One of the safest and most reliable ways you can invest within Pakistan is in the real estate industry. Pakistan has been seen to have a rise in real estate and especially that too in housing societies and projects. Demand for residential properties in Pakistan grew in 2010, leading to increased interest among real estate developers and investors. In this article, we will learn about the opportunities and challenges of overseas Pakistanis In Real Estate and its solution.
There have been a lot of ups and downs within the real estate industry in Pakistan. In some years it has been seen to be going great while in other years that it has had a severe downhill. Like in 2020, when the Corona Virus struck the entire world. A lot of countries had become very bad victims of the virus including Pakistan. Where the lower class suffered the most.
As people have migrated from rural areas to urban areas for better living opportunities and a better chance at life. Many of the metropolitan cities of Pakistan have now become too crowded and overpopulated.
The top real estate agents are aiming for investment properties to provide consumers with frank advice about how to spend their money. Hashi group of companies also owns its own inventory and is now working on other large-scale projects in Bahria Town Rawalpindi. Please read on to learn more about the noteworthy projects undertaken by the Hashi group of companies.
Challenges Of Overseas Pakistanis In Real Estate Sector:
As people have migrated from rural areas to urban areas for better living opportunities and a better chance of life. Many of the metropolitan cities of Pakistan have now become too crowded and overpopulated.
Due to this reason, cities are becoming overpopulated and the need for out-of-city housing societies has been on the rise. These housing society projects are located a mere 25-30 kilometers away from the city zone.
Although they are at a distance from the city zone, people have preferred to live in these housing societies to get away from all the hustle and bustle of city life.
The real estate business of Pakistan has increased over the past few decades and will continue on doing so with the construction and development of housing societies. Especially in the cities like Islamabad, Lahore, Karachi, Multan, Peshawar, and Faisalabad. All over the world, real estate and stock markets play key roles in the economic growth of a country.
There Are Five Main Categories When It Comes To Real Estate In Pakistan:
While the real estate industry is prospering in Pakistan, it is without a doubt that there are still some challenges and opportunities that the industry faces. Following are some of the challenges and opportunities that the real estate business deals with:
Investment Opportunity For Overseas Pakistanis And Foreigners:
Since more foreigners are visiting Pakistan, it is said to provide a hike in the growth of the tourist industry that would undoubtedly attract the tourist to buy real estate properties in Pakistan, according to some surveys, foreigners prefer to reside in Islamabad.
Along with this, many housing societies such as Bahria Town, DHA are offering special housing blocks within the housing society just for Overseas Pakistani Citizens. This is a great reliable and safe way for overseas Pakistani to safely invest within their own country in the real estate business.
Overseas Block is specifically designed and constructed in such a way that it meets the demands and needs of overseas Pakistanis. To further elaborate, these blocks/sectors will be solely built for these Pakistani citizens. Additionally, these blocks are designed in a manner that the citizens will not know much about the difference between living abroad and living in Pakistan.
a) Establish an industry regulator (both on provincial and federal levels) with widespread powers to issue and implement rules, hear complaints, and regulate the overall market
b) All projects and developers should be registered with the regulator for transparency and compliance
c) Deposit all investor monies into escrow accounts (An escrow is a contractual arrangement in which a third party receives and disburses money or property for the primary transacting parties) managed by approved financial institutions to be utilized solely for project development
d) Streamlining approvals for developers to create a better development and planning regime
e) New survey regulations which provide clarity on how property is located, measured, and purchased
f) Regulating real estate brokers/agents in order to uplift the profession and prevent corrupt and unfair practices
g) Wholesale reform and implementation of a computerized and GPS-based land title registration system (ArcGIS is a good tool to get this job done). The biggest impediment to any real estate market is uncertainty and that will remain unless land records have been scrutinized and reformed in accordance with international standards.
Solution For The Challenges Of Overseas Pakistanis In Real Estate
It is very important to find the solution to the challenges of Overseas Pakistanis In Real Estate, in order to convince them to invest in real estate.
The rules regarding land acquisition and ownership need to be codified and enforced by the real estate regulator. It simply should not happen that a huge development can be built in the largest city in the country to serve capitalists/real estate developers rather than serving the community. Punjab Local Government is working in this direction by making Side Development Zones (SDZs) to make sure that development for the next eight must be according to trends of the city, but not according to the will of developers. Town planners, who are working in the formulation of these plans must do their job honestly rather than sell their conscience in the hands of private developers, for short-term gain, whose ultimate driver is maximization of profit. After the formulation of these plans, municipal Authorities must ensure the execution of these plans in every possible way
These reforms must be implemented at the local, provincial, and federal levels as Pakistani investors deserve the same level of protection that other investors have in other markets. Developers should develop, sell, and market property on the basis of established rules. If the state implements reforms of this nature, the real estate market will grow and flourish throughout Pakistan. Furthermore, these reforms will also ensure that the real estate market is not a money-making factory for private developers but serving the community the way it is supposed to be.
The Hash Mall & Hash Residency:
Hashi Group of companies offers exclusive projects and opportunities side by side to invest in, for better growth in return on investments. We present The Hash Mall and Hash Residency at your service. Resided in the heart of Phase 8, Bahria Town Rawalpindi, Hash Residency is Hashi GoC’s first-ever real estate venture. Incepted in 2020 Hash Residency is a mixed-use building. The building design follows contemporary standards of living and has a facade of 172 sq. ft which helps in delivering the grandeur we promise. A milestone in the community when it comes to luxury living, enlisting finely constructed and furnished Hotel Suites & Apartments packed with amenities hosting the finest brands in the twin cities. The grey structure of the project has been completed while the finishing is in progress. With most units sold out the project will be ready and possession will be handed over by the end of 2022.
Feel free to contact us for more details. Our team of professionals will answer your queries.