ISLAMABAD: World Bank Country Director for Pakistan, Patchamuthu Illangovan was briefed on the potential of the real estate sector to aid the growth of the country’s overall economy on his visit to ISE Towers REIT Management Company Limited (ISE REIT).
The country director was received by the Chairman ISE REIT Zahid Latif Khan along with other directors.
A detailed presentation focused on the potential of the country’s real estate sector was given by Director ISE REIT Aftab Ahmed Chaudhry. The visiting dignitaries were apprised of Pakistan’s real estate potential. They were informed that the country’s commercial real estate alone has an estimated valuation of US $1 trillion while the residential, industrial, agricultural and tourism-oriented real estate have separate valuation estimates. The framework to tap into this potential was defined to base around supportive taxation and regulatory frameworks for the real estate and the construction industries of Pakistan.
The country director was apprised of the wide-ranging reform process initiated by the current government aimed at cultivating the real estate economy and making the sector a leading contributor to the country’s overall development.
Aftab mentioned that infrastructure development initiatives under the two economic corridors of CPEC and CAREC have the potential of transforming Pakistan into an industrial and trade hub for the Central, South and Southwestern Asian countries. He said that the 9 Special Economic Zones (SEZ) under the CPEC will create the necessary boost in the construction industry.