Really dude?
Europe was just like karachi after world war2. How they develop?
By building new cities in the edge, so that population move their and so old city can be managed and restored. New cities qre made with international practices.
Making societies is good. Real state business is good. If it is dont illegally. Profit making isnot bad. These new complexes in lahore are the need of the hour.
It has more luxury and modern system then you realise.
And i personally used to be opposed to living in flats. Now live on 8th floor quite easily with no issue.
Dont pass on judgement based on your opinions, on the things you dont know. Please i dont mean it as an insult. I mean say it as suggestion
No offence taken what you have said is absolute right in fact if you would have actually read my reply I had exactly stated that. Bundal Island is the wrong edge. Given that it is an island the real estate is limited. This is a structural issue not a capacity one. Structural hears means that no new land can be added to the existing stock, on the other hand a capacity simply means how much of the exiting stock is being utilized. Now with land in short stock and with enough money chasing the prices of the properties are only going to go up. This does not help people afford housing, in fact they will become assets to park money.
Let me give you a very isolated and specific event that was causing spikes in properties in NY. With the advent of High Frequency trading, all the trading firms had the best possible bandwith allocation to compute those micro-corrections. Now the only way to get that micro-second advantage was to get closer to the exchange. Soon the property prices around the NYSE started to increase in circular bands moving inward. It was so peculiar, that the NYSE decided to benefit from it and allow these trading companies to set up their servers within the exchange.
You honestly don't have any issue with Malik Riaz being associated with this project? Where are the islands Emaar was suppose to build in Karachi rivalling those of Dubai. How are Dubai's islands doing? Have you ever been to the beaches in Karachi. You don't have to spot the ocean to know that you are nearing the beach, the stench will tell you, thank to dumping untreated water into the ocean. The only beach worth visiting is the one in Kemari where KPT, Navy and Airforce have their guest houses.
Coming back to what should be done. Cities like Lahore do not have hinterland -they cannot grow exponentially otherwise they will start absorbing other cities. In such cases the infrastructure of the smaller need to be improved especially the connectivity such that instead of people coming in to the big cities, people need to move out. That is where we need real estate development. Only near cities like Karachi, new cities can be built. Note hinterland refers to the area behind and not in front. But there are other issues (water/valuation benefit from being associated with Karachi etc.)
Whenever there is construction activity in big cities like Karachi or Lahore. Rural migrant move in to work as laborers and other supporting jobs. They do not have housing and often resort to building squatters through encroachment. This is the first government failure. Now when the government decide to clean this encroachment, they do not provide alternatives and simply bulldoze the area. This is the second government failure. Those poor people lose their savings knowing that is was illegal not because they had malafide intentions but they had no alternatives. BTW this has already happened to Karachi under Pervez Musharraf and Mustafa Kamal and its continuing effects were seen when ex mayor Wasim had to clean out encroachment (shops) but without providing alternatives.
Bundal island has people living on it. Do you think that Malik Riaz is going to give them any property? will they be provided any alternative property? They will be compensated but it will never include the properties true potential and then these poor people will be competing for more squatters.
Arif Alvi has done damage to the little reputation that PTI -no PTI has no reputation it is only Imran Khan's reputation and this will have repercussion in the future. This was not the fight to pick with PPPP. For the record, these are just few points I can highlight at the moment because I cant be bother to write walls of text on a forum that has 99 percent software engineers. Please do pick a book or two on development economics. Will not be commenting anymore on this topic.
