25 September 2022
New ABAD Leadership at the Helm for 2022-23
For the 2022-23 election of new office-bearers of the Association of Builders & Developers (ABAD), leading builder and developer Altaf Tai has been elected as the Chairman of ABAD. The elections were held during the Annual General Meeting of ABAD this week. Besides, i these elections Khawar Munir, Nadeem Jeewa and Raheel Rinch were elected as Senior Vice Chairman, Vice Chairman and Chairman Southern Region of the organization respectively. While Sultan Gohar was elected as Chairman Northern Region and Eng. Faraz Memon was elected as Vice Chairman Hyderabad Sub-Region, as informed for Infocus Weekly Briefs.
Newly elected Chairman Altaf Tai has already served ABAD as Chairman Southern Region earlier. He said after his election that he was grateful to all members of the ABAD, specially Mohsin Sheikhani, for electing new team of the ABAD unanimously. He pledged to work tirelessly to resolve problems of members and for the betterment of the ABAD without any discrimination and will try his best to use all available resources for the development of construction industry in Pakistan under the vibrant and wise leadership of Mohsin Sheikhani, who is the sole leader of the construction industry.
The new office-bearers of the ABAD will take charge of their offices from 1st October, 2022.
Launch of Globe Residency REIT
Real estate investment trusts (REITs) are investment schemes that collect money from investors and deploy it in real estate projects. And, Javedan Corporation Ltd plans to list the Globe Residency REIT, a wholly owned subsidiary, on the Pakistan Stock Exchange within the “next eight to 10 weeks”. The scheme is based on Globe Residency, an apartment project comprising two- and three-bed residential units in Naya Nazimabad housing colony located on the outskirts of Karachi. The total number of apartments in the project is 1,304. “The REIT fund size is Rs2.8 billion,” said Mr Ejaz, who’s also the CEO of Arif Habib Dolmen REIT Management Ltd, the company that’s going to launch as many as four REITs in the next few months.
Muhammad Ejaz also said 10% shares in the REIT will be offered to the general public. Real estate consultants and the shareholders of Javedan Corporation will be offered 5% and 85% units, respectively, at the same price.
Arif Habib Ltd has been appointed as the transaction adviser of Globe Residency REIT. Arif Habib Dolmen REIT Management has already launched nine REITs, including two rental ones that aim to generate rental income for their shareholders. It is a welcome move in real estate because after the first REIT-based transaction that securitised and sold Dolmen Mall Clifton and the adjoining Harbor Front building for Rs22.2bn in 2015, the REIT sector remained dormant for nearly six years.
Protest against Illegal Possession for Ravi Riverfront City
A number of landowners and farmers this week held a protest against the Ravi Riverfront Urban Development Project over “forced possession” of their farmlands allegedly by the Ravi Urban Development Authority (RUDA) the state-owned entity responsible for the execution of the mega project. The protesters holding placards gathered outside the RUDA office in Lahore and termed the land acquisition process `unlawful` and against the decision of the Supreme Court.
Protesters said that the apex court had ordered the government not to forcefully acquire land from the farmers and execute the project on the land already acquired by the authority for the project. “But contrary to this, the Sheikhupura revenue administration along with the authorities concerned is forcibly taking possession of the land owned by the farmers through false transfer of ownership”, the Kissan Action Committee claims. The protesters also blamed the Punjab government was responsible for taking possession of their agricultural land and warned the government of a “severe reaction” in case of their eviction from the land of their forefathers.
“Illegal EIA” of Malir Expressway
In their rejoinder to a reply of M/s Malir Expressway Limited to their appeals being heard by the Environment Protection Tribunal, the applicants termed that the act of a top-ranking official of the Sindh Environmental Protection Agency (SEPA) to reissue the Environment Impact Assessment (EIA) report of the controversial Malir Expressway project as “illegal, abuse of authority and interference” in the process of legal proceedings. This was contended by environmental activists as well as some Malir residents, who have already challenged the EIA approval granted to a private construction firm for the proposed expressway project.
The rejoinder stated that M/s Malir Expressway Limited had filed incorrect statements to mislead the tribunal. The appellants stated that the construction firm`s contention that the EIA approval for the project was issued in accordance with the laws was `incorrect and misleading`.They stated that the SEPA DG was required to act as per law and not on his “whims and wishes”. Besides, “the new approval is illegal, abuse of authority and interference in the process of legal proceedings”, says their counsel. Therefore, the appellants pleaded to the tribunal to allow the appeal against the approval of the EIA of the Malir Expressway project.
