What’s going with Naya Nazimabad?

The financial performance for the year declined as compared to the corresponding period on account of no new developments being launched during the period

Buying a house is no small matter, for any individual. One thinks about price, location, fit, distance from work, needs of the family – the list goes on. But one thing that needs to be paramount in all this is that the house – the physical building itself – has some value, some longevity. That it is not going to collapse or flood or a myriad other worst case scenarios. 

Unfortunately, in the country’s largest city, these are legitimate questions to worry about. And nothing kills consumer confidence like a few freak accidents here or there. Such is the case of Naya Nazimabad, which was meant to be a stellar new housing project, became entangled in the horrifics monsoon rains that flooded the city in 2020. And it seems that that has had an impact on sales and so on. In the most recent annual report released to the Pakistan Stock Exchange (PSX), Javedan Corporation, the company that owns Naya Nazomabad, recorded its lowest consolidated revenue figure since 2013 – when the company formerly kickstarted – and its second lowest consolidated net income. 

What happened? To understand, it helps to have context.

 

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