Construction without Real Estate Development (Article)

1. YES! THE CONSTRUCTION INDUSTRY CAN REVIVE ECONOMIC GROWTH!

Real estate development in Pakistan suffers from a bad reputation, both in policy circles and in the public. Detractors frequently claim that investing in real estate is unproductive and should be discouraged. Officials often put forward unsubstantiated claims that the real estate business is riddled with illegal activity of all sorts. However, when one looks back at Pakistan’s foray into real estate development activity from the date of Independence, we find that the state considered itself responsible for providing housing for the millions of refugees who came to Pakistan to become citizens of the newly minted country. From then on, successive regimes have taken or tried to take, some initiative to fulfil the promise to provide adequate housing for the poor masses.

During his tenure, former Prime Minister Imran Khan also promised to provide subsidised housing for the poor, numbering up to 5 million homes. His approach was slightly different as Mr. Khan made a point of recognising the importance of the construction industry as a participant in achieving the goal of providing subsidised housing to the masses. Another important aspect of his agenda was the recognition that the construction of high-rise buildings in big cities is an important part of urban development. However, city administrations did not immediately accept the former Prime Minister’s vision and showed limited interest in accommodating the discomforts of construction upheaval, such as ‘tower cranes’ and other such machinery in their city’s midst.