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Socio-political drivers of real estate prices in Pak

Political drivers are responsible for the pricing in Pakistan’s real estate industry, worth around $350 billion.

The district collector’s (DC) property valuation rates and the State Bank of Pakistan’s interest rates are rarely discussed in the economic literature.

With a consequent decrease in real estate prices globally, there is no sign of a decline in property prices in Pakistan.

In addition to the recession, many of the countries in the world are facing a similar situation in that their economies are in recession and the economy will likely take years to recover.

The mounting inflation, low returns, stagnant growth, and magnifying unemployment are a few of the worries.While real estate is selling for less than it should, prices are skyrocketing. This proves how the economy is currently struggling.

On the contrary, supply is created to attract demand at a later stage.What’s special about real estate? Here we have to diverge from pure economic analysis to socio-political dynamics.

In Pakistan’s real estate market, realty companies manipulate business practices, take political interventions, use social standards, promote culture and follow illogical crescendos.

As plots are exchanged on the market, prices rise without being driven by demand.How much emotional buying goes into a purchase is considerable.The end users want a safe home for their families.

They make their buying decisions based on their pious emotions for their loved ones.People who want to buy a low-cost house tend to manage their budgets for an ultra-modern, spacious house.

It’s compelling them to borrow. This is how we allow our socio-cultural patterns to influence the recurring process of real estate price determination.The speculation of off-ground plot files does two things — promoting the cash economy and initiating the complex real estate price determination process.

These plots are often traded in the market. Real estate tycoons set a trap for price hikes.It’s easy for a file to get too many hits, which causes it to become oversold.You’re right, the first payment has already been made, but the prices keep on increasing.

Nobody knows about the DC property valuation mechanism.

Pakistan’s population is growing at a rate of about 2 percent a year, which is impacting property demand and pricing.

In fact, the insane increase in price is not commensurate with actual demand.

Therefore, the relationship between population increase and housing demand in Pakistan hardly fits into the case of Pakistan.

Investors are willing to pay the ‘unreal’ value of cryptocurrencies despite their eroded real incomes.

Let’s take the UAE as an example.

1.While Dubai property sales volume was $

2.4bn in 2019, it increased by $600m to $

3.7bn in

In Pakistan, the pandemic has brought some serious disruption to the market, but property prices either rose or frozen.

Real estate doesn’t bring down the value of money.

Perth was the most expensive state for houses, apartments, and other realty assets in 2007.

The rental rates are sky-high, the mining slowdown brought them down.The country’s Bureau of Resources and Energy Economics reported around 9 percent decline in revenue from the export of minerals in 2013.

Many coal and iron mine workers lost their jobs, and companies stopped investing.

This led to a long-term decline in the prices of real estate, which eventually increased after this.In Pakistan real estate prices have no power to decrease, in spite of the lowest economic growth in years.In times, people do not have savings to invest.

The market suffers from high demand, but the prices are keeping on going down.Real estate and construction companies Attracting customers with similar valuations seems to be a useful strategy.

Some people have criticized this practice, claiming that it’s a scam. But this practice is no more than the financial exploitation of real estate investors.The setting up of a Pakistan Property Institute could help regularise the real estate sector.

To get the fair share of the pie, institutes like the one I have spoken about would need to devise a fair mechanism to ensure logical fluctuations in real estate prices.The process of digitising an industry can bring a positive change.

There would be no price determination of real estate inventories by socio-political agencies.Removing unregistered companies from the real estate sector must be considered to prevent them from getting involved in the real estate sector.The author is a socioeconomic analyst and founder of Real Estate Research Centre Pakistan.

Email: waheedurrehmanbabar@gmail.com

Source: Dawn, The Business and Finance Weekly

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world’s most polluted city

World’s most polluted city

Lahore once again sets unique record

With the start of the summer months, many of us will begin looking forward to the next outdoor festival. If you plan on attending one of these fun-filled events, be sure to bring your sunscreen along for this season’s hottest trend.

Lahore is called the city of gardens. But these days it is difficult to breathe the healthy air of Lahore. Because of the increasing number of vehicles in the city, the air quality is getting very bad.

On Monday, the worst air quality was noted around 2am, when the AQI US was 438, according to the iqair.com, which monitors the air quality across the world.

This is hazardous for the people of Lahore. At the time of filing this report, the air quality index of Lahore was hazardous 303.

The average air quality index is around 300 or 400. So if the AQI is less than 50, you can still breathe comfortably.

The Environment Protection Department (EPD) own data, shared online, showed the worst air quality in Lahore at 309.

 

AQI reaches hazardous 438; smoke from vehicles, industry, fields and constructions among main reasons

The average air quality index is around 300 or 400. So if the AQI is less than 50, you can still breathe comfortably.

The Environment Protection Department (EPD) own data, shared online, showed the worst air quality in Lahore at 309.

According to a recent Air Quality Index (AQI) ranking in real-time, Lahore was followed by Delhi, Nur Sultan (Kazakhstan), Dubai and Dhaka.

In 2018, Lahore was the world’s 10th cleanest city. In 2017, Lahore was ranked by air quality monitor IQAir AirVisual in the World’s 10th Cleanest Cities..Overall, Pakistan’s air quality in 2017 is classified as “very unhealthy” with an annual average PM

2.5 level of

3.7 µg/m³.

 

Punjab’s government has instructed the administrative secretaries concerned, commissioners and deputy commissioners (DCs) to take all measures to mitigate the health hazard in the form of worst air quality across the province.

Meanwhile, Punjab Chief Secretary Abdullah Khan Sumbal presided over a meeting on smog control at the Civil Secretariat on Tuesday. The administrative secretaries of various departments, including environment protection, local government, industries, agriculture, transport, and health, deputy commissioner of Lahore and officers concerned attended the meeting. The DCs of Sheikhupura, Nankana Sahib, Kasur, Okara, Sahiwal, Gujranwala, Hafizabad, Narowal, and Faisalabad participated through a video link.

The chief secretary directed all the departments to beef up efforts to smog control and hold consultative sessions with civil society.

The briefing said that the smoke from burning crop residues in the fields across the border is affecting the air quality of Lahore.

According to the chief executive, the smog situation in the capital is comparatively better than last year but a lot of work needs to be done to control environmental pollution.

He ordered the Environmental Protection Agency to hold consultation sessions with all the stakeholders, including the civil society.

It is true that it would be helpful to use ideas from the civil society when dealing with environmental pollution problems.

The government decided to do inspections of all the government vehicles.

Briefing the meeting, the EPD secretary said that in October, the authorities sealed 1,058 industrial units causing environmental pollution, registered 696 cases and imposed fines of more than Rs24m on those causing pollution. The inspection teams sealed 583 industrial units, lodged FIRs and imposed fines of over Rs34m in Lahore. He said that during the last two weeks, 46,000 inspections were conducted and 3,168 smoke-emitting vehicles were impounded. Likewise, 20 cases were registered over burning garbage during the last one month.

The secretary said that due to the direction of the wind, the smoke from burning crop residues across the border is affecting Lahore.

 

sources: Dawn, November 2nd, 2022

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Pakistani driver Rana Junaid turned millionaire,Real Estate tycoon in UAE

Pakistani driver Junaid Rana turned millionaire has been spending his Dh50 million cash prize

Junaid Rana has shared his new riches with others by making his first-ever investment of over Dh1 million into an Indian family business.

Two months ago, the 36-year-old Pakistani expat bagged another prize in a draw – a Mercedes AMG G63 G Wagon valued at Dh1.36 million.

After losing all of his savings, Rana tried his luck with the Mahzooz lottery drawing every month as soon as he received his monthly salary.

It’s always been a year-round task to make time for fitness.Usually I participate in Mahzooz when my salary gets credited.

That month, my salary was delayed because of a public holiday. But just in time for the Mahzooz draw.

I chose six random numbers two hours before the draw’s cut-off and then immediately texted them to myself.I was at the gas station and decided to open my Mahzooz app.

We’ll give you the number one. You have five to try.It was not any birthday or anniversary you had filled out.It was completely random that came into his mind, “he said.He stayed in and participated in the grocery store draw instead of going to the store on Saturday night.

He picked numbers 6, 11, 21, 32, 33, and 46.

Rana knew at an early age that one day he would win the lottery. He told his mom about his dream to win a jackpot and how he’d help his family once he became rich.The same is true of the other successful businesswomen in Dubai that I met. They are no longer stuck in low-paying jobs or still working part-time to fund their businesses.

Rana was dreaming about becoming a multi-millionaire. It didn’t happen the day he became one. “I offered to sponsor my barber’s wedding the next day,” he explained. “It was just another day for me.

New homes

She has purchased three homes for her siblings and two apartment complexes. She’s also been responsible for building and designing homes for others.

I’m planning to build a massive home back home in Islamabad. With full- fledged security.

I dropped out of high school at the age of 15, after which I began to work as an escort. My earnings allowed me to help my mother and her boyfriend with his business.

When I graduated high school, we moved back to Pakistan where my father died of kidney failure when I was 18.

I was hoping my father would have lived longer. I’ve been saving money for years in the hope of building a sprawling mansion, where all my siblings and their families and my family can live together with our mother.

“I am so glad I did it.”

source:gulfnews.com

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First digital hospital in Pakistan

First digital hospital in Karachi Pakistan announced

KARACHI: On Thursday, Murtaza Wahab announced that the Karachi Metropolitan Corporation had launched the megacity’s first digital hospital in partnership with the private sector, offering residents free, round-the-clock online OPD and consultation services at home.

The data centre that will be created by the hospital will be able to forecast the illnesses in the area. According to the administrator of the city, the Find My Doctor clinic’s establishment was allowed in the public’s best interest so that the locals could take advantage of the cutting-edge resource.

The digital hospital, a joint endeavor between KMC and Find My Doctor, will generate a database that will show the number of patients who have each disease and what stage of their treatment they are in.

According to Murtaza Wahab, establishing a digital unit at the hospital will allow it to offer online and off-site services throughout the city’s accessible locations.

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Under CPEC, 11 power projects were completed in Pakistan

Under CPEC, 11 power projects were completed

ISLAMABAD:

11 power projects with a combined capacity of 6,369 MW have been put into operation under the China Pakistan Economic Corridor.

Coal is the majority of the energy mix at CPEC power projects, followed by hydro, solar, and wind technologies. 1320 MW is the combined power of the projects that have already been completed.

CPEC power projects have a majority of coal, followed by hydro, solar, and wind. The projects that have been finished have a total of 1320. One of the power plants that use coal is the China-HUB Sahiwal Coal Power, Port Qasim Power plants.

There are four power plants that use coal: China-HUB Sahiwal Coal Power, Port Qasim Power plants, HUBCO Thar, and the Karot Hydropower.

The ongoing projects include the 1,320-megawatt Shanghai Electric (TCB-1. and Mine, as well as the 330-megawatt ThalNova Thar Power. Shanghai Electric will begin production before the next summer, while the ThalNova Thar Power Project will begin production in December.

 

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Illegal development is rapidly expanding in LDA’s Zone II Lahore Pakistan

Illegal development is rapidly expanding in LDA’s Zone II LAHORE Pakistan

On Friday, it was discovered that numerous unlawful projects had been finished in Town Planning (TP) Zone 2 of the Lahore Development Authority.

The residential and commercial districts that they encompass are Azam Garden, Sabzazar, Marghazar, Allama Iqbal Town, and other neighbourhoods close to the road. Without the cooperation of LDA personnel, no one would dare build a structure illegally, the LDA official said, requesting anonymity.

He explained that this was a common practice in Zone 2, where many structures had been built and many others were still being built without LDA approval. The resident filed a complaint with the Anti-Corruption Establishment accusing the TP Zone-2 authorities of being responsible for the illegal structures after accepting a large bribe.

The director of Town Planning Zone 2 denied the accusations, saying that no official was involved in the illegal projects. If a number of illegal structures were rebuilt without permission, the crew would destroy them again, according to the man.

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Saudi Arabia has funded 30 billion $ projects in AJK.

The Prime Minister of the AJK thanked the Kingdom of Saudi Arabia for providing $30 billion in funds for AJK citizens’ projects. According to the premier, the final 15% of each project’s cost will be covered by the federal government’s Public Sector Development Programme.

He stated that the 3.6 km tunnel between Kamsar and Kahori and the 600 m tunnel at Chalpani on the Neelum Valley route inside the boundaries of Muzaffarabad district will contribute in facilitating smooth traffic between the two places.

He said that he had not been elected in order to plunder AJK’s resources or use them for his own benefit, adding that his government’s goal was to make AJK a role model for the rest of the world.

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