KARACHI - Realtors and developers have hailed the Supreme Court decision to allow construction of ground plus six-storey buildings in Karachi and reduction in the Federal Board of Revenue (FBR) valuation table all over the country especially in Karachi terming it as sigh of relief and oxygen for this crippled sector.

To celebrate these two decisions, Defence & Clifton Association of Real Estate Agents (DEFCLAREA) organised a get-to-gather at sunset club DHA Karachi. DHA Administrator Brig Shahid Hasan Ali was chief guest on this occasion.

Other dignitaries attended the event included DEFCLAREA President Raja Mazhar Hussain, Parton In Chief Association of Builders & Developers (ABAD) Mohsin Sheikhani, ABAD Chairman Arif Jeewa, ABAD former president Hanif Gauhar, DHA Secretary Brig Azhar Lon, DHA city Karachi Project Director Brig Mohammad Rafiq.

Speaking on the occasion, DHA Administrator Brig Shahid Hasan Ali said that revision of the FBR valuation on lower side and permission of construction of ground plus six-storey buildings in city is result of joint efforts of all stakeholders in which he just played his role as a “sipahi”.

These decisions will bring a positive trend not only in real estate sector but in overall economic activities too, he added. Hasan praised that each forum and person have played positive role for which they deserve applause. “I am always ready to play my role for the betterment of real estate sector and enhanced economic activity,” he concluded.

DEFCLAREA President Raja Mazhar Hussain said that more than 65 percent revenue is generated from Karachi and it is economic hub of country. Decrease in the FBR valuation is positive steps which will help this sector regain its momentum. “We are very thankful to the Supreme Court for allowing construction of ground plus six storey buildings in Karachi. Real estate is the second largest job providing sector in the country. This sector is enjoying status of industry in other parts of the world but here we are denied this status,” he said. DEFCLAREA will continue its efforts to get it declared as an industry, he told.

ABAD chief Mohsin said that the Supreme Court decision has provided oxygen to this crippled sector. He assured realtors and builders working in DHA for ABAD support to solve their issues if they contact them. ABAD Chairman Arif Jeewa said that real estate industry was on collapse and there was fear of rise in crimes if this ban was not lifted, however court decision is appreciable.

He announced to offer ABAD membership to DEFCLAREANS owing 100 square yard commercial plots on this occasion.

ABAD former chairman Hanif Gohar lauded role of DEFCLAREA in this whole episode. Vice President Federation of Realtors Pakistan for Sindh Bashir Memon, DEFCLAREA General Secretary Johar Iqbal, Senior Vice President Zuber Baig, Joint Secretary Younus Rizvi, Finance Secretary Nadeem Nazir, Media Secretary Imran Zaman, Senior Vice Chairman Sohail Warind and Hasan Bakhshi were also present on the occasion.