Zameen.com Magazine - Issue 2 - May 2014 by Zameen.com

FOREWORD

EDItoRIal Editor Ibrahim Suheyl

Dear Reader,

Sub-Editor Shaista Zulﬁqar

he Zameen.com magazine was inaugurated last month and the response to our maiden issue was nothing short of overwhelming. The editorial team is, therefore, quite overjoyed at the moment and wishes to thank you all profusely for your support and extremely valuable feedback, which will doubtless help us perfect our product over the coming months.

Writers Samra Zulifqar Zain Nadeem Ahsen Ghufran Khan

Pakistan’s real estate market has been the one consistently shining beacon of sound investment in the country over the last two decades, practically immune to the fallout from political instability and security challenges that have dogged the nation and its economy of late. The latest issue of Zameen.com magazine celebrates this gumption and resilience with the introduction of some of the best and most lucrative projects from around the country.

Head, Developer Business Asim Iftikhar

Our cover story features Crescent Bay Karachi, a beachfront project by Emaar Properties that promises to redeﬁne the skyline of Pakistan’s economic hub. We are also highlighting two featured properties this month, both of which have caught our eye as brilliant investment opportunities as well as excellent places to call home.

Designer Muneeb Ijaz DEvElopER aDvERtISIng

agEnt aDvERtISIng Regional Sales Manager (north) Ahmad Bhatti Regional Sales Manager (South) Mashood Rehman Sales Managers (Central) Kamran Shehzad Hassan Ahmed ManagEMEnt Head of product Omer Imran Iqbal

The feature stories this month present a nice mixed bag of lighter elements and more pressing issues that deserve to be brought to light, and we hope that you will enjoy both in equal measure.

Chief Executive oﬃcer Zeeshan Ali Khan

Finally, the Zameen.com Market Report for the ﬁrst quarter of 2014 has also been included in this issue, oﬀering professional assessment and analysis of the country’s realty sector based on the years of solid experience that makes Team Zameen the best in the business.

Executive Chairman Gilles Blanchard

We sincerely hope you will enjoy the read.

Chief operating oﬃcer Imran Ali Khan

DISClaIMER Although every reasonable care has been taken to ensure the accuracy of the information contained in this publication, neither the publisher, editor nor their employees and agents can be held liable for any errors, inaccuracies and/or omissions, howsoever. We shall not be responsible for any loss or damage, whether direct or indirect, incidental or consequential arising from or in connection with the contents of this publication and shall not accept any liability in relation thereto. The views by our contributors expressed here are their personal opinions and do not necessarily reﬂect Zameen.com’s views.

Ibrahim Suheyl Editor

Unless otherwise noted, all artwork and ad designs printed in Zameen.com magazine are the sole property of Zameen.com pakistan and may not be reproduced or transmitted in any form, in whole or in part, without the prior written consent of the publisher.

pRIntER Mars Communications oﬃce: No 2, 2nd Floor, Kaxton Plaza, Opp Daily Jurrat, 14-Abbott Road, Lahore

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CovER StoRy

CRESCENT BAy KARACHI

NEWS STORIES

FEATURED PROPERTy Icon Valley

FEATURED PROPERTy Graceland Housing

MARKET REPORT Major cities see stable activity in Q1 of 2014

FEATURE STORy Are you a bad landlord?

FEATURE STORy Spurring sustainable development in Pakistan

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Featured Agents

Classifieds

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nEWS STORIES

CDa appRovES MEtRo BuS pRojECt In ISlaMaBaD

was also held recently with Mr yaqoob presiding, which reviewed the pace of work. In the meeting, the chief secretary instructed the workers to complete the project on time and warned that negligence would not be tolerated.

antI-EnCRoaCHMEnt taSk FoRCE REtRIEvES 310 aCRES oF lanD ISlaMaBaD: The Capital Development Authority (CDA)’s Development Working Party discussed the proposed Metro Bus Project in Islamabad at a recent meeting. CDA Chairman Mr Maroof Afzal chaired the meeting, which was also attended by the authority’s board members. After detailed discussions, the Development Working Party decided to approve the Metro Bus Project in Islamabad but also made key decisions regarding the preservation of the Federal Capital’s natural beauty as the project went forward, allocating 1 per cent of the project’s total cost to the protection of horticulture in the city. The Islamabad Metro Bus Project will reportedly feature 14 stations providing state-of-the-art services to commuters.

kaRaCHI: On orders from the Supreme Court, the Karachi Metropolitan Corporation (KMC) launched an anti-encroachment drive in Surjani Town and retrieved 310 acres of land from land-grabbers. The action was led by Antiencroachment Task Force Senior Director Mr Bilal Manzar and other officials of the KMC were also present on site. The task force razed various concrete structures including shops and houses and handed over the retrieved land to the project director of Surjani Town.

paRkIng lotS oF SEvERal plaZaS MaDE opERatIonal

ZIaRat RESIDEnCy to BE REStoRED By auguSt 14

QuEtta: The Ziarat Residency, where Quaid-e-Azam Muhammad Ali Jinnah spent the last days of his life and which was gutted by militants in an attack last year, will be restored by August 14, 2014. Restoration work is already underway, with a team of architects and engineers working on the site under the supervision of Balochistan Chief Secretary Mr Babar yaqoob. A meeting

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kaRaCHI: In collaboration with the Karachi Building Control Authority (KBCA), the District South Administration has made the parking lots of Rex Centre, Dildar Centre, Gul Shopping Plaza, China Centre, Nauman Centre and Hong Kong Mall fully operational. These parking lots had been approved by the KBCA but were being used for purposes other than parking, because of which illegal roadside parking was

increasing. The authorities have now issued letters to the owners of these commercial plazas to maintain the parking lots.

antI-EnCRoaCHMEnt DRIvE SloWS DoWn laHoRE: The hasty transfers of officials associated with anti-encroachment drives in the city has adversely affected the recovery of large sums of money and has reportedly given way to increased illegal construction. The transferred officials have yet to begin work in their new towns and the drive has slowed down as a result, with some of the workers still at work in the old towns. Issues regarding payment of salaries have also reportedly arisen in the new towns.

Business RecoRdeR analySES laHoRE REal EStatE uSIng ZaMEEn.CoM Data

usiness Recorder, Pakistan’s top financial daily, has analysed Lahore’s real estate market in an article using data from Zameen.com. Citing information gathered from Zameen.com’s portal, the daily reported that property prices had not yet reached the pre-crisis peak of 2007, with the average sale price of 1-kanal plots in Lahore in December 2013 roughly equal to three-fourths of similar properties in January 2007 when adjusted for inflation. The same trend had been observed in the stock market, stated the article, with KSE’s market cap logged at $56.6 billion in December 2013, a full 22 per cent less than the stock market’s peak of $72.8 billion in April 2008. Read the full article at: http://goo.gl/Dlw2yz

nEWS STORIES

lDa IntRoDuCES REvISED Sops FoR tRanSFERS oF plotS

DHA, the total number of Passport Oﬃces in Lahore will go up to four. The authorities have also planned new oﬃces in Shahdara, Sialkot and Bahawalpur to be built on land owned by Pakistan Railways.

lDa auCtIonS CoMMERCIal, RESIDEntIal plotS laHoRE: The Lahore Development Authority (LDA) has introduced revised Standard Operating Procedures (SOPs) for the transfer of plots in its housing schemes with the aim of safeguarding buyers from fraud and curbing tampering with property ﬁles.

laHoRE: Six commercial plots in Johar Town and Mustafa Town and nine residential plots in Jubilee Town and Sabzazar Scheme were auctioned under the aegis of the Lahore Development Authority (LDA). The properties fetched Rs 104.3 million in total.

Sellers will now be required to submit the following with applications for plot transfers: a No-Objection Certiﬁcate issued by the LDA, attested copies of the Computerised National Identity Cards (CNICs) of the buyer and seller, an attested copy of the transfer letter, attested photographs, three signatures and thumb impressions, and a transfer set consisting of two aﬃdavits attested by a Notary Public.

The maximum bid was oﬀered for a 3.75marla corner plot in J Block, Johar Town. Its base price was set at Rs 1.1 million per marla and the winning bid was Rs 1.85 million per marla. This public auction was held at the LDA’s Community Centre in New Muslim Town.

ZaMEEn.CoM paRtICIpatES In pIREX

kMC REvIEWS ConStRuCtIon oF MalIR Halt anD MalIR 15 FlyovERS

ISlaMaBaD: Zameen.com participated in the Pakistan International Real Estate Expo (PIREX) 2014, which was Pakistan’s first international real estate event, held from March 14 to 16 at the Pak-China Friendship Centre. The real estate portal’s team was on hand to explain to visitors and participants the online real estate benefits that Zameen.com offers.

autHoRItIES plan to SEt up nEW paSSpoRt oFFICE In DHa laHoRE: Passport authorities have decided to establish a new Passport Oﬃce in Defence Housing Authority (DHA) and move the one on Abbott Road to Baghbanpura. With the establishment of this oﬃce in

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kaRaCHI: Karachi Metropolitan Corporation (KMC) Administrator Mr Abdur Rauf Akhter Farooqi reviewed the construction of Malir Halt Flyover and Malir 15 Flyover and instructed the senior director of the Anti-encroachment Task Force to remove encroachments in the area in order to speed up construction work. KMC Technical Services Director General Niaz Ahmed Soomro, who was also present on site, told Mr Farooqi that piling work had been completed partially on the Malir 15 Flyover and girders would

be built soon, while piling work was complete and girders had been built for the Malir Halt Flyover. Mr Farooqi told Mr Soomro to ensure swift work on the overpasses to ensure timely completion.

CDa CHaIRMan vISItS BanI gala

ISlaMaBaD: Pakistan Tehreek-e-Insaf (PTI) Chairman Mr Imran Khan had complained to Prime Minister Mr Nawaz Sharif about illegal occupation of land belonging to Bani Gala National Park, in response to which the premier directed Capital Development Authority (CDA) Chairman Mr Maroof Afzal to resolve the issue. The CDA chairman visited Bani Gala and met Mr Khan and assured him that the matter would be resolved swiftly.

EnCRoaCHMEntS aRounD QuaIDaBaD RounDaBout RaZED kaRaCHI: The Anti-encroachment Task Force of the Karachi Metropolitan Corporation (KMC) launched a drive against encroachments in Quaidabad. The operation was supervised by the Antiencroachment Task Force Senior Director Mr Bilal Manzar. During the operation, the task force razed various illegally built cabins, food stands, and other structures around Quaidabad Roundabout. Several encroachments in Haideri Market, Bahadurabad and Malir were also demolished. During the recent anti-encroachment drives, more than 400 makeshift food stands, shops, cabins, and illegal bus stops were torn down. Heavy security was ensured during these operations in order to control any resistance from the encroachers.

nEWS STORIES

SInDH to appRoaCH FEDERal govt ovER lanD-gRaBBIng

kaRaCHI: The Sindh government plans to approach the federal government to discuss the issue of land illegally occupied by various organisations and federal ministries in Karachi. The Sindh Land Utilisation Department had submitted a report to the Supreme Court to this eﬀect as well. In the report, the department had claimed that Malir Cantonment, Port Qasim Authority, Karachi Port Trust, Pakistan Railways, Defence Housing Authority and other federal bodies had occupied almost 33,000 acres of land that belonged to the Sindh government. Now, the provincial government has decided to take up the issue with the federal government. In a recent meeting on the performance of the Revenue Department, Sindh Chief Minster Mr Qaim Ali Shah also said that a project called the Land Administration and Revenue Management Information System (LARMIS) had been launched by the provincial government with the aim of computerising land records, which would be operational by December 2014.

CapItal’S puBlIC paRkS In nEED oF IMMEDIatE attEntIon ISlaMaBaD: The Federal Capital has 175 big and small public parks and playgrounds, most of which have been fairly neglected by the Capital Development Authority (CDA) when it comes to routine upkeep. Fatima Jinnah Park, one of the largest parks in Pakistan, is in shambles because of the apathy of the CDA oﬃcials

concerned, with broken benches and lampposts presenting a sorry sight. “Public parks in most sectors such as G6, G7, G8, F6 and F7 are in poor condition, with dilapidated benches, lights, swings and jogging tracks,” said a resident of G8/2. Some of the parks have also begun to attract junkies, which has made it diﬃcult for visitors to enjoy themselves.

polItICS gEt In tHE Way oF CDa pRojECtS

jams, since they are building the Bahria Town Icon Tower near Jehangir Kothari Parade,” said the KMC administrator in a meeting. Bahria Town will not only ﬁnance the projects but will also reportedly help design and build them.

SC tEllS SEllERS to REtuRn lanD In EoBI CaSE

ISlaMaBaD: Contention in the higher management of the Capital Development Authority (CDA) is reportedly creating hurdles for the development projects being undertaken in Islamabad. Various oﬃcers complained that the Planning Wing was getting in the way of development projects such as the Islamabad Bus Service, Park Enclave and Margalla Avenue. “Rivalries between the bureaucrats are becoming a problem,” said an oﬃcial of the CDA who wished to remain unnamed.

BaHRIa toWn to FInanCE ovERpaSS, tWo unDERpaSSES

ISlaMaBaD: A two-member bench of the Supreme Court (SC) chaired by Justice Anwar Zaheer Jamali heard the EOBI case and issued notices to the sellers in line with its decision that the land in question must be returned to its rightful owners. The lawyer for EOBI – which stands for the Employees Old-age Beneﬁts Institution told the court that advertisements were taken out in newspapers to sell the property but failed to generate interest in buyers. The EOBI Board has now decided to return the land to its owners. Justice Jamali said in his remarks that the money of poor employees would be protected. The court adjourned for two weeks after issuing the notices.

kaRaCHI: Karachi Metropolitan Corporation (KMC) Administrator Mr Abdur-ur-Rauf Akhter Farooqi has said that an overpass and two underpasses will be built at three different locations in the city – at Naqvi Chowk, Abdullah Shah Ghazi’s Shrine, and Park Towers – and all three projects will be financed by Bahria Town. “Thirteen meetings were held with the Bahria Town administration to convince them to provide financial support for the projects. We have told Bahria Town that it is their responsibility to help build underpasses and bridges to avoid traffic

IllEgal SIgnBoaRDS ConFISCatED In g13 ISlaMaBaD: The Directorate of Municipal Administration (DMA) of the Capital Development Authority (CDA) conducted an anti-encroachment drive against illegal billboards and signboards in Sector G13. During the operation, 91 such billboards and signboards were conﬁscated. The DMA has conducted similar antiencroachment operations in various other sectors of the Federal Capital as well. CDA Chairman Mr Maroof Afzal has reportedly told the DMA to continue these unbiased operations.

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nEWS STORIES

CDa planS to DEMolISH vaRIouS SHantytoWnS

ISlaMaBaD: The Capital Development Authority (CDA) has conducted a detailed survey to gather information about shantytowns in the capital and has decided to demolish at least a dozen of them. No compensation or resettlement plan has been introduced by the authority, however. Notices to vacate their illegal homes have been issued to slum dwellers in Sectors F6, F7/4, G7/1, G7/2, G7/3 and G8/1. The CDA has also asked for assistance from the Federal Investigation Agency, Sui Northern Gas Pipelines, and Islamabad Electric Supply Company in conducting this large-scale operation.

DaSu DaM ConStRuCtIon to BEgIn By yEaR-EnD ISlaMaBaD: The Senate Standing Committee on Water and Power has said that construction work on Dasu Dam will begin by the end of 2014 and World Bank will provide ﬁnancial support in acquiring land for the dam. The dam is expected to produce 2,160

MW of electricity upon completion of the ﬁrst phase of development. The Water and Power Development Authority (WAPDA) chairman has said that because of ﬁnancial constraints, the dam will be built in several phases and will be completed and fully operationalised in 2019.

ManSEHRa SEEkS lanD FoR HyDRopoWER pRojECt ManSEHRa: The District Administration of Mansehra plans to acquire 4,400 kanals of land for the Suki Kanari Hydropower Project. The dam will be built on the Kunhar River in Kaghan Valley, and it will produce 870 MW of electricity. “The Khyber Pakhtunkhwa government is providing support for the construction of the dam in Kaghan Valley. The District Administration of Mansehra will acquire land for the dam with the help of the Revenue Department,” said Mansehra Deputy Commissioner Mr Zulﬁqar Shah. Mr Shah also said that a survey for the execution of the project had been completed and a Memorandum of Understanding for the construction of the dam had been signed between the project’s management and the commissioner of Hazara.

kMC REtRIEvES 14 aCRES oF IllEgally oCCupIED lanD In CHakRa gotH kaRaCHI: Karachi: The Anti-

encroachment Task Force of the Karachi Metropolitan Corporation (KMC) retrieved 14 acres of Karachi University’s land from land-grabbers in an anti-encroachment drive in Chakra Goth, Korangi No 1. Using heavy machinery, the task force demolished various concrete structures and houses constructed on an amenity area allocated to Karachi University. Anti-encroachment Task Force Director Mr Mazhar Khan, Anti-encroachment Task Force Additional Director Mr Muhammad Shakir, and other task force personnel were present on site. The task force faced resistance from the land-grabbers during the operation. However, police took immediate action to control the situation. Mr Mazhar Khan said notices had been served to the occupiers a week previously and action had been taken after considering all legal aspects. He said police had also arrested an estate agent who had sold plots to the people with fake documents.

pRopERty taX EnFoRCED on 56,000 unItS laHoRE: The Excise & Taxation (E&T) Department has included 56,000 property units in new housing societies into its taxation system, which will generate an estimated Rs 90 million in tax revenue every year. The inclusion of these property units into the system has increased the number of taxpayers to 385,000. The property tax target for the region is Rs 2 billion, 78 per cent of which has been collected by the E&T Department so far.

Zameen.com introduces new Maps Section

AMEEN.COM has introduced a new Maps Section in response to demand from the portal’s widespread clientele. With this handy feature, the users of the portal will be able to pinpoint the exact location of plots in various

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housing societies. Zameen.com was already using Google Maps, but the introduction of this new feature has broadened the scope of this service by allowing users to trace the exact location of plots with plot

numbers mentioned on the maps. The section currently features maps of more than 75 housing societies in Lahore, Karachi and Islamabad, and Zameen.com aims to develop this section further to make it the leading online map resource in Pakistan.

nEWS STORIES

vaRIouS EnCRoaCHMEntS aRounD QuaIDaBaD RounDaBout RaZED kaRaCHI: The Anti-encroachment Task Force of the Karachi Metropolitan Corporation (KMC) launched a drive against encroachments in Quaidabad. The operation was supervised by the Anti-encroachment Task Force Senior Director Mr Bilal Manzar. During the operation, the task force razed various illegally built cabins, food stands, and other structures around Quaidabad Roundabout. Several encroachments in Haideri Market, Bahadurabad and Malir were also demolished. During the recent anti-encroachment drives, more than 400 makeshift food stands, shops, cabins, and illegal bus stops were torn down. Heavy security was ensured during these operations in order to control any resistance from the encroachers.

punjaB govt SEEkS tEnDERS WItHout aCQuIRIng lanD FoR DaDuCHa DaM

RaWalpInDI: The Punjab government has yet to acquire land from Bahria Town and Defence Housing Authority (DHA) for the construction of Daducha Dam, but has gone ahead and sought tenders for feasibility studies for the reservoir. The Provincial Irrigation Department has asked various ﬁrms to submit their expression of interest and the feasibility study is expected to be completed within a year. The provincial government has allocated Rs 48 million for this study. The proposal for the construction of the Daducha Dam was initially put forth by Small Dams Organisation (SDO) and the

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Rawalpindi Development Authority (RDA) in 2001. However, the project failed to get oﬀ the ground during the previous government’s tenure and in 2006, the DHA and Bahria Town launched a residential society on the land in question.

punjaB lanD DEvElopMEnt CoMpany CEo SaCkED

opERatIon agaInSt SHantytoWnS FaCES oppoSItIon ISlaMaBaD: All-Pakistan Alliance of Kachi Abadis (APAKA) chief Mr Muzaffar Khan has slammed the government’s ‘propaganda’ to begin an operation against kachi abadis (shantytowns) in the Federal Capital. Mr Khan said that the Awami Workers Party (AWP) and the APAKA would continue to fight for the rights of slum dwellers. “The propaganda that kachi abadis are havens for terrorists has taken strength after the recent terrorist attack on the district courts,” Muzaffar added. The AWP’s Mr Nazish Zahoor said that numerous surveys had been conducted by the Islamabad Capital Territory Authority and Capital Development Authority on the shantytowns, and that the residents would not take this mischaracterisation lying down. “If the government does not stop this propaganda linking the slums with terrorism, we will hold a peaceful protest,” he added.

laHoRE: Punjab Chief Minsiter Mr Shahbaz Sharif visited the site of Aashiyana Iqbal on Burki Road and expressed indignation over the slow pace of development on the project. Taking stern notice of the negligence to blame for the delay in development work, he issued orders for the immediate termination of the acting chief executive oﬃcer of the Punjab Land Development Company. Mr Sharif also ordered action against other oﬃcials responsible for the delay and reprimanded them for the incomplete state of the road leading to Burki from Aashiyana Iqbal. He said public servants who were careless about public welfare projects should not be allowed to retain their posts.

RECoRDS oF pRIvatE HouSIng SCHEMES SuBMIttED to lDa

kMC lanD SEIZED FRoM IllEgal oCCupantS

laHoRE: The property records of approved private housing schemes and land sub-divisions have been submitted to the Lahore Development Authority (LDA).

kaRaCHI: On orders from Karachi Metropolitan Corporation (KMC) Administrator Mr Abdur Rauf Akhter Farooqi, the Anti-encroachment Task Force has retrieved the KMC’s land in Clifton from illegal occupants.

The Town Municipal Administrations (TMAs) of Kasur, Sheikhupura and Nankana Sahib have also submitted important records to the Chief Metropolitan Planner Department of the LDA. The LDA officials concerned will begin groundwork after analysing these records.

The operation was executed under the direct supervision of Antiencroachment Task Force Senior Director Mr Bilal Manzar, and the additional director and deputy director were also present on site.

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The revolutionary architecture of Crescent Bay truly redefines the meanings of the words luxury and lifestyle with a spectacular, close-gated, seafront community which includes everything that constitutes a life of luxury, be it working, shopping or relaxing with your family. Situated at a prime location in DHA Phase VIII, Karachi, Crescent Bay is easily accessible from both Sea View Road and Khayaban-e-Ittehad. It is a contemporary architectural composite of uniquely designed towers such as the Pearl, Reef and Coral Towers, each of which is distinct in design and extravagance. The Crescent Bay project provides over 4,000 luxury residential apartments and deluxe penthouses, exclusively designed for those who believe in the balance of tranquility and luxury with convenience and comfort while living in a modern metropolis. Residents will also enjoy the wonderful benefits of having a fivestar hotel, shopping mall and community club right next door.

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Pearl Towers & Reef Towers Crescent Bay Karachi is a project that will redefine the skyline of Pakistan’s economic hub. The Pearl and Reef Towers are among the many that will create this blissful and serene sanctuary along the coast, adding to the splendour and beauty of the country’s largest city. Pearl Towers offer a high standard of architecture and design with the intent of providing a breath-taking 270-degree panoramic view of the majestic Arabian Sea. A graceful line of three towers, the Pearl Towers offer a choice of luxurious apartments, opulent penthouses and exquisite townhomes. The towers will be 25 storeys each and will share a common two-storey podium that provides access to a large swimming pool with a resort-style pool deck, a fitness centre, landscaped garden and children’s play area. With every amenity contained within it, Pearl Towers is set to be a true community within a community. The Reef Towers are composed of two state-of-the-art buildings with architecture identical to the Pearl Towers and inspired by the intent of imparting luxury in a practical, contemporary setup. The two towers offer luxury apartments, penthouses and townhomes with a distinct sense of quality throughout the buildings that is sure to catch the discerning eye.

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Coral Towers The Coral Towers are architectural masterpieces with uninterrupted views of the sea that stretch out to the horizon. The towers share exceptional facilities, including a large swimming pool and childrenâ&#x20AC;&#x2122;s paddling pool, a gymnasium, function room and barbeque area. They feature spacious interiors with high ceilings and abundant natural light spilling in through the windows, making every Coral Towers apartment an abode of peace and tranquility. The high quality finishes in all apartments include polished granite and marble in the kitchens and bathrooms, which complement the modern fittings and faucets. The Pearl, Reef, and Coral Towers are equipped with state-of-the-art amenities and furnished with extravagant luxury in mind. They are also protected by the reliable, 3-layered, 24/7 security system that Crescent Bay Karachi promises its residents, turning into reality the vision of a serene and blissful utopian metropolis along the coast.

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FEatuRED PROPERTy

Icon valley o

ne of the greatest things about this nation is that we adapt no matter how bad things get. For instance, there was a time, many decades ago, when power outages were treated like something of an emergency, and life used to grind to a halt as everything went dark. We have now largely learnt to live with this inconvenience as the country’s power shortage increases and demand shoots up. But there is a new address in Lahore that boasts a major boost to standard of life.

Icon Valley is a one-of-a-kind housing society located 18 kilometres from Thokar Niaz Baig on Raiwind Road, with a wide selection of excellent residential units and a host of wonderful amenities on oﬀer. With a gated and guarded entrance from main Raiwind Road, Icon Valley residents enjoy a private, secluded neighbourhood removed from the congestion and urgency of Lahore proper, but with all of the luxuries aﬀorded by city life and more. We say ‘and more’ because city life at the moment means constant, crippling load-shedding and poor overall security, whereas Icon Valley residents enjoy uninterrupted power 24/7 delivered by a state-of-the-art belowground infrastructure, along with highly reliable round-the-clock security. Add to that high-speed internet access, telephone lines, housekeeping facilities and a dedicated transport service and Icon Valley begins to paint quite the picture.

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FEatuRED PROPERTy

So far, so good. Let us now take a look at what takes this development from good to great, beginning with the unbelievable array of opportunities to relax and unwind. Icon Valley features a fully equipped gym, a swimming pool and hot tub, a mini golf course, billiard/snooker lounges, a cigar lounge and a full cinema showing the latest box office hits. As if that wasn’t some serious entertainment already, the Icon Valley Sports Arena also offers residents full tennis, badminton, squash and basketball courts, along with table tennis facilities and a bowling alley.

property type 5-Marla Apartments 7-Marla Apartments 10-Marla Apartments 5-Marla Villas/Houses 7-Marla Villas 11-Marla Villas

price Range ,000 PKR 3,450,000 – PKR 4,255 ,500 PKR 5,347,500 – PKR 5,462 ,000 PKR 6,325,000 – PKR 6,670 ,000 PKR 7,475,000 – PKR 7,935 PKR 10,485,000 PKR 15,525,000

The Business Centre at Icon Valley boasts event halls, hospitality services, and a full conference centre for all of your professional needs. Fine dining is not too far behind either, with a wide selection of culinary experiences ranging from continental to Italian, Chinese to Thai, and simple to unabashedly opulent, all presented in a luxurious setting with customised seating and optimum spacing.

The 5-, 7-, and 10-marla apartments are highly aﬀordable to begin with, and become even more manageable with the convenient instalment plan. The same holds true for villas and houses, which come in various conﬁgurations and convenient sizes of 5, 7, and 11 marlas.

What, then, is the price tag on this irresistible mix of

We suggest you get on it immediately.

luxury and serenity? Not a whole lot.

loCatIon Map

Call noW +92-336-6426633 +92-336-6426633 +92-42-35330235 +92-42-35330236

ZaMEEn pRojECt lIStIng Zameen ID: zameen.com/np/675-170.html City: Lahore Construction Status: Complete price: PKR 3,450,000 - PKR 15,525,000 visit www.zameen.com for more information

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FEatuRED PROPERTy

short, 5-minute drive from the M2 Interchange on main Fateh Jang Road in Islamabad, near the under-construction New Benazir Bhutto International Airport (NBBIA), lies Graceland Housing, an expansive residential project with a lot to boast. The developers of Graceland Housing have employed the highest standards of construction with the intention of creating a state-of-the-art, modern-day living option for a wide range of buyers. With plots available from 5 marlas to 2 kanals, everyone can expect to find something that fits their needs. The staples of modern housing societies are all there, such as wide roads, underground electricity, pedestrian footpaths, streetlights, signage and traffic lights, parks and children’s play areas, a club and

graceland community centre, and vigilant 24hour security with CCTV. Like any safe, self-contained residential development, Graceland Housing will be gated and walled and will oﬀer a complete residential experience, complete with schools, medical facilities and every other amenity that characterises comfortable living. The NBBIA is due to be completed in 2015 and has begun cargo operations already, which makes the location of this development of prime value seeing as it is a 3-minute drive from what will be the world’s new gateway to the capital of Pakistan. The new bridge on the M2 Motorway, complete and operational, connects Kashmir Highway with Fateh Jang

property type 5-Marla Plots 8-Marla Plots 9.32-Marla Plots 10-Marla Plots 1-Kanal Plots 1.2-Kanal Plots 2-Kanal Plots

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Road and provides a convenient and swift corridor for commuters, who only have to travel another 4 kilometres (a 5-minute drive) to reach Graceland Housing. With this approach, Islamabad’s Zero Point is a 20-minute drive away. Two of the ﬁve residential blocks at Graceland have been completed and oﬀer immediate possession, while the rest are being developed at a great pace. This provides prospective buyers with a genuine investment opportunity with which they are very likely to see high returns, seeing as prices will be revised in a few months once development work has reached a more advanced stage. This is a brilliant opportunity to build a home or invest, and we therefore fail to understand what you are waiting for.

price Range 0 PKR 990,000 – PKR 1,072,50 PKR 1,485,000 PKR 1,727,000 ,500 PKR 1,683,000 – PKR 1,853 ,500 PKR 2,816,000 – PKR 3,107 PKR 3,718,000 PKR 5,582,500

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Housing loCatIon Map

Call noW +92-321-8777333

ZaMEEn pRojECt lIStIng Zameen ID: zameen.com/np/685-171.html City: Islamabad Construction Status: Under Construction price: PKR 990,000 â&#x20AC;&#x201D; PKR 5,582,500 visit www.zameen.com for more information

ZAMEEN.COM 23

MaRkEt REPORT

MaRkEt REpoRt

Major cities see stable activity in Q1 of 2014 P

ROPERTy prices remained stable across three of the country’s major cities during the first quarter (Q1) of 2014. The property markets of Lahore, Karachi and Islamabad, which had registered increases in prices throughout 2013, were lukewarm during Q1 of 2014 with little buying and selling activity. Zameen.com’s statistics show that prices for plots and homes in Lahore remained largely consistent with only minute increases and decreases during the first quarter. Property values in Islamabad and Karachi, too, showed a similar trend, where key areas performed consistently in Q1. No significant changes were noticed in the trajectory of rental prices across key areas of the three major cities.

PROPERTY PRICES STEADY IN LAHORE The property market for plots in Lahore had an uneventful ﬁrst quarter. Compared to Q1 of 2013, demand seemed to have dropped signiﬁcantly in Q1 of 2014, signifying that not many buyers or investors were active in the market. Consequently, there were no major spikes seen in property prices in Lahore.

LAHORE RENTAL MARKET REMAINS STABLE A comparison of average rents in DHA and Lahore Cantt revealed an interesting development on the rental front in Lahore. Cantt, which is generally a more expensive area to rent a 1-kanal home, lagged behind DHA during Q1 of 2014. Zameen.com’s statistics showed that the average rent for 1kanal houses in DHA – Rs 118,758 in Q1 of 2014 – was 5.85% higher than houses of the same size in Cantt, where the average rent was Rs 112,195 during the same time period. Bahria Town, in contrast, was the most economical option of the three this quarter, with an average rent of Rs 87,667 for a 1-kanal house. The average rental yields for 1-kanal houses in DHA, Cantt and Bahria Town were 4.27%, 3.83% and 4.11% respectively in Q1 of 2014. Meanwhile, helped along by some modest price appreciation and sharp increases in rent, Johar Town boasted a staggering 5.26% rental yield during the same period of time. Those looking to invest in houses for a steady stream of rental income should take note of this.

AVERAGE PRICES OF 1 KANAL HOUSES IN LAHORE - Q1 2014 locality

avg Sale price

avg Monthly Rent

Rental yield

Cantt DHA Lahore Johar Town Bahria Town

36,336,364 33,346,196 26,826,721 25,602,015

112,195 118,758 117,413 87,667

3.83% 4.27% 5.26% 4.11%

ISLAMABAD PROPERTY MARKET SEES FLUCTUATION

In the ﬁrst quarter of 2014, 1-kanal (500 yards2) residential plots in DHA Lahore showed a dip of 3.35%. Similarly, plots of the same size in Bahria Town registered a decrease of 3.93% in prices during the same period. Homes in Lahore fared better than residential plots in terms of price appreciation, with 1-kanal houses seeing increases in value of 4.08% and 3.82% in DHA and Bahria Town respectively.

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Property prices in Islamabad also had a bit of a dry spell in the ﬁrst quarter of 2014. Most of the CDA sectors, which were very popular in 2013, did not manage to register impressive appreciation. In fact, some of the most notable areas registered a fall in prices. Bahria Town and E-11 exhibited a downward trend with a 4.85% and 0.61% fall in the prices of 1-kanal plots respectively. Interestingly, however, prices of same-sized plots in F-11 told a diﬀerent story, registering an increase of 14.10% and providing further evidence that there was some upward activity in selective pockets of the Federal Capital despite a relatively

MaRkEt REPORT

sluggish market.

opening the year at an average price of Rs 19,500,000 and remaining steady till the end of the quarter.

Homes, on the other hand, have had a much better 2014 across the board so far. Zameen.com’s statistics showed that 1-kanal homes in F-11, G-11 and E-11 saw price increases of 15.36%, 10.44% and 5.56% respectively.

Plots in Gulistan-e-Jauhar lost around 9.09% of their value in the same duration, however, falling from Rs 9,900,000 per 1 kanal in early January to around Rs 9,000,000 at the end of March.

CAPITAL’S RENTAL MARKET PERFORMS CONSISTENTLY

HOME PRICES HOLD STEADY IN KARACHI

From among the three most popular CDA sectors, E-11, G-11 and F-11, the ﬁrst emerged as the most economical place to rent a 1-kanal home, with an average rental price of Rs 167,475 in Q1 of 2014 and an estimated rental yield of 3.46%.

Much like the plots, 500 yard2 houses in Gulistan-e-Jauhar recorded a 1.22% dip in prices. One-kanal houses in DHA Karachi also took a 3.11% blow to their values, but remained steady in terms of average rent and rental yield at Rs 174,047 and 4.04% respectively.

AVERAGE PRICES OF 1-KANAL HOUSES IN ISLAMABAD - Q1 2014 locality

avg Sale price

avg Monthly Rent

Rental yield

F-11 E-11 G-11

63,764,977 58,188,889 57,251,111

185,028 167,475 171,889

3.49% 3.46% 3.61%

Rents for residential units of the same size hovered around the Rs 185,000 mark in F-11 during the ﬁrst three months of 2014, and with increasing prices and steady rents, Zameen.com’s data showed a gradual drop in the sector’s rental yield. One-kanal homes in G-11 fared slightly better in terms of rent thanks to steady, albeit minute, increases. The sector boasted an average monthly rent of Rs 171,889 in the ﬁrst quarter and a steady 3.61% rental yield.

FEW CHANGES IN KARACHI’S REALTY MARKET Karachi’s real estate sector, which stole the limelight towards the end of 2013 with a flurry of activity and new projects, recorded a few dips here and there but largely remained on the up. In DHA Karachi, 1-kanal plots registered a 6.40% rise in prices in the first quarter of the year. Even though this seems like a small percentage, translated into actual numbers it represents a tangible increase in prices for DHA properties. Residential plots of the same size in Gulshan-e-Iqbal experienced no significant changes in the same time period,

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Gulshan-e-Iqbal, on the other hand, showed a 3.27% increase in home values in Q1 of 2014. Barring a few, the older, more developed communities may not have done all that well in Karachi, but several of Bahria Town’s projects in the city kept buyers and investors busy for the better part of the first quarter. Experts have opined that one of the reasons why the Lahore and Islamabad markets have exhibited bearish trends is because Bahria Town has attracted a large chunk of the overall investment. Commenting on the current rates of plot files is difficult since they change every day, but what can be said with more certainty is that Bahria Town is showing the potential to become another successful project in the largest city of Pakistan.

MARKET LIKELY TO REMAIN UNCHANGED IN Q2 2014 Zameen.com CEO Mr Zeeshan Ali Khan reckons that the market is likely to remain unchanged in the second quarter of 2014 except for a few select areas across the major cities where prices may continue to inch up. “The second quarter is likely to be a quieter period compared to last year, but we’re expecting better activity in the third and fourth quarters of the year,” he said. Pakistan’s property sector is one of the largest recipients of foreign remittances, and overseas Pakistanis coming home for Eid play an important role in fuelling market activity. These expatriates, who contribute a sizable chunk of the total investment that goes into the country’s real estate sector, could have a hand in propelling the market as we head into the second half of the year.

FEatuRE STORy

are you a bad

landlord SAMRA ZULFIQAR

have often wondered why landlords are portrayed as nosy, bossy and annoying folks in movies and cartoons, but after doing a bit of research and listening to some disturbing stories of how some landlords have treated their tenants, I have ceased to wonder. Small wonder, then, that one rarely hears horror stories about bad tenants but tales of terror based on bad landlords are a dime a dozen. If you’re having trouble ﬁnding the right tenants for your property and retaining them for long, maybe you should take a long, hard look at why nobody is willing to stay longer than it takes to get the hell out of dodge. That’s right. It might just be that tenants don’t have the patience to deal with… uh… your ways of dealing with them.

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Just in case you don’t already know them inside out, let’s shed some light on the distinguishing traits that make a mildly annoying landlord a truly draconian one. IntIMIDatIon IS not youR BESt FRIEnD: That poor dude renting your studio apartment or the not-so-well-todo family currently residing in your 5-marla house are both already pretty scared of you, since they may lose the roof over their heads if your highness decides that their deeds are not up to par with your royal expectations. OK, I must admit I got a little carried away there, but that fear does exist in reality. Maybe not to the proportions I have blown it up to (bad experiences, anyone?), but it does. In light of this fact, would it not per-

haps be more prudent of you to show a bit of empathy and compassion? The courtesy these tenants show you begs reciprocation most of the time, except in genuinely diﬃcult circumstances where a landlord needs to be a little unyielding to protect their property and interest. Nevertheless, pointlessly bothering tenants in order to ‘keep them in check’ and threatening them with ‘consequences’ because their 4year-old doodled on the wall will do no one any good, especially not you. So placate, don’t intimidate, because when gestures can work, why use words? When words are enough, why put on a show? And when action is required, why go for the worst one right oﬀ the bat? I am sure you can dig deep and come up with the right words that can deliver the correct message to your tenants.

FEatuRE STORy

youR pRopERty IS, WEll, youR pRopERty: All right, fine, they live on property you own, and you live in another swanky place far removed from said property. So if let’s say there was a leak in one of the first floor bathrooms, it wouldn’t affect you per se because as we mentioned at the beginning of this hypothetical scenario, you’re in swanky-town where things like leaks are non-existent (I really have no idea where all this bitterness is coming from, honestly). However, it will certainly affect the property you own. Let me be straight with you: if you do not show concern and care for your property, the tenants will not either.

Don’t RattlE tHE lEgal SaBRE: I mean no offence, but the law in Pakistan mostly protects the powerful, and in most cases, landlords are more powerful than their tenants. That’s a bit of an oversimplification, I know, but it is close enough to the real situation to utilise in a hypothesis.

Also remember that quote from SpiderMan that has been used everywhere ad nauseam: with great power comes great responsibility. If Providence has blessed you with means, be kind to the ones it has not been as kind to.

Addressing any issues with the rented property will also help your tenants feel secure and taken care of, which will

That said, this does not mean that tenants have no legal protection, it is just that they are often simply unaware of the protection the law provides

Samra Zulﬁqar is the Communications Manager at Zameen Media (Pvt) Ltd. She can be reached via her email address: samra@zameen.com

prompt them to meet you halfway and make you feel secure about renting your property to them. So please don’t be overly keen to get the rent on time and increase it every year and then refuse to make the tenants’ life easier by ﬁxing issues with the rented property. Don’t be that guy. Nobody likes that guy.

them for the most part. On the flip side, landlords are often not. If you as a landlord take advantage of the tenant’s lack of legal knowledge, you are playing an unfair and unnecessary game. Avoid needless legal action and try your best to settle the matter with minimum hassle to either party. Remember, diplomacy goes a long way.

ZAMEEN.COM 31

FEatuRE STORy

Spurring sustainable development in pakistan MALIK ANWAR UL ISLAM

e gaze in awe at our shiny skyscrapers. We marvel at the massive highways resolutely cutting through every impediment nature could throw at them. We take pride in our powerful cars and our sleek jets that have enabled us to virtually compress the once-daunting globe into a comfortably traversable ball. We do all that. Rarely, however, do we stop to think of the cost. In our collective mad dash towards ‘progress’ and ‘prosperity’ – two of the most ill-defined words ever, in my humble opinion – we seem to have forgotten the value of many, many things that perhaps should not have faded from memory. And we are close to paying a very hefty price for this mother of all mistakes, because as that famous Native American saying goes, “When the last tree has been cut down, the last fish caught, the last river poisoned, only then will we realise that we can’t eat money.” Development with an eye towards the future is no longer a skill, it is an art. It requires a delicate balance of resources, a pliable

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approach capable of responding to changing circumstances, and an overarching conscientiousness that puts the needs of the future before the frivolities of the present. We must judge ourselves harshly by that metre, because as it stands, we are coming up distinctly short. In Pakistan, this folly is more evident than in most places. In the space of barely more than a decade, we have somehow managed to increase our population by a third, mow down millions of trees to make way for overpasses and underpasses, reduce potable water to dangerously low levels, endanger wildlife with our reckless advance into their habitat, and turn our cities into concrete jungles. Worst of all, we have decided that we are actually pretty proud of it all because we are catching up with the rest of the world. Whether catching up was such a good idea remains to be seen. Nevertheless, we’ve ‘progressed’. The world at large and our country in particular – and it cannot be overstated how badly in particular – needs sustainable development solutions that are more than just see-through attempts to gain brownie points. Smarter, greener cities and communities that don’t rely on strip-mining the earth and

FEatuRE STORy

poisoning the skies to survive have never been more crucial. With that rather elaborate preamble, let us look at a few things that can be done to secure a healthier environment for our future generations. ContRollIng pollutIon: Common sense dictates that one should safeguard that which keeps one alive. We have failed dismally on that front, because our air and our water – both rather essential to life if you ask me – are heavily polluted. The culprits are the usual suspects: too many vehicles with too much emission; factories belching out smoke; wastewater contaminating freshwater or otherwise serving as a breeding ground for vectors of dangerous diseases. The answer is tighter environmental laws and, crucially, much stricter enforcement than at present. ConSERvIng EnERgy: Most of Pakistan sees excellent sunlight for the better part of the year and therefore has great potential for solar power production, but government investment has been token at best. The private sector has seen some notable attempts, but they are still in a nascent stage for the most part. What is required is a more focused effort to stop relying on fossil fuel to generate power and begin a measured but steady transition to solar power across the country, beginning with the larger cities and trickling down to the rural areas. We have the means, it is the utilisation that is severely flawed. BuIlDIng SMaRtly: Sustainable or ‘green’ architecture and construction go a long way towards helping reduce energy consumption. In a country where weather extremes are pretty darn extreme, using building techniques and materials that reduce the cost of heating and cooling is essential. We used to do this, as evidenced by older houses

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with thick walls that are still cool in the summer and cozy in the winter. We should start doing this again instead of counting on energy-guzzling air-conditioners and heaters to save us from the wrath of our beautiful climate. Putting gardens on the rooftops is also not a bad idea. SavIng WatER: The Saudi Arabian government will stop producing wheat in 2016 because of water shortage. Imagine not being able to produce wheat. Now picture a hot, fresh naan and read that last sentence again. Pakistan and a host of other Asian countries rely heavily on groundwater, which is a ﬁnite and rapidly depleting resource and unless a feasible, sustainable water recycling and puriﬁcation system is put in place now when things are not as bad, we’re looking at a very bleak and dry future. Homes, commercial buildings, roads and parks should also be designed in a way that allows them to collect rainwater, which can help turn downpours into down payments on a better future. By way of conclusion, I will say that all these ideas, and indeed many more that I have left out for the sake of brevity, cannot be put into practice without good management at the helm. A good management is one that enforces and controls environment-friendly measures and masters the art of sustainable development instead of sidelining it to the level of a corporate social responsibility gimmick. Let us hope Pakistan sees one in the near future.

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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5 V 5 HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV . KDZDMD V 5HDO (VWDWH .KDZDMD V 5HDO (VWDWH

5 V 5V 5HI 5 HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV . KDZDMD V 5HDO (VWDWH .KDZDMD V 5HDO (VWDWH

5V 5HI 5 V 5 HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV . KDZDMD V 5HDO (VWDWH .KDZDMD V 5HDO (VWDWH

5V 5 5HI HI 5 V 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV <RXVDI %KDL V 5HDO (VWDWH <RXVDI %KDL V 5HDO (VWDWH

5V 5HI 5 V 5 HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV . KDZDMD V 5HDO (VWDWH .KDZDMD V 5HDO (VWDWH

5V 5V 5 5HI HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV <RXVDI %KDL V 5HDO (VWDWH <RXVDI %KDL V 5HDO (VWDWH

5V 5HI 5 V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV . KDZDMD V 5HDO (VWDWH .KDZDMD V 5HDO (VWDWH

5V 5HI 5V 5HI 3KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV <RXVDI %KDL V 5HDO (VWDWH <RXVDI %KDL V 5HDO (VWDWH

5V 5HI 5 V 5 HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV < RXVDI %KDL V 5HDO (VWDWH <RXVDI %KDL V 5HDO (VWDWH

5V 5V 3KDVH 3KDVH .DQDO +RXVH .DQDO +RXVH +XP 5HDO (VWDWH +XP 5HDO (VWDWH

5V 5HI 5 V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV <RXVDI %KDL V 5HDO (VWDWH < RXVDI %KDL V 5HDO (VWDWH

5V 5HI 5V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV .KDZDMD V 5HDO (VWDWH . KDZDMD V 5HDO (VWDWH

5V 5HI 5 V 5 HI 0DUOD +RXVH %GV %WKV 0 DU OD +RXVH %GV %WKV < RXVDI %KDL V 5HDO (VWDWH <RXVDI %KDL V 5HDO (VWDWH

5V 5HI 5 V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %WKV .DQDO +RXVH %WKV < RXVDI %KDL V 5HDO (VWDWH <RXVDI %KDL V 5HDO (VWDWH

5V 5HI 5V 5 HI 3KDVH 3 KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV . KDZDMD V 5HDO (VWDWH .KDZDMD V 5HDO (VWDWH

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5 V 5 HI 5V 5HI 3 KDVH 3KDVH .DQDO +RXVH %GV %WKV .DQDO +RXVH %GV %WKV < RXVDI %KDL V 5HDO (VWDWH <RXVDI %KDL V 5HDO (VWDWH

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5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO 5HVLGHQWLDO 3ORW .DQDO 5HVLGHQWLDO 3ORW $ - $VVRFLDWHV $ - $VVRFLDWHV

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5V 5V 5HI 5HI 3KDVH 3KDVH .DQDO 5HVLGHQWLDO 3ORW .DQDO 5HVLGHQWLDO 3ORW $ - $VVRFLDWHV $ - $VVRFLDWHV

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