Zameen.com Magazine - Issue 1 - April 2014 by Zameen.com

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cover story

the sPrings the good life beckons

news stories

FeAtured ProPerty Arcadia City

FeAtured ProPerty Zaamin Fazaia Villas

MArket rePort 2013 – A bullish year for the Pakistani property market

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15 16 26

FeAture story All that’s wrong with infrastructure in Pakistan

Featured Agents

Classifieds

FeAture story Punjab’s rental law explained FeAture story sworn enemies: the land maﬁa and Pakistan’s real estate industry

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news stories

encroachments dinge Federal capital’s beauty

was briefed on the expansion plan and shown designs of the bridges to be built on the highway. Mr Afzal told the oﬃcials concerned to build durable bridges and decorate them with innovative designs. he also emphasised swift and timely completion of the expansion project.

bahria town karachi brings good news to registered members islamabad: the Federal Capital is a carefully planned and beautifully laid out city. this defining feature of the capital is, however, at considerable risk owing to unchecked encroachments and unauthorised construction in the residential areas by schools and offices. Various offices and schools have reportedly encroached upon Capital development Authority (CdA) land in sectors g7, g9, i10, F6, F7, F8 and F10 with unauthorised buildings, gardens and parking lots. the CdA’s anti-encroachment drive, meanwhile, routinely causes disruptions to the flow of traffic in the city.

dha lahore opens possession For halloki gardens, select sectors oF phase vii lahore: dhA Lahore has issued an oﬃcial notice announcing the opening of possession in sectors Q, r, s, t and u of Phase Vii along with halloki gardens (dhA rahbar). the notice states that development work in the sectors has been completed and with eﬀect from February 14, 2014, the plots will be available for possession. owners may apply to dhA Lahore for permission to begin construction after clearance of dues, if any.

karachi: the registered members of Bahria town karachi who have booked residential plots will get a refund of rs 150,000 (adjustment/discount) along with the token fee in the event of failure in the balloting process, the Bahria town karachi management has announced . the management has announced this special favour for the members who do not win in the balloting process for residential plots.

rs 1.5 billion allocated For azadi chowk overpass lahore: the treasury department has allocated rs 1.5 billion for the construction of the Azadi Chowk overpass in the provincial capital. rs 400 million has also been allocated for the reconstruction of Circular road from Azadi Chowk, and the funds will be released in the coming months.

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islamabad residents demand paving oF worn streets islamabad: residents of various areas of the Federal Capital have demanded that the CdA pave the worn, unpaved streets there because they are becoming a huge problem for people. the residents also criticised the authority for its failure to repair the streets. A resident of g10/2 said, “i paid a considerable sum in fees when i bought the plot, but the CdA is not providing facilities accordingly.”

property tax deFaulters penalised

cda signs anti-encroachment mou with suparco

cda inspects on-going expansion work islamabad: CdA Chairman Mr Maroof Afzal visited the kashmir highway to check on the progress of construction work. he

understanding with the space and upper Atmosphere research Commission (suPArCo) to eradicate encroachments from the capital after identifying them using satellite imaging and digitalisation. A digital map of the Federal Capital will be developed to keep check on encroachments in which rural areas will also be included. satellite imaging will be used to scrutinise the encroachments.

islamabad: the Capital development Authority has signed a Memorandum of

lahore: the excise & taxation department has issued notices to some 40,000 Property tax defaulters for the ﬁscal year 2012/13 with a 14 per cent penalty. the department has also issued similar notices to the defaulters of 2013/14 with a 5 per cent penalty. defaulters have been warned that their properties will be sealed in case of nonpayment. the department has told the oﬃcials concerned to tend to any appeals from the defaulters so that tax can be collected.

news stories

e&t introduces website For property tax payment

lahore: in order to curb corruption in the Property tax payment process, the excise & taxation department has provided taxpayers access to their tax records through a dedicated website so that they can assess the accuracy of the records themselves. through this website, taxpayers will be able to analyse the tax sums to be paid every year and make any enquiries they want about the taxable properties they own.

cda chieF orders upgrade oF civic utilities islamabad: CdA Chairman Mr Maroof Afzal has ordered the improvement of civic amenities in islamabad such as roads, enforcement, sanitation and electricity. he said that proper action should be taken by the directorates responsible for these utilities in order to ensure the provision of

the best possible services to the people.

146 shops demolished in anti-encroachment crackdown

lahore: Administrative authorities in Lahore have begun a crackdown on encroachments and illegal possession, on the first day of which around 146 illegally built shops were demolished. Various permanent encroachments in front of otherwise legally built shops were also torn down. on orders from district Coordination officer (dCo) dr Ahmad Javed, the nine towns of Lahore have been divided into three zones for the crackdown. the City district government and traffic Police will shortly begin another large-scale drive against encroachments and illegal parking to ensure smooth flow of traffic.

etpb’s land occupied illegally lahore: illegal occupation of the evacuee trust Property Board (etPB)’s

land has been conﬁrmed in a survey conducted by the Punjab Board of revenue on orders from the supreme Court of Pakistan. the survey stated that the etPB’s land in the vicinity of dhA Lahore, worth billions of rupees, has been illegally occupied by various groups and individuals. of the total 772 kanals, only 119 kanals of land has been retrieved from the illegal occupants as of yet, the survey added. the occupied land is situated in three mauzas – Mauza dera Chahal, Mauza Lidher and Mauza Mota. these mauzas are located next to Phases Vi and Vii of dhA Lahore. According to the Punjab Board of revenue’s report, around 225 kanals of the land in question has been occupied by the dhA.

administrators appointed For sindh housing societies karachi: Mr Asadullah Abbasi has been appointed administrator for the gulshan-e-Zareen Cooperative housing society, while Mr shahzad soomro has been appointed administrator for gulshan-e-Faisal Cooperative housing society. the administrative charge for nawab Junagadh Cooperative housing society has been handed to Mr Zafarullah khan. these appointments have been made by sindh Cooperative housing Authority secretary Mr Ali Ahmed.

malik riaz awards 1-kanal plot to shahid afridi islamabad: on behalf of his family and 25,000 employees, Bahria town Founder Mr Malik riaz congratulated Pakistani cricket star Mr shahid ‘Boom Boom’ Afridi on his brilliant performance in the nail-biting thriller between india and Pakistan in the Asia Cup. in appreciation of Mr Afridi’s

performance, Mr riaz announced a 1-kanal plot for him in Bahria town karachi. he said that Mr Afridi had contributed to improving the country’s image with his spectacular performance and that it was important to encourage athletes who made the country proud.

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news stories

district magistrate prohibits renting property without inForming police

cda chairman orders repair and maintenance oF ankara park

sindh building control authority cautions people about ocean tower

islamabad: two separate orders were issued by the district Magistrate prohibiting the renting out of property or hotel rooms in the Federal Capital without informing the police. district Magistrate Mr Mujahid hussain issued the orders using his powers under section 144 of the Code of Criminal Procedure 1898. the orders are likely to remain in force for two months. the order states that property owners, brokers and dealers are not allowed to rent out any kind of property within the limits of the islamabad Capital territory without ﬁrst providing particulars of the tenants to the police station concerned. A pro forma has been developed by islamabad’s senior superintendent of Police (ssP) operations Mr Muhammad rizwan through which the tenants’ particulars will be provided to the police.

islamabad: CdA Chairman Mr Maroof Afzal visited Lake View Park and Ankara Park and told CdA officials to undertake fullfledged development work in the two parks. he specifically issued orders for the timely completion of maintenance and repair work at Ankara Park and for the provision of stateof-the-art recreation facilities for visitors. Mr Afzal also said that a strategy should be chalked out to ensure that the parks are wellmaintained at all times.

karachi: the sindh Building Control Authority (sBCA) has cautioned people not to enter into any rental or ownership agreements with ocean towers because the development does not adhere to the sCBA’s construction and building regulations. the development is located at Plot 2/7, Block 3, Clifton, karachi. the owners of ocean towers have also been prohibited from marketing the development for sale or rent.

special persons to get quota in housing schemes lahore: in a recent meeting, the Punjab Cabinet has decided to set a quota for special persons in provincial housing schemes. Chief Minister Mr shahbaz sharif told the Cabinet meeting that a new organisational formation will be given to the system for land disposal and management to make it more transparent. Approval for the development of the nawaz sharif university of engineering and technology in Multan was also granted in the meeting.

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oFFice buildings rented by e&t causing losses

lahore: the excise & taxation (e&t) department, responsible for collecting billions in tax revenue, reportedly causes huge losses to the provincial exchequer every year by setting up offices on rented premises, the rent for which runs into the millions of rupees. sources said that offices of the e&t department in various districts of Punjab have been set up on rented properties. in Lahore, the department already has two offices but has recently set up another one on rented property on empress road, which is so far its most expensive rental.

state land worth rs 1.5b retrieved in anti-encroachment operation lahore: during a massive antiencroachment operation, the district Administration successfully retrieved government land worth rs 1.5 billion from illegal occupants. the City district government and the samanabad Municipal Administration also conducted a combined operation on Zel dar road in which various encroachments were demolished.

turkish development agency and cda sign mou islamabad: the turkey international Cooperation and development Agency (tikA) and the Capital development Authority (CdA) signed a Memorandum of understanding (Mou) to provide

news stories

maintenance services for water filtration plants in islamabad. the Mou was signed by tikA Country Coordinator Mr Mehmet samil and CdA Chairman Mr Maroof Afzal. According to the Mou, tikA will provide maintenance services for water filtration plants in g7/3, g10/2, g11/3 and F6/1. tikA will conduct quality tests on the water and reports will be shared with the CdA on a monthly basis.

98,000 illegal residents dwell in 24 slums oF islamabad, says report islamabad: At least 98,000 people are living illegally in 24 slums of islamabad, including illegal foreigners with criminal records, a recent report has revealed. A search operation is underway to apprehend the illegal immigrants. An interior Ministry official said on condition of anonymity that these illegal residents were mostly Afghans without valid permits to be in the country. he also said that some of the slums had been cleared out and work was underway on the remaining areas. the official also said that the option of fencing the slum areas was under consideration. According to the report, the slum areas are located in sectors i9,

i10, i11, h9, h10, g6, g7, g8, F6 and F7.

greenvalley opens another store in bahria town rawalpindi rawalpindi: greenvalley, a supermarket chain, has opened its flagship store in Bahria town rawalpindi after the success of the first one in the Mall of Lahore. the store has been opened in intellectual Village, Bahria town rawalpindi. greenvalley will offer international standard retail facilities to the residents. Bahria town Founder Mr Malik riaz was the chief guest at the inauguration and his wife, Mrs Bina riaz Malik, cut the ribbon.

8 oFFicers oF lda engineering wing promoted lahore: the departmental Promotion wing of the Lahore development Authority (LdA) has given approval for the promotion of eight officers of the engineering wing to grade 19 as directors. the oﬃcers were tePA Chief engineer Mr Muhammad saeed Akhter, Quality Control

director Mr hussain Baqir, kachi Abadis engineering director Mr Muhammad Aijaz, tePA Additional Chief engineer Mr saif-ur-rehman, tePA Additional Chief engineer Mr khalid Mehmood Alvi, tePA director (hQ) Mr sohail rashid, engineering director (hQ) Mr Mudassar tanveer sheikh, and LdA Chief engineer Mr israr saeed.

32 commercial properties to go under the hammer islamabad: some 32 commercial properties will be presented for bidding in an open auction organised by the CdA Board on April 2 and 3, 2014. the commercial properties mainly consist of raw, undeveloped plots. the CdA has taken steps to ensure a successful auction this time, as previous auctions had failed to bring in serious bids: the authority is planning to enlighten investors about the potential of the properties on oﬀer and the auction process beforehand. in a bid to reduce the dominance of large, veteran investors, the CdA is pursuing midlevel investors in the marketing strategy for the auction and has oﬀered them the opportunity to bid collectively. the CdA Board has also attempted to reinforce the civic body and has inducted new representatives in the Legal wing of the authority.

dha restrained from blocking do darya road karachi: in response to a petition ﬁled by several hotels, the sindh high Court (shC) has sent dhA karachi a notice on the blockading of roads leading to the do darya recreational spot. the petitioners had told the court that

the dhA had leased them land for the development of hotels near the beach and now, after a signiﬁcant amount of development work had been completed, the dhA management was asking them to vacate the land and had blocked

access to the hotel sites. the court immediately issued a notice to the dhA management restraining it from blocking the roads, and ordered the presence of a senior oﬃcial of the management in court at the next hearing.

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cover story

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cover story

the sPrings

the good LiFe BeCkons

riving down islamabad expressway is quite an experience, especially if you’ve made your way to the capital from elsewhere in the country. it screams progress, and one gets that momentary feeling of inordinate pride at the realisation that this is the capital of our unfortunately oft-maligned nation. Clean, green and calm – three qualities not many other cities can claim to possess. this is the charm of islamabad for the most part, a unique and seemingly impossible combination of busy, bustling metropolis and peaceful haven. Long gone are the sarcastic monikers bemoaning the capital’s lack of activity, replaced by a desire – however deﬁantly concealed – to experience life in islamabad beyond a once-a-year trip. Living in islamabad poses a certain set of challenges, there is no denying that. rents and property prices have gone through the roof in recent years, and as the city expands outwards, distances (and hence commutes) continue to increase. Luxury living has become a distant dream for most, and a decent home or

apartment is the best a vast majority can hope for. with that equation in mind, a promising new development called ‘the springs’ is something of a game-changer, falling squarely in that elusive bracket which tactfully straddles two crucial factors that inﬂuence the decision to buy a home: living standard and aﬀordability. Let us look at both of them separately. what determines one’s living standard, and by extension, quality of life? if you were to spend the bulk of your free time agonising over chipped paint, short circuits and crumbling closets, it would be fair to say that you aren’t really living in luxury. even if you are not prone to needless anxiety and don’t usually fuss about things, peeking out of the house every hour to make sure your car hasn’t been stolen becomes something of a tedious habit if you’re living somewhere that doesn’t offer good security. the same goes for lying in bed and wondering if you checked all eight locks you’ve put on your front door because the neighbours got burgled last saturday.

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cover story

good security, good maintenance and good amenities are going to cost you, especially in a property market as expensive as islamabad currently is. well-built homes in decent neighbourhoods don’t cost less than high 8-figure sums apiece, and luxury apartments aren’t too far behind. we can safely say that affordability goes out the window with that sort of price tag. enter the springs, a multi-storey apartment project spanning 30 kanals along the picturesque islamabad expressway and featuring 289 designer apartments with configurations to meet all but everyone’s needs. three blocks of five floors each offer a wide variety of apartments ranging from studio to full-fledged four-bedroom family apartments, and everything in between. yes, really everything in between; two-bed, three-bed, one-bed, you name it. nestled comfortably between the expressway and the airport, every single one of the apartments is set to offer envy-inducing views of the lush green of the twin cities. in fact, the views are such a factor that buyers can choose between Prime, standard and Corner Views, and why shouldn’t they be? After all, nothing washes away the stresses and frustrations of a long day like a gorgeous islamabad sunset enjoyed from the luxury of one’s couch with a steaming cup of tea in hand. At 12 minutes from Faisal Mosque and one-fourth of that from Benazir Bhutto international Airport, residents of the springs are practically a stone’s throw from both town centres. Let’s call that ideal location, because it rarely gets better than this. Creature comforts are aplenty as well. your peace of mind is ensured by highly alert, round-the-clock security while you indulge yourself in the privacy of a gated community complete with a swimming pool, fitness centre and grocery store. Chill out in the common areas, where back-up generators ensure that no power outage is a nuisance. Forget peeking out to check if your car is still there. it’s parked safely in a dedicated, covered park-

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cover story

ing lot, thank you very much. don’t want to climb a bunch of stairs to get home every day? the high-speed elevators have got you covered. something broke down? Maintenance is on its way. Can you say luxury? now that we’re done waxing lyrical about everything that is awesome about the springs – sorry it took so long, there was a lot of awesomeness to cover – let’s spare a thought for whether you can aﬀord to live here, which can understandably be the chief concern for many. the bottom line is yes, it is highly aﬀordable. surprisingly so, in fact. Add to that the fact that the instalment plan is convenient and fairly pliable to individual preference gives this development all the hallmarks of an ideal investment for anyone, be it frequent visitors to is-

lamabad for business or pleasure or people who have relocated to the capital for work. handsome rentals are also another enticing beneﬁt. the springs bears all the hallmarks of orbit developers, the ambitious, forward-thinking organisation behind the project. striking the delicate balance between affordability and quality is by no means an easy job, and it is perhaps this ability to do so so effortlessly that has led orbit to the top echelons of real estate goodness. the project has been designed by Arch-n-décor, which boasts 24 years of architectural excellence. with its longstanding relationships and brilliant reputation across the industry, Arch-n-décor has been at the forefront of architectural development and interior design in Pakistan, and its work speaks for itself.

location map

zameen project listing

Zameen id: 145 City: islamabad total units: 289 Construction status: under Construction Price: Pkr 2,726,000 - Pkr 13,682,000 Visit Zameen.com for more information

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Featured property

arcadia city apart from quality 5-marla, 10-marla and 1-kanal homes, the city also offers you classy apartments with breath-taking panoramic views. the availability of studio, 1-, 2-, 3- and 4-bedroom apartments ensures that thereâ&#x20AC;&#x2122;s something to the liking of everyone at arcadia city.

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cradia City brings you the essence of life embedded within a modern city setting, the perfect combination for an elegant, stress-free lifestyle. the integrated city oďŹ&#x20AC;ers you the comfort and convenience sought by homeowners across the globe. Located at the foot of the scenic karlot hills near the Chattar river, Arcadia City stands out as the luxurious abode of the more discerning who want something unique and contemporary for their families. the city features an array of facilities and amenities that cannot be found elsewhere. Apart from state-of-the-art schools, medical bays, multipurpose banquet halls, ample parking space, parks and gymnasiums, the city gives you the security that only a perfect gated community can.

round-the-clock security is guaranteed by CCtV surveillance, which is monitored 24/7. the city also features uninterrupted power supply, which is a welcome break from the frustrations of constant power outages in other cities. the best feature of the city, however, is its perfect location. with pristine, scenic vistas on all sides, be prepared to wash away the stresses and frustrations of ordinary city life, and do so at a mere 15minute drive from the heart of islamabad! whatâ&#x20AC;&#x2122;s more, the gorgeous summer retreat of Murree would be a 25-minute drive from home. Apart from quality 5-marla, 10-marla and 1-kanal homes, the city also offers you classy apartments

Featured property

with breath-taking panoramic views. the availability of studio, 1-, 2-, 3and 4-bedroom apartments ensures that there’s something to the liking of everyone at Arcadia City. the apartment buildings are interconnected with glass bridges, making getting around easier for the social ones and giving the apartment complex a unique, feel of a close-knit

community. the buildings have been designed to withstand major earthquakes and the high-speed elevators make getting to your place an absolute breeze. ‘is that all?’ we hear you ask. well, it’s not. Arcadia also caters to the business professional with its exceptional commercial complex, which features

exclusive shops and oﬃces along with aesthetically designed structures that create an ambience that infuses a sense of productivity into the very air you breathe. so whether you are hosting a corporate meeting in one of the conference halls or taking a short walk to the bank or ﬁnancial centres for your daily business needs, Arcadia City has got you covered.

location map

zameen project listing zameen id: http://goo.gl/eiBnry city: islamabad total units: 106 construction status: under Construction price: Visit Zameen.com for more information

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Featured property

zaamin Fazaia villas i

f you’re looking for upscale designer villas with high quality modern facilities, lifelong maintenance, spectacular parks, schools, sports centres, mosques, wide, carpeted roads, clean drinking water, underground electricity, a modern sewage system, vigilant 24/7 security and a host of other amenities that embody an ideal housing society, look no further than Zaamin Fazaia Villas. recently inaugurated by Vice-Chief of Air staff Air Marshal Farhat hussain khan, the scheme was met with a great response thanks to the economically priced model villas, offered in four different styles: Aspire, twin, seville and nova. the Aspire villas are the economical option meant for relatively small families, but they are by no means cramped, featuring a large living room

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along with a large, private rear lawn. the twin villas have been designed keeping the joint family system in mind, with more than 3,000 ft2 of covered area comprising two bedrooms on the ground ﬂoor and two on the ﬁrst. the seville villas are perfect for larger families, featuring two full living rooms with the feel of a 1-kanal house thanks to a revolutionary design philosophy. the seville villas’ extraordinary interior has earned them much appreciation from buyers. the nova villas are slightly smaller by comparison, featuring a single living room, but have the same feel in a more economical range. the Fazaia housing scheme is located on raiwind road, 11 kilometres from thokar niaz Baig, at the intersection of the proposed Lahore ring road.

Featured property

3 spanning 4,000 kanals, this society has been developed by the directorate of estate Projects of the Air headquarters for the welfare of Pakistan Air Force oﬃcers. the process of plot transfers has been prepared in accordance with the Air headquarters procedures, and all rights of the customers are ensured at every step. the project is LdA-approved and all development work has taken place under the direct supervision of the directorate of estate Projects. the housing scheme is fully equipped with basic utilities such as electricity and gas. All plot transfers exclusively take place through the Fazaia housing scheme, which gives the buyer peace of mind and a sense of security that is not usually an option with other villa projects across Pakistan. Buying a house in the Fazaia housing scheme ensures that your investment is safe and secure within a gated community of professionals and businessmen, maintained by Pakistan Air Force personnel.

zaamin group: three decades oF excellence in construction the Zaamin group has a 30-year record of building prestigious large-scale projects all over Pakistan. exceptional quality, peerless service and lasting trust are key features of the group, and its relationship with the Pakistan Air Force’s directorate of estate Projects has been a long and fruitful one. we are proud of the trust they have shown in us by co-branding this project. A number of the country’s ﬁnest construction projects such as the sona tower (rawalpindi), City towers (Lahore), Lake City Villas (Lahore), and the expo Centre (Lahore) are a few of our group’s crowning achievements and the pride of our highly experienced engineering team.

01 02 03 04 05

twin 10 marla Aspire 10 marla (interior) nova 10 marla (interior) seville 10 marla (interior) nova 10 marla

location map

zameen project listing

zameen id: 157 city: Lahore locality: Fazaia housing scheme construction status: under Construction Visit Zameen.com for more information

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market rePort

zameen.com market report

2013 – a bullish year for the pakistani property market

akistan’s property sector celebrated quite a happening 2013 in terms of sale/purchase activity as well as prices. not only did home values register huge increases during the year, plot prices also showed a bullish trend across Lahore, karachi and islamabad, three of Pakistan’s major cities.

buyers. driven by high demand, 1-kanal plots in dhA saw an average price increase of 33.62 per cent in 2013. in the ﬁrst 9 months of the year, average prices of 1-kanal homes rose by 20.29 per cent, while the average rental yield for houses of the

Although the market remained considerably warm throughout the year, nothing could quite beat the flurry of activity after eidul-Fitr. overseas Pakistanis, many of whom came home for eid, also played a significant role in this boost, focusing on several upscale neighbourhoods in Lahore such as dhA. the peaceful transfer of power from one democratically elected government to another in May 2013, a first in the 66-year history of Pakistan, served to rejuvenate various industries in the country. the real estate industry was one prominent beneficiary of this newfound political stability, enjoying the fruits of significantly enhanced investor confidence. As a direct result, a lot of genuine demand was created in the market, which pushed property prices up. karachi, which saw a number of high profile projects come to its shores, performed exceptionally well and, per Zameen.com’s stats for 2013, 1-kanal (500 yard2) houses registered an increase of 71.85 per cent in their sale prices. property prices in lahore climb steadily with dha on the ForeFront the year 2013 brought along noticeable growth for the real estate sector in Lahore. dhA, which is one of the most popular and promising developments in the city, continued to command the investors’ attention because of its high return on investment and the security offered by dhA’s competent management. “with a simple and transparent buying process, it is easy to see why investors prefer dhA over other developments in Lahore,” says Mr Munir Ahmed of nazir estate. dhA was the recipient of a major chunk of the foreign investment Pakistan drew in 2013, generating a frenzy among

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same size remained steady at 4.30 per cent. while buyers and renters generally showed a clear preference for dhA, Bahria town Lahore still managed to register increases throughout the year with a few negligible dips here and there. Although the average sale price of 1-kanal plots increased reasonably in Bahria town during 2013, their prices – per Zameen.com’s stats as of december 2013 – were 28.93 per cent cheaper than plots of the same size in dhA. this means that dhA Lahore enjoyed an upper hand in terms of investments in 2013. For 1-kanal homes in Bahria town, prices jumped from rs

market rePort

19,950,000 at the start of 2013 to rs 24,416,667 at the end of the year, with an average rental yield of 4.26 per cent. residential plots (of 1-kanal) in LdA Avenue i also registered an 8.87 per cent increase in prices during the same timeframe.

really picked up. For 1-kanal plots in dhA karachi, prices rose by 23.09 per cent in 2013. dhA karachi is widely considered to be a trouble-free area from the security point of view, which is why it performed consistently well with a 20.34 per cent increase in prices of 1-kanal houses as well.

2013 brings growth For islamabad’s property market islamabad had a slow start to the year. Mr Ali Akbar of Arsalan Ali Associates believes the market only picked up during the later months of the year, and Mr saqib Chaudhry of Prime estate agrees with this assessment. the Capital development Authority (CdA), along with many other local developers, announced several new projects in 2013, but initially had trouble attracting investors. F11, e11 and g11 remained a few of the CdA’s more popular sectors during the year, and plot prices in these sectors registered impressive increases. Zameen.com’s data for the year shows increases of 46.06 per cent, 32.55 per cent and 45.56 per cent in the sale prices of 1-kanal plots in F11, e11 and g11 respectively. these increases may appear impressive on their own but they are considerably dwarfed by the increases Bahria town islamabad registered in 2013, where the average increase for 1kanal plots during the year was a whopping 117.20 per cent, jumping from rs 6,516,269 in January to a mind-blowing rs 14,153,252 at the end of the year. For 1-kanal homes in the area, however, the rise was a modest 20.66 per cent.

what was interesting to note in karachi was the performance of gulshan-e-iqbal, which put some impressive numbers on the board. the high demand for and low availability of 1-kanal plots in the area pushed up the price by 39.49 per cent, which is particularly impressive since gulshan-e-iqbal has not enjoyed the same status as dhA in terms of investment. this uppish trend was mirrored by gulistan-e-Jauhar as well, where the prices of plots of the same size appreciated by 17.33 per cent. Bahria town karachi, which announced an array of projects towards the end of the year, also fared well despite some reservations from investors about its membership forms and registration process. there were many who plunged into the market and made good profit in a short period of time. Bahria town’s success in karachi was the highlight of the year for the local property market. 2014 likely to be a good year For the market

bullish trend in karachi’s real estate sector despite significant law and order issues in the city, karachi’s property sector performed rather well in 2013. the last quarter was particularly happening, which is when prices

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Many estate agents and experts are of the opinion that 2014 is likely to be another positive year for the property market. According to Mr Abdul Majeed of defence 4 u, this upward trend is expected to continue into 2014 and he expects the market to truly pick up after March 2014. what is certain is that dhA Lahore will continue to be the apple of Lahori eyes and its newer sectors will see increasing interest from investors as it continues to expand.

Feature story

HARIS AZMAT

Haris is a practising barrister and a managing partner of the law ﬁrm Azmat and Azmat. He can be reached via his law ﬁrm’s website (www.azmatandazmat .com)

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it should come as no surprise to most of us that the common man in Pakistan is usually – and sometimes blissfully – unaware of the laws of the land, even when they have been put in place to protect his rights. one such law is the rent law, especially in Punjab. Last month, i was renting out my own house and was rather shocked to learn that even the most experienced of the realtors who were helping me find a suitable tenant were unaware of the provincial rent laws. what follows, therefore, is a simple exposition of said laws, particularly for the benefit of the landlords and tenants out there. this is basic legal information that everyone must know before entering into a rental relationship. the rent law in Punjab is called the Punjab rented Premises Act of 2009

(hereinafter “rent Law”). the most important aspect of the rent Law, according to section 5 of the rent Law, is that all rent agreements must be registered with the rent registrar. if a rent agreement is not registered, the landlord could possibly face many problems in the event of a tenant refusing to vacate their premises. the landlord might also be subjected to a heavy ﬁne if the rent agreement is not registered. what surprised me was the fact that most landlords and their realtors hadn’t a clue about this very important law in my experience, and a vast majority of landlords do not fulﬁl this requirement when renting out their premises. Many rental agreements fall bewilderingly short of the requirements of a valid rental

Feature story

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agreement. According to section 6 of the rent Law, a rental agreement must contain the following clauses in order to be valid: the particulars (name, father’s name, address, etc, of the landlord and tenant). A description of the premises. the period of tenancy agreed upon at the time of the agreement and whether or not it is extendable with the consensus of both parties. the rental sum agreed upon, the rate of increase, the monthly due date for rental payment, and the mode of this payment. Bank account details of the landlord if the rent is to be paid through a bank. statement of the purpose for which the premises has been rented out. the advance rent ﬁgure and the security deposit agreed upon (locally known as pagri).

the obligations oF a landlord Most landlords and tenants are not aware of their duties and obligations towards each other. According to section 12 of the rent Law, the obligations of the landlord are: 1. Periodic repair and maintenance of the premises to ensure that it is kept

in good condition. 2. Payment of all taxes and other charges on the premises. 3. ensuring the uninterrupted supply of basic utilities (electricity, water, gas, etc) to the premises – the landlord is not allowed to disconnect any of these utilities. 4. not entering the premises without giving the tenant a reasonable notice. the obligations oF a tenant: the tenant also has some obligations. According to section 13 of the rent Law, these obligations include: 1. keeping the premises in the condition in which it was rented out, except acceptable wear and tear. 2. using the premises exclusively for the purpose for which it was rented. 3. Allowing the landlord to enter the premises for the purpose of inspection or repair. 4. handing over possession of the premises to the landlord upon the end of the tenancy. 5. not causing nuisance to the neighbours of the premises. 6. not making structural changes to the premises without prior written approval from the landlord. 7. regularly paying rent on the due

date previously agreed upon. when can a landlord evict a tenant? Perhaps the most important aspect of the rent Law is the section concerning eviction, seeing as most rental disputes brought to court are regarding tenant eviction. A landlord must be aware of the grounds on which a tenant may be evicted from the premises. these grounds are mentioned in section 14 of the rent Law, and they include: 1. expiry of the period of tenancy. 2. Failure to pay rent of the previous 30 days. 3. Breach of any term of the rental agreement by the tenant. 4. usage of the premises for a purpose that is diﬀerent from the purpose it was rented out for. 5. subletting the premises without the prior written consent of the landlord. so there you have it, the provincial rent Law in a nutshell. i hope the information above will be useful for all of you, especially for those entering into a rental agreement. you are welcome to get in touch with me if you have any questions related to this or any other legal matter.

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Feature story

sworn enemies: the land maﬁa and pakistan’s real estate industry SHAISTA ZULFIQAR

he real estate industry in Pakistan is something of a dramatic success story, complete with heroic protagonists who helped it rise from just another investment opportunity to the most secure and lucrative one there is, and villainous antagonists who have done their best to undo all the good that has been done over the years.

For every hero, every developer and every investor, there is a villain, and it is no ordinary villain. the land-grabbing mafia – and i call it a mafia because land-grabbing has now reached organised crime proportions – is a sworn enemy of this booming industry, and it is a dangerous one. even though more developed areas owned and run by influential institutions, such as dhA islamabad, Bahria town Lahore and dhA karachi, are largely immune to this problem, other less developed neighbourhoods are not as lucky, where in the shadows, unnoticed for the most part, the landgrabbing mafia has evolved into a syndicate with tentacles reaching deep into most of the country’s major cities. their tactics, crude and reactionary in the beginning, have now matured into sophisticated, planned assaults that are extremely tough to counter for the common man. Armed to the teeth, their sheer numbers and intimidation techniques make it unbelievably easy for them to squat on land they do not own for as long as they please, eventually forcing the real owners to give up trying to get it back for fear of their lives. the land-grabbers most often enjoy tacit support from influential people, which is one factor that renders the authorities toothless when it comes to dealing with them with force. imagine buying a piece of land with your hard-earned money and finding out a couple of months later that despite the fact that you have all the documents proving your

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ownership and possession of said piece of land, there are squatters that cannot be removed. that scenario is a sad reality for many people across the country. the list of those responsible is long, but patwaris, corrupt authorities and influential people are right there on the top. there exists an urgent need for strong, unequivocal action against the land-grabbing mafia, and this is a job no one but the law enforcement agencies can do. And if it is these very law enforcement agencies that are providing the silent support that has emboldened these encroachers, it is a very dire and shameful situation indeed. with so much going wrong in the country as it is, the actions of this mafia are adding further fuel to the fire. i feel the pain of those who struggle their entire lives to put together enough resources to put a permanent roof over their heads, only to find out that their property now de facto ‘belongs’ to someone else. if you are reading this article and feel similar pangs of sympathy for the plight of such people, what are you waiting for? Play your part and do your best to bring this issue to the notice of the supreme Court of Pakistan, the one body that might actually be able to do something about this menace. Shaista Zulfiqar is the Senior Communications Manager at Zameen Media (Pvt) Ltd. She can be reached via her email address: shaista@zameen.com

Feature story

all that’s wrong with infrastructure in pakistan MALIK ANWAR-UL-ISLAM

t the base of it all, architects are meant to envision and create structures that best serve the land they are going to occupy and the people they are going to house, rather than going about erecting buildings whose value is more aesthetic and symbolic than practical. good architecture is one that can stand the test of time – the giza necropolis comes to mind, with its great Pyramids standing proud under the scorching egyptian sun centuries after they were built (the fact that it houses dead people notwithstanding). while architects today should be content with structures signiﬁcantly less splendour-heavy and perhaps much more pragmatic, the essential lesson remains the same: good architecture is planned for the present with ﬂexibility to meet the needs of the future. this point seems to have been missed by most people in

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Pakistan, where infrastructure planning has been like a rather fascinating guest who drops by only once in a while, and otherwise exists only in conversation. Let us take a look at the state of affairs as they stand, and try to zero in on things that could probably be done much, much better. waste not, want not: the average plot size in pakistani housing societies is 15 marlas the average Pakistani can barely afford to build or buy a 3marla house out in the distant suburbs of any one of the country’s major cities, let alone a 1-kanal house in an upscale neighbourhood like dhA or a gated-and-walled cooperative housing society. so let’s talk about renting, which for many people is the next best thing. A double-storey, 5-marla house in any of the established phases of Lahore’s dhA will run you close to rs 40,000 a month. Can you afford that? Most salaried professionals cannot.

Feature story the question, then, is why have property prices and rents skyrocketed like this? the simplest answer is land shortage. As it stands, a signiﬁcant percentage of the houses in these neighbourhoods – and these are large houses we’re talking about, mind you - are not even occupied, with the owners usually living abroad and somewhat justiﬁably reluctant to rent out their precious property in their absence. this leaves us with the following, rather troubling, equation: Lahore district spans 1,772 km2, and dhA constitutes roughly 10 per cent of that. Add to that the fact that this vast chunk of prime property houses merely 1 per cent of the city’s 10 million-plus people and you have a clearer picture of how wasteful things are around here.

always take a rickshaw to hafeez Centre. Always. dhA Broadway, arguably one of the best shopping areas in the city, features some 750 plazas of 8 marlas each. According to Canadian standards, there should be a parking lot for every 100 ft2 of space in a commercial area. Let’s do some calculations: 750 x 1,800 ft2 x 6 (ﬂoors) = 8,100,000 ft2 of space (not including larger shopping areas of a kanal and above). By Canadian standards, we need 81,000 parking lots – roughly equivalent to dhA Phases Vi, Vii and Viii put together. Mull that one over for a bit. simple math: population density determines average house size

some of the world’s most densely populated cities, such as London, hong kong and Paris, are also highly desirable places to live. they oﬀer great employment opportunities and are business-friendly, of course, but they also thrive on the back of highly intelligent infrastructure that wastes little space and makes the most of the land the city has to oﬀer. Meanwhile, the average plot size in Pakistani housing societies is 15 marlas. Chew on that for a while. the innocent victims: how poor planning is ruining commercial areas

the biggest problem of all, and one i’ve alluded to here and there above, is house size in Pakistan. we copy American homes designed by famous architects such as Louis kahn and Frank Lloyd wright, conveniently forgetting the fact that while the united states sits pretty on 9,827,000 km², we’ve only got 796,095 km2 to work with here in the Land of the Pure.

By local standards, dhA is Lahore’s most desirable address, but have you ever visited the y Block Commercial Area in the midafternoon and tried to park your car? Climbing k2 would be a breeze by comparison. the same holds true for commercial areas in Cavalry ground, gulberg, and the nascent-bycomparison PiA society. hailed as the epitome of design and planning brilliance upon its last revamp, the rush hour at gulberg’s Liberty Market can give you a migraine in 10 minutes flat should you dare to get through the smoky, pulsating mass of automobiles and find parking space. siddiq trade Centre, the mammoth edifice straddling Main Boulevard and Jail road, was purportedly the first high-rise commercial building in Lahore and was expected to do extremely well given its prime location and excellent construction. All that turned out well and good, but would you take the trouble to descend two storeys into the ground, find a parking spot in a dark, cramped parking lot, and then trudge up to the 7th floor to buy a siM card? Call me crazy, but i wouldn’t. nor would many others. A short distance south of the siddiq trade Centre stands the famed hafeez Centre, the undisputed king of Lahore’s myriad computer and cell phone markets – as well as its parking problems. note to self:

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Canada, which boasts even more land than the us, has the largest houses, followed by the us and Australia. the smallest houses are in Japan and the uk, both densely populated island nations low on prime real estate. the average house size in the us is 2,500 ft2, while in the uk it is 850 ft2. do you see a pattern emerging? the more densely populated the country, the smaller the average house size. on the population density spectrum, Pakistan falls much closer to the uk (260 people per km2) than the us (35 people per km2) with its 230 people per km2. in Punjab, Pakistan’s most populous province, there are 500 people per km2. it stands to reason, then, that the average house size in Pakistan in general and Punjab in particular should also be much smaller. do builders and developers in Pakistan pay any attention to these numbers? sleep on that one. you’ll probably have nightmares. well, maybe not, but it sure makes me queasy. we need smaller houses. we need to build vertically rather than senselessly expanding outwards. we need, among many, many other things, better urban planning and infrastructure, because with the way things are going right now, it won’t be long before the oddly charming phrase ‘this is Pakistan!’ loses its charm. Malik Anwar-ul-Islam has a Master’s degree in Housing Studies from Greenwich University, London. He is an architect by profession and owns Malik Arch Practice. He enlightens Zameen.com’s readers with his expertise on national and international architecture and construction practices.

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5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5HI 5HI 5V 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5 V 5 HI 3KDVH 3 KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5 V 5HI 3KDVH 3 KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5 V 5 HI 3KDVH 3 KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5 V 5HI 3KDVH 3 KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5HI 5V 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV 0DUOD +RXVH %GV

5V 5V 5HI 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

.DQDO .DQDO +RXVHV +RXVHV

5 5V V 5 5HI HI ' HI HQFH 5D\ \D 'HIHQFH 5D\D .DQDO +RXVH .DQDO +RXVH

5 V 5V 5HI 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5 5V V 5 5HI HI 3 KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5 V 5 HI 5V 5HI 3 KDVH 3KDVH 0 DU OD +RXVH %GV 0DUOD +RXVH %GV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5 HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5 V 5 HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5 HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5 V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5 V 5HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %WKV .DQDO +RXVH %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5 V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5 V 5HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5 V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5 V 5HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5 HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5 V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5 V 5HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5V 5HI 5HI 3 KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5 V 5V 5HI 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5 HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH .DQDO +RXVH

5HI 5V 5HI 5V 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

/D /D K KRUH RUH 5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 5V V 5 5HI HI 3 3KDVH KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5V 5HI 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5 5V V 5 5HI HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5V 5HI 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 5V V 5 5HI HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

+ +RXVH RXVH

5 5HV 3ORW HV 3 ORW

2 2II I LLFH FH

)ODW )ODW

&RPP 3ORW & RPP 3 ORW

%XLOGLQJ % XLOGLQJ

3 $ *( 3$*(

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5V 5HI 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5 HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5 HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5V 5HI 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

0RUH 7KDQ 0RUH 7KDQ .DQDO . DQDO +RXVHV +RXVHV

5V 5HI 5V 5HI 'HI HQFH 5D\D 'HIHQFH 5D\D .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5V 5HI 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5 5HI HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV %WKV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5 V 5V 5HI 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5 5HI HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI 3 3KDVH KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5HI 5V 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5 V 5V 5HI 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV %WKV %WKV

5V 5 5V 5HI HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5 V 5 HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5HI 5V 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV %WKV %WKV

5V 5HI 5HI 5V 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5 HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

*XOEHUJ *XOEHUJ

0 0RUH 7KDQ RUH 7KDQ . .DQDO DQDO + +RXVHV RXVHV

5 5V V 5 5HI HI .DQDO +RXVH .DQDO +RXVH

5V 5HI 5V 5HI .DQDO +RXVH .DQDO +RXVH

5V 5HI 5V 5 HI .DQDO +RXVH .DQDO +RXVH

5V 5V 5HI 5HI 0DUOD +RXVH 0 DU OD +RXVH

5 HI 5V 5V 5HI 0DUOD +RXVH 0 DU OD +RXVH

5V 5V 5HI 5HI 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5 HI 5V 5V 5HI 0DUOD +RXVH 0 DU OD +RXVH

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

+RXVHV IRU 6DOH +RXVHV IRU 6DOH

5V 5V 5HI 5HI 0DLQ %RXOHYDUG *XOEHUJ 0 DLQ %RXOHY DUG *XOEHUJ .DQDO +RXVH .DQDO +RXVH

5V 5HI 5V 5HI 'HIHQFH 5D\D 'HI HQFH 5D\D .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

--RKDU 7RZQ RKDU 7RZQ +RXVHV IRU 6DOH +RXVHV IRU 6DOH

5V 5HI 5V 5HI .DQDO +RXVH .DQDO +RXVH

5 5V V 5 5HI HI .DQDO +RXVH .DQDO +RXVH

/HVV 7KDQ /HVV 7KDQ .DQDO . DQDO +RXVHV +RXVHV

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

/ /D DK KRUH RUH

+ +RXVH RXVH

5 5HV 3ORW HV 3 ORW

2 2II I LLFH FH

)ODW )ODW

& RPP 3 ORW &RPP 3ORW

% XLOGLQJ %XLOGLQJ

3 $ *( 3$*(

5V 5V 5HI 5HI 0DUOD +RXVH 0 DU OD +RXVH

5 5V V 5 5HI HI 3 3KDVH KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5 5V V 5HI 5HI 3 3KDVH KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5V 5 5HI HI 3KDVH 3KDVH 0DUOD +RXVH %GV 0 DU OD +RXVH %GV

5V 5V 5HI 5HI 0DUOD +RXVH 0 DU OD +RXVH

5 5V V 5 5HI HI 3 3KDVH KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5 5V V 5HI 5HI 3 3KDVH KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH 0DUOD +RXVH 0 DU OD +RXVH

5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH 0 DU OD +RXVH

5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV 0 DU OD +RXVH %GV %WKV %WKV

.DQDO .DQDO + +RXVHV RXVHV

5V 5V 5HI 5HI .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5 HI 5V 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5 V 5 HI 5HI 3KDVH 3 KDVH 0 DU OD +RXVH 0DUOD +RXVH

5V 5V 5HI 5HI .DQDO +RXVH .DQDO +RXVH

5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5 HI 5HI 5V 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

6 6WDWH /LIH WDWH /LIH + +RXVLQJ RXVLQJ 6 6RFLHW\ RFLHW\

/ /HVV 7KDQ HVV 7KDQ . .DQDO DQDO + +RXVHV RXVHV

+RXVHV IRU 6DOH +RXVHV IRU 6DOH

.DQDO . D Q D O + +RXVHV RXVHV

5V 5HI 5 HI 5V 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5V 5HI 5HI 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5V 5HI 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5HI 5V 3KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5HI 5V 5HI .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

9DOHQFLD 9DOHQFLD +RXVLQJ +RXVLQJ 6RFLHW\ 6RFLHW\

/HVV 7KDQ /HVV 7KDQ .DQDO . DQDO +RXVHV +RXVHV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV %WKV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

+RXVHV IRU 6DOH +RXVHV IRU 6DOH

5 V 5V 5HI 5HI % ORFN + %ORFN + 0 DU OD +RXVH %GV 0DUOD +RXVH %GV

5V 5HI 5V 5HI %ORFN / %ORFN / 0 DU OD +RXVH %GV 0DUOD +RXVH %GV

5V 5V 5HI 5HI %ORFN 3 %ORFN 3 0 DU OD +RXVH %GV 0DUOD +RXVH %GV

5V 5V 5 5HI HI %ORFN 3 %ORFN 3 0 DU OD +RXVH 0DUOD +RXVH

5 V 5V 5HI 5HI % ORFN + %ORFN + 0 DU OD +RXVH %GV 0DUOD +RXVH %GV

5V 5HI 5V 5HI %ORFN 0 %ORFN 0 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5V 5HI 5HI %ORFN 3 %ORFN 3 0 DU OD +RXVH %GV 0DUOD +RXVH %GV

5V 5V 5HI 5HI 9DOHQFLD +RPHV 9D DOHQFLD +RPHV 0DUOD +RXVH %GV 0 DU OD +RXVH %GV

5V 5 HI 5V 5HI .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI %ORFN & %ORFN & .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5V 5HI 0DUOD +RXVH %GV 0 DU OD +RXVH %GV

5V 5HI 5V 5 HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV 0 DU OD +RXVH %GV

5V 5HI 5V 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5V 5V 5HI 5HI 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

.DQDO . D Q D O + +RXVHV RXVHV

5V 5HI 5V 5HI .DQDO +RXVH %GV .DQDO +RXVH %GV

5HI 5 V 5V 5HI %ORFN & %ORFN & .DQDO +RXVH %GV .DQDO +RXVH %GV

5 V 5 HI 5V 5HI .DQDO +RXVH %GV .DQDO +RXVH %GV

5 V 5HI 5V 5HI % ORFN ( %ORFN ( .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

0 0RUH 7KDQ RUH 7KDQ . .DQDO DQDO + +RXVHV RXVHV 5V 5V 5HI 5HI .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI %ORFN ( %ORFN ( .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5V 5HI 5HI %ORFN & %ORFN & .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

: :DSGD 7RZQ DSGD 7RZQ

3URSHUW\ KXQWLQJ 3 UR S H UW\ K X Q WL Q J PDGH VLPSOH P D G H VL P S O H

9LVLW =DPHHQ FRP 9LVLW =DPHHQ FRP

+RXVHV IRU 6DOH +RXVHV IRU 6DOH

5V 5V 5HI 5HI %ORFN $ %ORFN $ .DQDO +RXVH %GV .DQDO +RXVH %GV

/ /HVV 7KDQ HVV 7KDQ . .DQDO DQDO + +RXVHV RXVHV 5V 5V 5HI 5HI 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

/ /D DK KRUH RUH

+ +RXVH RXVH

5 5HV 3ORW HV 3 ORW

2 2II I LLFH FH

)ODW )ODW

&RPP 3ORW & RPP 3 ORW

%XLOGLQJ % XLOGLQJ

3 $ *( 3$*(

. D Q D O .DQDO +RXVHV + R X VH V

5V 5V 5HI 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

=DPHHQ FRP =DPHHQ FRP

WKH VPDUWHVW ZD\ WR WK H VP D UWH VW ZD \ WR IILQG D SURSHUW\ L Q G D S UR S H UW\

5V 5V 5HI 5HI .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5V 5HI 3 KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5V 5HI 5HI .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

% %DKULD 7RZQ DKULD 7RZQ &RPPHUFLDO 3ORWV &RPPHUFLDO 3ORWV IRU 6DOH IRU 6DOH 5V 5HI 5V 5HI 3 3KDVH KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5 V 5V 5HI 5HI 3 KDVH 3KDVH 0 DU OD +RXVH %GV %WKV 0DUOD +RXVH %GV %WKV

5V 5V 5HI 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV

5 V 5HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5 V 5HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV .DQDO +RXVH %GV

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH .DQDO +RXVH

/ /HVV 7KDQ HVV 7KDQ . .DQDO DQDO & &RPPHUFLDO RPPHUFLDO 3 3ORWV ORWV

5 5V V 5HI 5HI 0DUOD &RPPHUFLDO 3ORW 0 DU OD &RPPHU FLDO 3ORW

5V 5HI 5V 5HI 6HFW RU % 6HFWRU % 0 DU OD &RPPHU FLDO 3ORW 0DUOD &RPPHUFLDO 3ORW

5 5V V 5HI 5HI 6HFWRU % 6HFW RU % 0DUOD &RPPHUFLDO 3ORW 0 DU OD &RPPHU FLDO 3ORW

5V 5HI 5V 5HI 6HFW RU % 6HFWRU % 0DUOD &RPPHUFLDO 3ORW 0 DU OD &RPPHU FLDO 3ORW

5V 5V 5HI 5HI 3KDVH 3KDVH 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV 5 5V V 5HI 5HI 3 3KDVH KDVH .DQDO +RXVH .DQDO +RXVH

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH .DQDO +RXVH

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV

5V 5HI 5V 5HI 6HFW RU & 6HFWRU & 0DUOD &RPPHUFLDO 3ORW 0 DU OD &RPPHU FLDO 3ORW

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