the upcoming expo will be a good opportunity for the people of twin cities to explore housing opportunities.

The Mayor of Islamabad, Shaikh Ansar, said that the property rates in federal capital are very high and that is why common people cannot afford reasonable housing. He announced that on the directions of Prime Minister Nawaz Sharif, Islamabad district government is also planning to start low cost housing schemes in Islamabad. He assured that the Capital Development Authority (CDA) will provide every opportunity to the ABAD to participate in these schemes.

Shaikh Ansar also announced to build an expo centre in Islamabad for which the district government is locating a suitable site. He assured his full cooperation to ABAD members in resolving their problems and to facilitate them.

FPCCI’s former president, Abdur Rauf Alam said that its fortune that ABAD has planned an expo for Islamabad that can be an excellent opportunity for the business community as well as people of Islamabad and Rawalpindi.