AAA Associates and the Real estate/Builder community held a press conference in press club Islamabad in which they requested the Government to take action against the culprits behind the Bahria Town Karachi incident. The Press Conference attended by AAA Associate’s Chairman Mr. Sheikh Fawad Bashir and Leaders from the Real estate community including Sardar Tahir, Ejaz Khan, Rana Ahsan, and Adeel Malik to raise their voices against the Karachi incident which has shocked the real estate community across the country.
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Speaking on the occasion, AAA Association Chairman said” Pakistan has seen remittance increase of approx 27 bn in 11 months which is highest ever and a major part of it is from the Real estate. COAS also stated in a meeting with the Business community that the security of the Country depends on Economic security. The real estate industry is appreciating govt policies which are helping in a lot of inflow of Revenue. Incidences like BTK cause major blows to the industry which indirectly affects 40 connected industries as well. 4 lac daily wagers are working in different Bahria Towns accross the Country. Hampering the flow of work affects their daily earnings. At this crucial juncture, an Incident like this will prove counterproductive for the booming Industry and shatters Investor Confidence in Pakistan’s real estate sector.”
CEO of Estate GuideMr. Rana Ehsan and CEO AD Real estate Mr. Adeel Malik also supported the stance by requesting Concerned Authorities to bring perpetrators to justice and constitute a complete security plan to prevent these violent attacks on the Real estate and builder community within the country.
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The construction industry in Pakistan is expected to expand by 3% in real terms in 2021, recovering from a decline of 6.2% in 2019. In support of the construction sector, and to boost employment and economic output, the Government has announced a construction stimulus package by fixing the tax rate for the construction industry, a subsidy worth PKR30 billion (US$191.5 million). These Incentives will not be able to bear fruits until the law and order situation is improved and complete protection is provided to the stakeholders.