At this time when real estate in Karachi is down and construction activities are stagnant, Bahria Town Karachi has played the role of not less than a rescuer to support the industry. Real estate is an important sector of the metropolitan, both socially and financially. As it fulfills the requirement of housings to the growing population of the city and provides employment to millions, associated with construction and its 70 plus other allied industries like cement, steel, tiles and etc.
There were multiple reasons for the downturn of real estate in Karachi. The property market was going well a couple of years ago. The arrival of Bahria Town Karachi in 2014 had further strengthened it and provided a boost to housing and construction, which ultimately brought more stability in real estate prices. However, the introduction of new laws related to taxation in 2017 onwards and uncertainty in politico-economic policies affected the property market. There are also other factors that are needed to analyze each and also how Bahria Town Karachi saved the Karachi real estate market in patchy times.
COVID-19 & Economic Recession
Due to the COVID-19 pandemic, businesses and economic activities came to halt globally. Pakistan wasn’t any exception. The real estate market in Pakistan had already been facing uncertainty, however, the Coronavirus hit it even more starkly with sharp disinvestment and an overall decline in real estate rates.
However, Bahria Town Karachi somehow managed to try to keep real estate prices stable as much as possible and continued to develop works without interruption in their premises. It also launched Bahria Green for low-income groups of the society, which gained wide attraction. As a result, prices of properties didn’t drop drastically and real estate’ trading didn’t get slack in Bahria Town Karachi. Moreover, neither investors lost their money nor real estate agents their bread-earning in difficult times.
Making Karachi Livable
Second, Karachi has now become a megacity with more than 25 million population. Most of these people live in the downtown area, making it densely uninhabitable and heavily clogged for commutation. However, population and migration from other small cities in Karachi are increasing day by day and adding load on the metropolitan.
So there was a need to provide housing provisions outside the downtown area. Many developers launched their societies, however, Bahria Town surpassed everyone by bringing about the biggest housing scheme on 46,000 acres to accommodate more than one million inhabitants inside. That would surely curtail a load of population density from downtown Karachi and make the megacity livable again.
Employment to Real Estate Karachi Agent
As it has been said earlier the real estate market was facing uncertainty since 2018 with changes in policies related to strict taxation, documentation measures as well as political uncertainty. Therefore the socio-economic conditions were and still today not favorable for real estate business in Karachi. Many dealers have closed their outlets therefore a lot of real estates agents are jobless even today.
But in Bahria Town Karachi the scenario is not as gloomy. As the construction and development works continue without interruption and new projects are being launched day after day, it provides oxygen to real estate dealers to breathe in difficult times. Thousands of people are associated with Bahria Town real estate business and earn their livelihood. In fact, according to Muhammad Imram Ali Arif, the Director Sales at Homeland Enterprises “Bahria Town’ real estate agents are comparatively best-paid agents in the market during this pandemic”.
In a word, Karachi and citizens living here have been significantly benefited from the mega real estate development project at M-9. Not only Bahria Town Karachi has offered quality housing and an international standard of living but also created massive employment opportunities for people here.
