Need to tap huge potential in real estate sector

KARACHI: There is a huge potential in the real estate sector, which should be tapped optimally for rapid progress and prosperity of the nation, said President of Defence Clifton Real Estate (DCREA) Association Raja Mazhar Hussain.

Addressing at a reception hosted by CEO Shahzad Muneer at his residence in the honour of the Hujaj belonging to the DCREA, Raja said local and foreign investors could reap huge profits from the lucrative sector of the real estate in Pakistan that it yet to fully utilized. He said Pakistani real estate market is thriving and considered amongst the most profitable real estate markets.

DCREA general secretary Ahmed Raza Hashmi said on the occasion that the real estate is not a business but a complete industry. The government has been earning huge taxes and revenue from this sector in the heads of stamp duty and other estate-related taxes.

DCREA vice president Zubair Baig said that it is an honour for their association to send it members on Hajj whose names are selected through ballot. He said they would continue to facilitate their valued members.

The host of the evening, Shahzad Muneer, told the audience that the investors of South Africa, Malaysia, USA, the Middle East and other countries have been widely investing in the local real estate sector, which is a praiseworthy development. He asked the government to solve the genuine problems of the real estate dealers so that they could pour more investment in this sector and further strengthen the national economy.