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PAKISTAN’S FIRST ONLINE REAL ESTATE NEWSPAPER

Naqash Shabbiri 10 Page-16

Lahore will be Converted to a City of Flowers Like father, like son. Just like Shahbaz Sharif, Hamza Sharif has vowed to alter the condition of Lahore city. He had said that Lahore will be again converted to a city of flowers and gardens. He said that Lahore has been a source of great attraction for tourists because of its recreational activities, sports and parks. He said that not only in Lahore but also in other cities of the capital city exhibitions will be also held in other cities of chrysanthemum and other flowers.All this he said in his address at chrysanthemum exhibition inauguration at Jillani Park in the presence of director auspicious occasion. general PHA, organizers and The MNA also appreciated the variety of flowers present at the other guests present at the

park and their striking dĂŠcor. He announced that the first ten winners will be given propitious

Government reply Sought on Plea against Parking Plaza Government of Punjab is asked by Lahore High Court to reply to the petition against the Government of Punjab regarding the violation of court orders for construction of a Parking Plaza in Gulberg at Donge Ground. The petition was filed by the resident of Gulberg Mr. Faran Rafique Khan. The counsel of petitioner said that Government of Punjab is not replying to the Court Orders in spite of the fact that several

orders have been issued by court. The petitioner told the Court that Government is delaying the case by not replying to the court. It is to be noted that a bench of High Court has declared the conversion of Doongi Ground into IMAX Theatre and other allied facilities illegal, but the Provincial Government disobey the Court order and start the construction of Parking Plaza.

p r i z e s b y h i m . While addressing to media, he praised the beauty of Pakistan, saying that ALLAH has endowed the country with prolific natural beauty and also that the government is making strenuous efforts to eliminate terrorism, load shedding and other p r o b l e m s o f t h e c o u n t r y. He further added that government will ensure peace, national progress and prosperity of the nation and run it accordingly ideals of Quaid-e-Azam and Allama Iqbal. And also that his party will follow their morals. He further added that Jallo park model will be simulated in all gardens of Lahore.

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CDA will Tighten and Monitor the Weekly Bazaars CDA Capital Development Authority is assigned to develop and monitor the city of Islamabad. The authority is monitoring and looking after the public interest by monitoring the different fields like Real Estate and weekly markets and Bazaars held in the jurisdiction of Capital City. CDA is very keen to maintain the price level with same standard and quality of commodities that will suits public. According to the member of administration of CDA the benchmark for CDA weekly Bazaars will be Sector I 11 Sabzi Mandi and Market. The member of administration also visits the Sector H 9 Weekly Bazar to check the quality and price stability in market as well. On finding the stallholders of Weekly Bazar, the member of administration cancels the license of five stall holders, fine to 12 stallholders and warning to 25 stallholders to maintain the standards and policies of CDA. He also warned the stallholders to charge as per normal rates prescribed by CDA.

Lahore Municipal Authority Approves the Commercial Plans` The Lahore Municipal Authority approves the new Commercial Construction Plan. According to the new rules, every Commercial Construction plan must includes the installments Solar Energy System in the plan. The Authority will send a summary to CM of Punjab in this regard to make amendment of bylaws. After approval of the plan, every new Commercial Plan. The Municipal authority will ask for 10, 20, 30 and 40 Kilowatts of Solar Energy for 1, 2, 3 and 4 Kanal Commercial Development Plan. The decision will help the government to tackle somewhat with the short fall of electric supply.

Citi Housing Sialkot Balloting of Plots Citi Housing Scheme Sialkot is a well know and a modern housing community. Recently the balloting of housing project held in Sialkot.The successful members will get the confirmation letters via standard Postal service. The members can visit the head office of Citi Housing Scheme Sialkot to know about any further detail as well.

Land Records to Get Computerised, Services To Be Initiated in 98 Tehsils The computerisation of the land records in the province of Punjab is in progress. The land records of 98 sub-divisions (Tehsils) in the province are close to their completion. Offices facilitating the land information in 47 tehsils will be established by June 2014. Procurement of authentic land information will then be accessible to everyone in return of a minimal fee. The move is initiated to curb the Patwari corruption from the country and to relieve the nation from the miseries inflicted by the land mafia.


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04 NEWS Quaid e Azam Industrial CITY DISTRICT GOVERNMENT TO Estate - Industrial plots GET COMMERCIALIZATION FEE are Available

Lahore is a Commercial Hub for Punjab and Pakistan, the Land of Lahore not also produces the agriculture products but also several auto mobile, industrial products and other products that have a main role in the economy of Pakistan. There are several industrial areas within Lahore and in the adjoining areas as well. These include Kala Shah Kaku, Garments City in Kala Shah Kaku, Sheikhupura Industrial Estate and Kot Lakh Pat industrial Estate Lahore. These developments lead to increase the population in surrounding areas like SA Gardens nearby Kala Shah Kaku as well.The industrialists and investors are always looking for opportunities to own industrial plots on prime location. Kot Lakh Pat is a shining industrial estate located within the Lahore City with existing facilities nearby, so this estate has very attraction for Industrialists and investors. MONNOO Group has announced the availability of industrial plots in Quaid e Azam Industrial Estate Kot Lakh Pat. Quaid e Azam Industrial Estate is the most developed and planned Industrial Estate which is located on very convincing location of City and all of the basic facilities are located within the same location. The Plots are available in different sizes includes 1,2 & 4 Kanal Industrial Plots for sale on prime location of Kot Lakh Pat. The thing that attract the people is the payment of plots is payable in one year easy installments. So one should cash this golden opportunity to start his/her own industrial unit in the main Industrial Area of Lahore city.

JCO Soldier Housing Insurance Scheme, DHA

City District Government has decided to get the commercialization fee from 17000 defaulters. The amount is due on the defaulters around the Lahore while the total amount is round about 27 million rupees. CDG will make policy against the defaulters. The defaulters are spread over 147 roads and their business setup are included in the commercial activities but they haven’t pay the commercialization fee. The accumulated amount that CDG estimate to collect in this regard is 300 million where as the department of Town Planning got only 30 million rupees while remaining 270 million is yet to be collected. Now the CDG has decided to make strict policies against defaulters to get the pending commercialization fee.

Punjab Government directed DCOs to maintain record of Property Dealers` Government of Punjab has announced to maintain the record of Property Dealers, Hostels, Educational Institutes and lodgers those who are living in rental houses. While the record will be checked at any time to maintain the peace of province calm.The authority has ordered to maintain the record of property dealers after the incident of 15 held on May 2009, the property dealers were asked to maintain the record of lodgers. When PM Task Team found that work regarding the maintaining of records of dealers is not yet completed, team directed to complete it as early as possible. The notification in this regard has been issued to DCOs of 36 Districts.

National Housing Policy 2013 to be launched soon

Pakistan Army Chief General Ashfaq Parvez Kayani announced that the family members of martyred soldiers will be given flats in DHA Lahore Society to provide them with homes. Last Tuesday, addressing to the ceremony of JCO Soldier Housing Insurance Scheme, he said that the flats are constructed in form of colony and the holder of flats can use them as they think beneficial i.e. can use it for personal use or can put the flats for rent. General Kayani said that the scheme was initially for Army personals in its initial stages, but as on October 2013 members of those battalions who martyred fighting in Azad Jammu Kashmir. To safeguard the interest of children of soldiers, a condition was imposed on sale of flats till they are mature and can give their will with free consent without any undue influence.

The Federal Ministry of Housing will soon announce the Policy for providing low cost shelters to public of republic of Pakistan, while the National Assembly standing committee for Housing & Works showed their concern over the vacant positions in the Housing & Works Ministry. The Committee also directed the Ministry to appoint the Federal Secretary, DG of FGEHF Federal Government Employees Housing Foundation and MD of PHA Foundation. The Meeting was attended by the Committee members and MNAs of National Assembly.While the Committee has also prepared the National Housing Policy under the direction of PM of Pakistan. The Policy has been prepared by the NHA National Housing Authority which will provide the Low Cost housing Scheme. The funds for the scheme will be driven from the PM discretionary funds


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NEWS 09

Buy to let lending in the UK set to increase by 25% in 2014

Buy to let lending will reach £25 billion by the end of 2014, a 25% increase on lending in 2013 according to forecasts by Mortgages for Business, the specialist mortgage broker. It also says that nearly three in five landlords expect to expand their portfolios over the next six months and 64% of those looking to expand will need to refinance in order to do so. However, some two thirds of landlords feel lenders could do more to help property investors at a time when lending to buy to let investors is now 135% higher than the trough in 2009 but remains someway below the 2007 peak of £45 billion. Of landlords who already own between one and 10 properties, often classed as part time landlords, some 54% intend to expand over the next six months. Of those with more than 11 properties, traditionally seen as professional landlords, some 66% intend to bolster their portfolios in the New Year.The research also found that 59% of part time landlords say they will need to refinance to fund their expansion while 72% of professional landlords will need to refinance. But only 7% of all landlords say they intend to shrink their portfolios over the next six months. ‘Despite easing conditions for owner occupiers and first time buyers, the prevailing conditions mean the private rental sector remains a vital element of the housing mix. The growth in lending to property investors is proof of this and the intention of landlords to expand further demonstrates that demand for rental property shows little sign of waning,’ said David Whittaker, managing director at Mortgages for Business. Investment in vanilla residential buy to let property is the most popular property type among investors looking to expand in over the next six months with 84% of landlords intending to target these properties. Among the more complex property investment options, the most popular property types are Houses in Multiple Occupation and 20% of investors intend to purchase HMOs, and Multi-Unit Freehold Blocks, with 14% intending to buy these property types. Despite the sentiment towards expansion and the large proportion of landlords needing to refinance in order to do so, over two thirds of property investors feel lenders could do more to support them.

By far the biggest challenge that landlords say they face from lenders is their lending criteria, 60% of investors feel lenders need to ease their criteria to support the market. Specifically, investors would like to see lenders remove non-property related income requirements, increase the LTV threshold and increase the number of products available at higher LTVs as well as reduce the amount of computer based lending decisions. ‘The appetite for expansion is large among property investors. Yields are strong, property prices are rising and demand from tenants shows little sign of slowing. As a result it’s poor that so many landlords feel lenders are not doing enough to help them. This will be emphasised even further if the Bank of England confirms that buy to let lending will be left out of the new slim line Funding for Lending scheme,’ explained Whittaker. Difficulties in obtaining mortgage finance in the past few years has meant many would be buyers have been forced to rent instead, pushing up rents and attracting more investors into buy to let.According to George Spencer, chief executive officer of Rentify, an online service for tenants and landlords,2013 saw strong demand for rental property pushing up rents in some areas, although not all.‘This has encouraged investors into the market,viewing bricks and mortar as more attractive than savings accounts or equities, given historically low interest rates and returns,’ he said. ‘A rise in the number of landlords in 2013 should result in more rental property becoming available in 2014, which will curb some rent rises. We expect rents to plateau more in 2014 in line with inflation figures,although London is truly establishing itself as a micro-market, with its own rules,’ he pointed out.

Gulberg Green Islamabad With entrance from main Islamabad E x p r e s s H i g h w a y, a n d t h e Luxurious life Style makes the Islamabad Gulberg Green the most attractive Housing Project in Islamabad. The residential Plots of 2400, 3000 and 6000 Sq Yards are available at Gulberg Green of Islamabad. The Prime location, Natural Beauty and affordable luxurious life style is waiting for the residents that start the life in a new unique way.

Latest house price index confirms upward trend of UK property prices UK residential property prices increases by 7.7% in the three months to November compared to the previous year, according to the latest house price index from the Halifax, one of the UK’s biggest mortgage lenders.It is the biggest annual leap in prices for six years and prices were up 1.1% on a monthly basis taking the average price of a home in the UK to £174,910 and adding almost £2,000 to the price in just four weeksThe data confirms that home prices are moving steadily upwards and housing economist Martin Ellis said that stronger demand combined with a lack of homes for would be buyers to choose from is the reason behind rising prices.It is the tenth monthly increase in a row for the index but the typical price is still 12% below its 2007 peak.Ellis also said that low interest rates, improvements in consumer confidence and government schemes such as Funding for Lending and Help to Buy have boosted demand. ‘However, continuing pressures on household finances, as earnings fail to keep pace with consumer price inflation, are expected to remain a constraint on the rate of growth of house prices,’ he warned. Ellis also pointed out that a revival in house building could help to curb upward pressure on prices over the medium and long term.But Howard Archer, economist at IHS Global Insight, believes that the rise in prices is far from over. ‘House prices look set to see further strong increases over the coming months despite the Bank of England ending Funding for Lending support for mortgage lending, and they could very well see another marked rise in December,’ he said.He predicts prices could rise by around 8% in 2014 although as in 2013, price growth is expected to be driven by increase in London and the south east of the country. ‘While the strength of house price rises in London is becoming an increasing concern and pushing up the overall national increase in house prices, we are currently some way off from an overall housing market bubble emerging,’ he added.


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Property Boom Newspaper (Dec 2013)