Federal Minister for Housing and Works Syed Safwanullah has said that his Ministry has asked the Securities & Exchange Commission of Pakistan (SECP) to provide detailed information on Real Estate Investment Trust (REIT) to run this industry in a transparent manner.
He said this at the inauguration of the three-day international property show, 'Metro World', at Karachi Expo Centre on Friday. He said that the government was working on real estate investment trust and in this regard the SECP had conducted a survey for making the industry more transparent.
He said that the government was emphasising on low-cost housing projects for middle class and in this regard several foreign companies were bringing low-cost housing projects into the country. The Minister said that a Malaysian company is in here, which has proposals for starting low-cost housing schemes in Pakistan. These companies, according to him, have modern technology with special planning, which would also generate employment in the country.
He admitted that there was shortage of hotels in the country and said that work on a big hotel in Islamabad was in progress, while four other five-star hotels were also planned. Safwanullah said that at the exhibition mainly such stalls have been set up which have started projects abroad. He suggested to them to start their projects in the country to prevent the flow of money to other countries.
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