Islamabad Attract Builders from Karachi
Karachi: A news source said that the leading builders and land developers from Karachi are planning to launch their new projects in Islamabad and Lahore due to the swift and simple approval process for project launches.
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According to industry experts, collecting NOCs in Islamabad and Lahore takes only two months and 45 days, respectively. However, authorities in Karachi require hundreds of permissions and NOCs, so the process might take up to two years.
According to Jeewa, twenty large developers from Karachi are currently working on projects in Lahore and Islamabad as a result of the potential for real estate development and the rapid processing of building-related NOCs. He believed that the development industry would grow further in the coming years as a result of government involvement and the resulting incentives. The banks are also providing developers and buyers with loan assistance to encourage them to undertake more housing projects.
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In addition, ABAD’s chairman Fayyaz Ilyas predicted that Lahore and Islamabad would attract more real estate agents in the future if the Sindh Building Control Authority (SCBA) did not adjust its business laws and fulfil its pledge to establish a single-window facility.
President of the Defence and Clifton Association of Real Estate Agents Zubair Baig noted comparable complaints and the provision of loans to prospective apartment buyers.
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