Disagreement: ABAD ready for brawl if SECP’s new law prevails

Says proposed bill demands hiring of independent entities. PHOTO: FILE

Says proposed bill demands hiring of independent entities. PHOTO: FILE

KARACHI: Association of Builders and Developers of Pakistan [ABAD] Senior Vice Chairman Arif Yousuf Jeewa has said that after the issue of property valuation, the federal government is going to take another step to strangulate the construction industry by introducing a draconian law through the Securities and Exchange Commission of Pakistan [SECP].

“If the government implements this law by force, we will halt all construction activities throughout the country,” he said.

Speaking at a press conference  held at the ABAD House to highlight the upcoming ABAD International Expo 2016,  Jeewa said the SECP had drafted a Companies Bill-2016 in which the real estate sector had been included, for the regularisation of this sector.

He maintained that the proposed law would adversely affect the construction industry rather than regulate it because according to the new law, a builder would have no say in the construction of any project launched by him as an independent entity appointed by the SECP would now decide how the project would progress.

“The SECP has no expertise on construction therefore it is not clear how people appointed by it will fulfill their responsibility, he said, adding that in such a situation money paid by people for their homes would fizzle.

He appealed to the people to rise against this  proposed law and stop it from becoming legal for their own interests.

International expo

Chairman ABAD Hanif Gohar said that the ABAD International Expo-2016 will break its previous records as exhibitors and delegations from a number of countries are participating in this mega event and all six halls of the Expo Centre had been completely booked. Delegations and participants are expected from  the United Arab Emirates [UAE], China, Japan, Saudi Arabia, Turkey, Sri Lanka, Germany, Italy and Singapore.

He said that a special Lahore Pavilion was also  included in the upcoming expo. “We will provide free-of-cost service to people for planning  their homes,” he said. The representatives said they would  organise the expo every year.

ABAD Patron-in-chief Mohsin Sheikhani said that Memoranda of Understanding [MoUs] worth about Rs600 billion are expected to be signed during the three-day event to be held from August 12-14. He said MoUs worth Rs300 billion  were signed during the last ABAD expo and almost 75% of these MoUs were realised.

Original news : http://tribune.com.pk/story/1154793/disagreement-abad-ready-brawl-secps-new-law-prevails/