ABAD chairman suggests setting up ‘construction zones’

KARACHI: ABAD Chairman Muhammad Hasan Bakshi has proposed the creation of designated construction zones nationwide, including in Karachi, to stimulate the construction sector. During a recent event, Bakshi advocated for simplified housing arrangements for overseas Pakistanis in order to attract more foreign remittances. Currently, between 30,000 and 40,000 housing finance applications have been approved by banks, yet the availability of housing units falls short of demand.

ABAD has persistently advocated for bolstering the housing market's supply side, emphasizing that it is impractical for buyers to make monthly payments over 30 years while construction progresses at a comparable rate.

Over 10 million Pakistanis reside abroad, and Bakshi believes engaging them in building homes and investing in Pakistan's housing market is a pressing requirement. For the first time, under-construction buildings will be eligible for housing finance, which Bakshi considers a positive development. He urged builders and the public to make the most of this scheme.

Meanwhile, Syed Amir Ali, CEO of Meezan Bank, disclosed that their bank has received housing financing applications totaling over Rs22 billion under Prime Minister's Apna Ghar Housing Scheme, with approximately Rs4 billion already disbursed. Ali called for a dedicated committee to assist builders and developers in navigating legal hurdles for financing their projects.

The event was attended by ABAD Senior Vice Chairman Syed Afzal Hameed, Vice Chairman Tariq Aziz, Southern Region Chairman Ahmed Owais Thanvi, as well as numerous builders and developers.