‘Pakistan can become a $1.5-1.7 trillion economy’

He added that the Imarat Group of Companies would set up three new four-star hotels of leading international brands in Pakistan.

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Pakistan economy is growing despite region's 'negative growth': HammadPakistan can become a $1.5-1.7 trillion economy by 2040 if it continues to implement reforms in the real estate sector.

This was stated by the Imarat Group of Companies Chairperson, and Graana.com CEO, Shafiq Akbar.

The Chairperson of Imarat Group of Companies, and the CEO of Graana.com, Shafiq Akbar.

In an interview, Akbar stressed the need to focus on real estate and related industries and achieve the target of constructing one million housing units per year over the next ten years.

According to Akbar, Graana.com is introducing a more advanced real estate transaction structure after its pilot project’s success.

Pakistan's Smartest Property Portal - Buy & Sell Properties | Graana.com

He added that the Imarat Group of Companies would set up three new four-star hotels of leading international brands in Pakistan.

Marriott Court Yard and Marriott Residence projects’ construction has already started, while construction work on the third project will be contracted soon.

A Special Economic Zone (SEZ) will also be set up in the Islamabad–Rawalpindi metropolitan area for the construction sector’s industries.

Akbar added that geo-tagging and geo-mapping of government land and housing societies had been conducted across the country.

Meanwhile, the digital mapping of five million out of the eight million units has also been done.

He said that the Imarat Group’s goal is to channelize an annual investment of $5 billion and take Pakistan among the top 40 countries in terms of transparency.

Imarat Group is setting up an industry of over 2,000 canals in Pakistan in which all kinds of construction material will be produced.

Akbar called for an effective Real Estate Regulatory Authority (RERA) to develop the real estate sector and emphasized that the government should expedite work on the development of RERA rules.

Karachi’s I.I. Chundrigar Road. (Ali Raza Khatri/DAWN/File)

Presenting an outlook of the real estate sector, Akbar said that the value of Pakistan’s planned area is $900 billion. He said that thousands of housing societies had been set up in Pakistan.

However, 5,000-8,000 of them, comprising two million canals of unapproved land, have been developed.

The residential area in the planned area is 75% of any country while 5% is commercial and 20% is an agricultural area.

Currently, Pakistan is ranked 73rd in the world on the Transparency Index.

Akbar stressed that the country could reach the 40th position if the proper measures are taken concerning the construction and real estate sector.

He said Pakistan would need between $25-30 billion for constructing one million houses, out of which $12 billion can be obtained from overseas Pakistanis, and the rest can come from other sources.

Akbar pointed out that more than half of Pakistan’s population resides in slums and needs proper houses.

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