Problems Faced by Karachi Real Estate Industry
Investing in Real Estate has always been considered as one the safest and high return avenues for investment. And in the biggest city and business capital of Pakistan, it is no different. However there are certain problems, which have been hampering the growth of Karachi Real Estate. And we have discussed these below,
The Law and Order situation of Karachi have historically been not very stable in the past and it is one of the main issues which local Real Estate Industry have suffered from. Due to it people were reluctant to invest here before, but having said that the overall situation of the city have improved significantly over the last few years. And it has resulted in revival of the local Real Estate industry but still there is room for improvement.
The other prominent problem which the city (and generally whole country) is facing is “Corruption”. In many localities of the city, it is a very common issue and local industry has been greatly affected by misconduct of some agents and other land mafia in the past. Now influence of these groups have been reduced but it is not yet completely eliminated.
Heavy taxation and significant increase of property transfer fees by the Sindh Government has also effected the growth of Karachi Real Estate industry. And it should be looked at and revised to attract more investors from around the country and especially overseas Pakistanis.