Real estate needs govt support: ex-chairman ABAD

Wants authorities to give respect to local and foreign investors. PHOTO: FILE

Wants authorities to give respect to local and foreign investors. PHOTO: FILE

KARACHI: There is huge potential in Pakistan’s real estate sector, and a little bit of government’s encouragement can further improve the outlook, said former chairman of Association of Builders and Developers of Pakistan (ABAD) Mohsin Sheikhani.

He said this at the launch of the three-day ABAD International Expo-2016, which was inaugurated on Friday at Karachi Expo Centre. It will conclude on Sunday.

“We appeal to the authorities to give respect to local and foreign investors so that they can invest in Pakistan,” said Sheikhani, who is also ABAD’s patron-in-chief.

Trade Development Authority of Pakistan (TDAP) Chief Executive SM Muneer commented that the decline in Pakistan’s export is mainly due to external factors including a global economic slowdown due to record low oil international oil prices.

Recession in export markets has also led to a major decline in exports of Turkey, India, China and other countries, he added. He, however, urged the Sindh government to look into the factors of acute water shortages in Karachi due to which industrial production has suffered a lot in last few years.

“Sindh government is ready to sit with the representatives of industries to resolve all major issues,” said Sindh Assembly Speaker Agha Siraj Khan Durrani, who spoke at the end of opening ceremony which was attended by builders, developers, exhibitors and other officials.

ABAD International Expo-2016 is the second such exhibition from ABAD, a national-level representative body which represents more than 700 builders and developers. Organisers say more than 200 local and 22 foreign companies were participating in this exhibition. The first-ever such event of the construction industry under the banner of ABAD was organised in 2014 at Karachi Expo Centre.

“The provincial government is ready to cooperate with ABAD to provide low-cost housing facilities,” said Sindh Governor Dr. Ishratul Ebad Khan, who visited the exhibition later.

He said that land is available with the Malir Development Authority (MDA) and Lyari Development Authority (LDA) to build affordable houses.

He said the construction industry was badly affected due to law and order situation in Karachi, but now this business is growing.

The exhibition has attracted exhibitors from tile industry, sanitary fittings, hardware, pipes, paints and other allied industries related to the construction sector. Many of the stalls are booked by builders to introduce upcoming and ongoing residential and commercial projects in different cities of Pakistan.

Master, a Gujranwala based company that specialises in sanitary hardware and tiles, is one of the major exhibitors in the event.

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