Builders’ association appeals for promotion of construction sector in Karachi

February 14, 2019 (MLN): Chairman, Association of Builders and Developers of Pakistan (ABAD) Muhammad Hassan Bakshi has hailed Prime Minister Imran Khan for ordering the Capital Development Authority to allow construction of high-rise buildings in Islamabad for preserving green areas.

Chairman ABAD said that the CDA and Civil Aviation Authority should carve out a business-friendly policy to facilitate builders and developers so that they can build high-rise and multi-story buildings without hurdles of red-tapism. He urged to encourage construction of high-rise and multi-story buildings across the country.

Hassan Bakshi said that agricultural land should be preserved as Pakistan is an agricultural country and construction of high-rise buildings is inevitable for this purpose. Karachi has faced almost two-year ban on construction of high-rise and multi-story buildings, he said adding that despite waver of ban on construction high-rise and multi-story buildings the Sindh Building Control Authority (SBCA) is still not approving building plans. He said that more than Rs. 600 billion investment is stuck up and thousands of people are rendered jobless due to ban and now due to adamant attitude of the SBCA.

Chairman ABAD appealed the Prime Minister to take appropriate action for the progress of construction industry in Karachi, which is the heart of Pakistan and development of Karachi economy is the development country’s economy.

He assured that builders and developers will try their best for the development of country’s economy and creating soft image of Pakistan.

The official said the profit rate of return for specialized Savings Schemes like Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised upward and fixed at 14.28 percent respectively in order to provide safety net to specialized segments of the society.          

He said that the proposal to launch registered prize bonds which offer coupons as well as prizes is also under consideration.