CDA launches water tanker service for model villages

ISLAMABAD: Capital Development Authority (CDA) is making utmost efforts to launch Ghazi Barotha Water Supply Project (GBWSP), as the city is currently facing shortage of 29 million gallons water per day (MGD), said CDA Chairman Tariq Mehmood Khan on Thursday. Khan was addressing launching ceremony of water tanker service for model villages of Islamabad.

etisalat net profit grows by 19%

Dubai: etisalaton Thursday reported a 19 per cent increase in net profits for 2008 to Dh8.66 billion, up from Dh7.29 billion in 2007.

Smooth riding for UAE economy amidst global credit crunch

Major nations in the world are desperately trying to fight against the credit crunch and striving to rise uninjured from the recession, we spot UAE with rather stable economy and position. Let’s analyze the reasons and factors that helped the country to upbeat the global pressures.

Readers respond to House Rent Survey

Dubai: A Gulf News poll on how much people spend on their rent netted the highest response so far, with over 11,400 readers clicking their votes on the web.

A majority of readers, over 29 per cent, said they spend 50 per cent of their salary towards housing.

As rents in Dubai and elsewhere in the Emirates go through the roof, people are forced to share their living space. To add to their woes the Municipality is now also cracking down on people sharing villas and has given a deadline this coming Friday to vacate the shared villas. But many are staying put as they have no place to go without sharing.

Over 2,400 people or 22 per cent in the poll said they spend 20 per cent of their salary on rent.

 

One interesting aspect was that only seven per cent of the people said their company pays for their housing. With the high cost of living in the UAE, many expatriates opt to send their wives and children back home which leads to various social problems.

The salary packages had gone up in the recent past as the UAE tried to hold on to qualified staff. But the recent economic downturn has brought things back to square one.

Al Qudra Real Estate receives massive response to Ain Al Fayda

 

Despite the credit crunch and the global economic downturn, things are certainly looking up for Abu Dhabi-based Al Qudra Real Estate as they talk about Ain Al Fayda, an attractive mixed-use community in Al Ain. Ain Al Fayda will feature healthcare, tourism, residential and retail components and is set to become a well-being destination because of its unique blend of amenities and attributes.

Mahmood Ebraheem Al Mahmood, CEO, Al Qudra Holding, said, “We are pleased to announce record sales revenue during the launch of the first phase of Ain Al Fayda. Al Ain represents a strategic market and we are proud to be amongst the first developers to unlock this city’s potential offering.” 

House building Costs to go up as Cement, Steel Prices Surge

Powered  By Pakistanhousing.pk

ALL those who have booked an estimated 30,000 to 40,000 houses (flats or town houses) in Karachi, Lahore, Islamabad and other places with construction companies will have to pay at least 15 to 30 per cent more because of the impact of recent increase in the prices of cement and steel products.

The impact will vary depending on in what stage of construction the project is and with whom the houses have been booked. The highest impact will come on those who have just started the work.. But in those projects where the structures have been raised and only finishing touches are needed, the cost may escalate 10 to 20 per cent.

Under the government’s instructions, the cement manufacturers have been asked to cap the prices at Rs260 for a 50kg bag. The cement makers are asking for Rs300 a bag for which a meeting is being convened on February 20 at Islamabad. With this rise in cement prices, comes the hike in steel products cost. Obviously, this has an impact of a double edge sword on the construction cost– both private and government–. “`On a rough average, over the past few years, the construction cost in Karachi has jumped up from Rs1,200 per square foot to Rs1,800 per square foot,” a leader of ABAD said.

Whatever the impact, the rise in cost of a booked house from 15 per cent to 30 per cent, in many cases, is bound to be proved unbearable for those who draw a monthly income of Rs10,000 to Rs15,000 and have no other asset to fall back on. For many of them, the acquisition of a small house will remain an illusory dream for the whole of their life. Majority of these people are in Karachi.

“Rise in cement price has become an annual feature every February for the last few years,’ Mr Farooq uz-Zaman, a leader of the Builders Association, said and explained that the rise in cement prices comes in anticipation of a pick up in construction activities in the Northern areas after snow starts melting in March. From October till January, there is a lull in construction because of snow fall which, on many occasions blocks the roads. But as February arrives, the contractors and builders start building up their inventory of construction material including cement in anticipation of opening of roads.

Builders say that cement manufacturers have made it a regular annual feature to push the prices up since 2004. In that year, the government reduced excise duty from Rs1,000 a ton to Rs750 a ton — a reduction of Rs25 per cent- to give boost to construction. But what happened later was that cement prices started crawling up and then shot up to Rs400 per bag.

Market analysts and cement consumers attribute this to a weak legal regulatory framework, a toothless competitive commission and a government that is proving ineffective to protect the interests of the consumers. “`But why should there be an excise on cement,” a business leader from Lahore remarked. He belongs to one of the top business houses that has interest in textiles, banking, insurance, automobile and cement.
His logic is simple. Excise is usually levied to discourage consumption of a certain commodity and in many developed and developing countries, the governments target alcohol and tobacco to recover excise. In Pakistan you have an excise and a sales tax on cement. “What is the justification,” he asks and then shares his perception that the government focuses only on revenue and has put industry and business under tremendous stress.
Mr Aizaz Sheikh, chairman of All Pakistan Cement Manufacturers Association, is convinced that Rs300 a bag is “`fair price of cement’. He justified this price on the basis of production cost and because of the phenomenal rise in demand in Pakistan, India, Afghanistan, UAE and other countries. He promised to fax a production of cost exercise done by APCMA from Lahore but did not do so. Repeated calls made on APCMA office in Lahore proved futile.

In this phenomenon, a new business rivalry has emerged in which cement manufacturers are on one side and the builders and contractors on the other. But the low and the middle-income groups of people, who dream to own a house in their lifetime, are the silent victims in this money making game.

As government and formal sector fails to come up to the expectation of the poor and low-income group housing, the big cities like Karachi are witnessing a fast growth of slums, shanties and what has come to be known as “`Kutcha abadis’. In Karachi more than 2,000 such slums or kutcha abadis have emerged in last 60 years where almost 70 per cent of 16 million population lives. Any vacant piece of land is occupied by group of a certain community ,of course, with connivance of the police and the bureaucracy.

The land-grabbers then offer plots of land-60 square yards to 80 square yards-to the people of their community on instalments and then one or two rooms are constructed which are either sold out or rented without any legal documents. All other facilities-sewerage, sanitation, water supply, electricity, education, health care- come slowly depending on the clout and influence enjoyed by the leaders or land grabbers of that particular settlement.

For the last many years, the government is coming out with announcements of giving a housing policy. The Federal Minister for Housing, Syed Safwanullah, is said to be giving final touches to a draft of national housing policy. Another body – the advisory group of the State Bank of Pakistan Governor – headed by a well-known banker Shaukat Tarin, has almost finalized its recommendations.

“We have addressed 10 issues that include setting up of land banks, affordable housing, cost reduction and all other aspects of housing’ Mr Tarin said. He hopes to finalize these recommendations in next few weeks after which it will be given to the government. With elections round the corner, the builders say that the government cannot remain oblivious of the sufferings of the urban people.

Cost of construction particularly in Northern areas have increased by 30 to 50 per cent after the government came out with a new building code to withstand tremors and jolts of 8-8.5 magnitude. The construction business has seen a tremendous boost in last few years. The Dubai Ports World announced sometimes back in 2006 to invest $10 billion on transport infrastructure and real estate. The Emaar Properties, a UAE company, announced an investment of $2.4 billion on real estate development in Islamabad and Karachi. This is the same conglomerate that is reportedly taking up a Rs43 billion job to develop two islands near Karachi.

A website informs 23-fold increase in property business since 2001. But the Karachi Chamber of Commerce and Industry and recently a committee of the Federation of Pakistan Chambers of Commerce and Industry pointed out towards the shortage of housing units in the country.. The trade bodies took notice of the aging of the present stock of housing in Pakistan and accumulated shortages which are gradually assuming alarming proportions.

Till late sixties, the public and private sector projects-industry, dams, power generations etc. – included residential localities for the employees. Low cost housing concept was also introduced in decade of sixties when apartments were constructed in Karachi. In eighties came the concept of affordable housing which apparently has been trampled down in game of speculation, manipulation and profiteering. Will this concept be revived again is a test case for the government

Invest in REAL ESTATE-Investment Tips for Investors in Homes

 Powered  By Pakistanhousing.pk

 

Pakistani Real Estate Investor’s Corner

This News Powered By Pakistan Housing.pk

I live in UAE. I planned to buy a house in Karachi and lahore from some real estate agent in Pakistan. However when I went to search the house in Karachi, some property dealers I got in touch from Pakistan property and real estate websites, they recommended me to buy house in Bahria Town Islamabad property or Defense Lahore. I started searching for plots in these areas of Pakistan. The prices of real estate and property in Pakistan went way too high. I was amazed to know that investment in Pakistan real estate had boomed so much and prices had shot up in just 5 years trend of Pakistan Real Estate. Finally I got in touch with some more real estate property dealers in Pakistan and karachi who gave me a guidance to invest in plots and houses for sale in Karachi. I was glad to know that some professional and educatred property dealers in Pakistan are operating beside the fraud hosuing societies in Pakistan. Then I got the the web address of Pakistan Housing.PK where I could confirm the authenticity and legal matters of property and real estate in Pakistan. I was surprised to know that some real estate and property dealers were still dealing in fake housing societies of Pakistan. Finally I planned to invest in main famous property investment locations and housing schemes of Karachi Lahore and Islamabad. I considered Bahria Town since it has now got a good name and I felt very secure to invest. The alternate options to invest in secure property and housing schemes were Defense Housing Authority and Morgah. I had a total of 20 Lakh to invest since I live abroad. I finally went to the office of Bahria Town in Islamabad. Their staff was operative and provided me with all he information. The educated me about Safari Villas, phase 8 development of Bahria Town and informed me why it was recommended to invest in Bahria Town Islamabad. Finally I discussed with other family members to get their opinion on this real estate and property investment. They helped me and informed me about property and real estate trends in Pakistan. I was glad that I had done my full research for investment and property in Pakistan Through Pakistan Housing.pk. I have now invested in Pakistan Bahria Town in Lahore and I believe I will have some good prices of it in near future.
My concerns about property and real estate are still not washed. I am very uncertain about effect of politics on property and real estate in Pakistan. The stock exchange has picked up in Pakistan due to political situation changes but it is yet to be figured as to what effect it would have on the property and real estate in Pakistan in different housing schemes specifically in Lahore Karachi and Islamabad. Thank you Pakistan Housing.pk For Helping me alout.

Ministry of Housing & Works

	Government of Pakistan
	Ministry of Housing & Works

This Ministry is responsible for acquisition and development of sites as well as construction and maintenance of Federal Government buildings.
It is actively involved in the coordination of civil works, budget, fixation and recovery of rents from Government owned / hired and requisitioned buildings. The activities like management of Federal Lodges, matters, relating to Federal Government lands, licenced to various cooperative housing society in Karachi, except those under the different Ministrys. Administration of officers belonging to the Engineering Group, registration to Housing Authority, including National Construction Limited and Housing Foundation are the responsibility of this Ministry. This Ministry has three Attached Departments and three Autonomous Bodies.

This Ministry has three Attached Departments and three Autonomous Bodies.

Functions (as per Rule of Business, 1973)

1. Acquisition and development of sites, construction, furnishing and maintenance of Federal Government Building except under the Defense Division.

2. (i) Coordination of civil works Budget and
   (ii) Execution of Federal Government Works

3. Provision of Office and Residential Accommodation for officers and staff of the Federal Government, Acquisition, requisition and hiring of such accommodation and Payment of compensation or rent.

4. Fixation and recovery of rent of Government owned hired and requisitioned buildings.

5. Management of Federal Lodges.

6. Lands and Buildings belonging to the Federation wherever situated and revenues derived therefore.

7. Administration of the Federal Government Lands and Buildings, (recovery of possession) Ordinance 1965.

8. Matters relating to the Federal Government Lands, Licensed to various co-operative housing Society in Karachi except those under the Defense Division.

9. Administration of Officers belonging to the Engineering Group.

10. Transfer of Property other than Agricultural land, registration of deeds and documents.

11. Matters relating to National Housing Authority.

12. Matters relating to National Construction Limited. Besides the matter relating to Federal Government Employment Housing Foundation are being looked after by the Board of Governors (with Federal Minister, Housing & Works as Chairman) and through an Executive Committee Headed by the Secretary, Housing and works.

13. Matters relating to Pakistan Housing Authority.

This News Powered By Pakistan Housing.pk

Buy Real Estate – Get the Best Deal

This News Powered By Pakistan Housing.pk

Perhaps this is the best time to buy real estate. You might be ready to buy a property or you’re just considering it. You might be thinking that perhaps the decline in housing prices has bottom or perhaps has a little more ways to go.

There are talks among real estate experts that in the upcoming spring, there will be an uptrend in the real estate market. This means that you have a limited time to decide and buy real estate – a house or a property now because the prices has hit the bottom and once the market experiences the uptrend, the prices will rise automatically and you’ll loose a change to make big money out of your investment or the desire to own a beautiful house.

In simple words, the real estate deals available today won’t last long. They will be bought instantly by those who understand the market trend and those people will be the future millionaires. According to experts including analysts and seasoned professionals who constantly monitor the market, the housing bubble burst is on its last leg and the market is due for a solid and strong return. The prices will rise again and the properties across U.S.A will experience an uprising trend which will continue to grow.

This is a golden time for any investor to invest and profit from the bubbly real estate market right now. If you buy real estate now, the price will go up and you will earn big money. On a serious note, the opportunity is getting away. As an investor, in this situation, you are running out of time.

Fortunately, internet has evolved into a massive parallel market and it has substantiated the real estate market in many ways, for instance, auctions. Internet can assist you in buying real estate on dirt cheap prices. There are online auctions where houses and other properties are sold on low prices.

As you know that you always get the best price on something when it is auctioned. People always pay for what they believe is a fair value. It is a good idea to shop for your new home through online auctions where you can get a fair price and a good value. Wouldn’t you like to bid on a house or a property rather than simply pay the asking price? The internet allows you as well as anyone who is interested in buy anything the ability to bid freely in the open market without any fees involved. Homes and properties are now finding their way to the auction world and internet hosts some of the most popular auction entities in the country.

The truth is many people and banks has enormous amount of properties they need to get rid of to get their investment back swiftly. They will do anything to sell the property where they can get the best offer. They auction the properties off even if it means taking a huge loss. In order to reach the masses they are not turning to the internet in an attempt to improve their ability to reach slightly higher selling prices than they would get in the local market. Hence, the technology is on your side. Buy real estate and earn a huge return.

The properties auctioned online cost nothing to view, bid on and many even pay your closing costs to improve their selling value. It is a fact that real estate is now been sold at the fractions of its costs all over internet. You can easily find a lot of properties being auctioned off to pay the debts. It really won’t hurt to look for yourself. This is a great opportunity to buy real estate. With couple minutes of your time, you can be sure that you’re not missing out an opportunity.

http://pakistanhousing.pk/