ISLAMABAD - Graana.com and the Pakistan Institute of Development Economics (PIDE) came together to discuss the ‘Paradox of Housing Societies in Islamabad’ in a webinar.
The outcome of the informative session concluded that the civic agency – Capital Development Authority (CDA), has to play an active role in the effective implantation of housing societies’ regulations and bylaws.
In his opening remarks, Vice-Chancellor PIDE, Dr. Nadeem Ul Haque, stated, “We will be left with no agricultural land very soon, as everyone wants to buy cars, plots and wants to build houses, plazas and housing societies. The monopoly of housing societies and plots for governmental and non-governmental personnel must be strictly regulated. Government must focus on policy implementation.”
Representing Graana.com, Director Graana, Mr. Farhan Javed, explained, “We need to focus on vertical development and building construction. We need to solve as many people have invested in the real estate market, as it is not just a developer who is at stake. Government must focus on investment in this sector. “We need to move toward digitisation and digitalisation for transparency in the real estate sector,” he further stressed.
“No completion certificate has been issued in the last 25 years by the CDA. About 90% of housing societies in Islamabad are without proper documentation,” stated Senior Research Economist at PIDE, Dr. Lubna Hassan.
Tariq Malik, Vice President Media Town Islamabad, also participated in the webinar and shared his views about implementing real estate laws and regulations.
Along with Federal Minister for Science and Technology, Senator Shibli Faraz, all experts and participants of the webinar appreciated PIDE for all the steps taken to address political and social issues.