Karachi, October 25, 2012 (PPI-OT): Karachi Chamber of Commerce and Industry’s President Muhammad Haroon Agar has emphasized to accord recognition to formal real estate investment in the process of economic development. While exchanging views with the delegation of Real Estate Business and Investment Club headed by its President Zahid Iqbal, he stated that real estate market is crucial for promoting commerce and industry, growth and employment, and poverty reduction.
He asserted upon the need of low cost housing projects to accommodate the work force migrating from rural to urban areas for employment. He highlighted the importance of real estate market encompassing all transactions which involve dealings in rights or access to land and buildings.
He said that real estate forms the backbone of the urban economy. In most countries, real estate accounts for major share of national wealth. In Pakistan about 250 ancillary industries, such as cement, steel, brick, timber and building materials, are dependent on the real estate industry.
These combined make it the second largest employer next only to agriculture, he said. Responding to request by President of Real Estate Business and Investment Club he said that KCCI may consider formation of Real-Estate/Construction Industry Sub-Committee. Presently, the Industry and Privatization Sub-Committee was looking after said affairs, he told.
He invited the members to get the membership of Karachi Chamber and assured his best cooperation and support to resolve their genuine problems. He also welcomed the proposals by Real Estate Business and Investment Club to incorporate in KCCI’s forthcoming budget proposals.
Real Estate Business and Investment Club’s President Zahid Iqbal expressed gratitude and compliments to President KCCI for attaching importance to real estate sector and recognizing its importance in the national economy.
He requested President KCCI to consider formation of Real Estate Investment Sub-Committee because the sector was second highest sector to provide employment opportunities after agriculture. He sought support on common issues for redressal of grievances and stressed upon mutual cooperation.
He informed that their Club is committed to highlight importance of real estate investment sector and they have approached DHA Suffah University to offer MBA specialization in real estate. He said that there exist no regulatory authority to define and recognize the role of real estate in the country. As in other countries formation of Real Estate Investment Trust (REIT) has been allowed by Securities and Exchange Commission of Pakistan, he informed.
He was of the view that the research work was need of time in real estate and some licensing criteria should be defined for real estate agents for satisfaction of buyers and sellers and to document transactions as well. He also requested President KCCI to incorporate Club’s proposal in the Chambers budget proposals.
Shamim A. Firpo Senior Vice President KCCI, Nasir Mehmood Vice President and Managing Committee Members of KCCI along with Real Estate Business and Investment Club’s Vice President Ziker Mahenti, General Secretary Shafi Jakwani and members also participated in the meeting.
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M. Shafiq Baig
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Karachi Chamber of Commerce and Industry (KCCI)
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