Realtors, developers hail SC decision to allow ground plus six story buildings in Karachi

Realtors and developers have hailed Supreme Court decision to allow ground plus six story buildings in Karachi and reduction in FBR valuation table all over country specially in city terming it as sigh of relief and oxygen for this crippled sector.

To celebrate these two decisions, Defence & Clifton Association of Real Estate Agents (DEFCLAREA) organized a get-to-gather at sunset club DHA Karachi. Administrator DHA Brig. Shahid Hasan Ali was chief guest on this occasion.

Other dignitaries attended the event included President DEFCLAREA Raja Mazhar Hussain, Parton In Chief Association of Builders & Developers (ABAD) Mohsin Sheikhani, Chairman ABAD Arif Jeewa, Former President ABAD Hanif Gauhar, Secretary DHA Brig. Azhar Lon, Project Director DHA City Karachi Brig. Mohammad Rafiq.

Speaking on the occasion, Administrator DHA Brig. Shahid Hasan Ali said that revision of FBR valuation on lower side and permission of construction of ground plus six story buildings in city is result of joint efforts of all stakeholders in which he just played his role as a sipohi.

These decisions will bring a positive trend not only in real estate sector but in overall economic activities too, he added.

Brig. Shahid Hasan Ali praised that each forum and person have played positive role for which they deserve applause. I am always ready to play my role for the betterment of real estate sector and enhanced economic activity, he concluded.

President DEFCLAREA Raja Mazhar Hussain said that more than 65 percent revenue is generated from Karachi and it is economic hub of country.

Decrease in FBR valuation is positive steps which will help this sector regain its momentum.

We are very thankful to Supreme Court for allowing construction of ground plus six story buildings in Karachi. Real estate is the second largest job providing sector in the country. This sector is enjoying status of industry in other parts of the world but here we are denied this status.

DEFCLAREA will continue its efforts to get it declared as an industry, Raja Mazhar Hussain told.

Parton In Chief ABAD Mohsin Sheikhani said that supreme court decision has provided oxygen to this crippled sector. He assured realtors and builders working in DHA for ABAD support to solve their issues if they contact them.

Chairman ABAD Arif Jeewa said that real estate industry was on collapse and there was fear of rise in crimes if this ban was not lifted, however court decision is appreciable. He announced to offer ABAD membership to DEFCLAREANS owing 100 square yard commercial plots on this occasion.

Former Chairman ABAD Hanif Gohar lauded role of DEFCLAREA in this whole episode. Vice President Federation of Realtors Pakistan for Sindh Bashir Memon, General Secretary DEFCLAREA Johar Iqbal, Senior Vice President Zuber Baig, Joint Secretary Younus Rizvi, Finance Secretary Nadeem Nazir, Media Secretary Imran Zaman, Senior Vice Chairman ABAD Sohail Warind and Hasan Bakhshi were also present.