The investment protection in Pakistan particularly in real estate sector is a major concern for overseas Pakistanis and Graana.com is committed to bring real transformation in real estate industry by attracting overseas investors.
In an exclusive chat with Business Recorder, CEO Graana.com Shafiq Akbar said that the property market in Pakistan has grown exponentially over the past three decades, but still faces many challenges. This sector is a major source of foreign revenue, but inadequate investment protection and other issues have forced overseas Pakistanis to rethink their plans to come back to Pakistan and invest.
Shafiq Akbar is an overseas Pakistani and was a successful businessman abroad before coming back to Pakistan. He returned with an aim to set an example for thousands of overseas Pakistanis to come back and invest in their own country to ensure a brighter future for coming generations.
Speaking about the real estate sector of Pakistan, Akbar stated that the industry needs real transformation in order to unlock the potential of Pakistan's real estate market. With the formation of the new government this year, investors are willing to bring assets to the country but the lack of awareness regarding investment opportunities is a hurdle in many cases. The government needs to capitalise on the wave generated and come up with the right measures, he added.
Akbar said that Pakistan's economic situation is not good and overseas Pakistanis are the real hope to bring some positive change in the economic outlook if they come and invest in their own country. Only then will other foreign investors develop the confidence to come and invest in Pakistan as well. The real estate sector has an immense contribution in the global economy and Pakistan's industry is not an exception.
While commenting on the challenges faced by the industry, the CEO of Graana said that real estate laws are nearly five to six decades old but the market has evolved considerably, so the laws should be updated accordingly to ensure more investment protection and to control fraudulent practices.
He further added that Graana.com will bring a positive change in the market by providing a platform for safe, secure and well-protected investment deals in real estate. Shafiq Akbar revealed that Graana.com is far from a money-making venture, but was actually created to spread much-needed awareness and educate people on the true potential of the real estate sector.
He added that we will ensure more and more job opportunities for young graduates and this platform will also help freelancers start their own business in real estate. He voiced his concerns about the lack of clear policies for the real estate sector, and stated that if the situation remains the same, many overseas investors who are ready to invest in Pakistan will change their minds, which will be disastrous for the expected change.