Real estate in Pakistan is flourishing but unfortunately, we are facing a housing crisis that is really sets back the development of the country.
The real estate is Pakistan has met the following condition; the demand is higher than the supply, which means there are fewer houses available for the people then there should be. Therefore resulting in a housing crisis, this is made primarily due to poor urban planning and the ever-rising prices alongside the demand for real estate.
There are 8.5 million unit backlog of housing in our country that is growing at the rate of 200,000 units annually. Newly formed governments have made grand promises about providing housing but they have unfortunately missed the mark of understanding the scale of this crisis and failed to deliver appropriate solutions.
The extent of this housing crisis has become alarming, so much so that smaller housing units are priced more than their worth due to urban densification. In major cities, such as Karachi’s people are found sleeping under areas like bridges, pavements and so on which is extremely worrying for the developmental status of this country. Moreover further igniting the problem is a classification by the authorities into the rich and poor classes where gated communities are made for the elite which are safe and secure and the middle classed individuals have to resort to other means which are nearly not as facilitating as these ‘developed’ communities.
Real Estate in Pakistan should be thriving but not at the cost of poor individuals who struggle to make both ends meet. Following are some solutions, the authorities and law of the state can consider to solve this alarming issue:
Legislation on Building Procedures
One can rely on the legislation of the sate even if managing authorities fail to provide by putting sanctions of illegal buildings or slum and illegal societies or buildings that are being built and getting in the way of developed urban planning, this can be a big step, towards disintegrating this housing crisis.
Abolishing Plot Culture
Plot culture is where a person hoards upon a lot of plots and does not sell them, only to gain profit in the future when the prices are on the rise. Such people buy cheaply priced plots in underdeveloped societies just to sell those years later, once the pricing and value for them rise. This is one of the bigger issues in aiding housing crises and needs to be stopped ASAP. If we care about the greater good of our country. This culture can be abolished by imposing taxation rates which discourage mass property buying, where it is cheap.
Most of the higher-ups of our authoritative bodies and communities seem to be oblivious to the rising devastation of the housing crises, holding awareness campaigns can awaken them, from the dreams filled with benefits and money and make them aware of the housing crises so that it can be solved for the greater good. These awareness campaigns can help point the people in need for the concept of affordable housing.
A Step in the Correct Direction
October 2018, the PM of Pakistan launched the scheme called ‘Naya Pakistan Housing Programme ‘ also known as the NPHP project, this is an affordable housing scheme for low-income groups. Under this step, at least 5 million low-cost houses will be built countrywide.
We hope that these steps will lead to the solution of the problem.