Franklin D Roosevelt said, “ Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense paid in full, and managed with reasonable care, it is about the safest investment in the world.” The words of the
late American president suit well with the current economic environment of Pakistan. With an estimated value of $700 billions according to FBR report, Pakistan’s real estate industry is one of highest growth industries in the world.
However, one name in the industry has set new standards in the market and with estimated assets of $20 billion has revamped the core concept of real estate sector in Pakistan. It is none other Bahria Town, the largest real estate developer
In 1996, Bahria Town, under the economic leadership of Mr. Malik Riaz Hussian, embarked on a journey, which later turned, into a massive organization capable of transforming ideal barren land into modern societies enabling Pakistanis to enjoy extraordinary living standards in their own country.
The success of Bahria town rested on the humbleness of the man who firmly believed in good intention and reward from Allah through charity. No wonder, in just few years the air of Bahria town swept from KPK to Karachi. Be it the Bahria Golf City, Bahria Rawalpindi or Bahria Lahore or Bahria Karachi, the confidence of customers on Bahria and then commitment of its leader to deliver were the cornerstones of its success story.
Currently, playing a significant part in the welfare and the socio-economic development of Pakistan, Bahria has set new precedents for other new players in the market Specially, after the China Pakistan Economic Corridor (CPEC) and the development of the port city, Gwadar, the construction of Bahria Town Karachi has once again proven that it is a trendsetter in the real estate market. Leading from the front, Bahria town under the young experienced leadership of Mr. Ali Riaz Hussian, who is the scion of Bahria town, has shown that Pakistanis can enjoy world-class facilities at home. The development of high quality affordable housing is testament to this fact.
The mission was not easy due to the size of the project but Bahria Town’s professionalism made the massive project easier. It has further rejuvenated the local industry and created job opportunities for millions. The sheer size of Bahria Karachi has propelled local industry to setup various factories to match the demand of raw materials.
This economic activity has brought in foreign expertise and ventures, which ultimately would strengthen Pakistan’s economy. Further, Bahria Tower Icon, marked as the tallest building of Pakistan, is the symbol of Bahria town’s development potential. It has already received international recognition when in 2013 the project won prestigious award at the Asia Pacific International Property awards.
The architectural marvel of the Icon Tower was ranked as ‘Highly Commended High-rise Architecture.’ Similarly, the on-going projects which included an international level stadium and world’s third largest mosque after the grand mosques in Makkah and Madinah shows that the journey to a place Pakistan in the league of developed nations is unequivocal.
Bahria town, Asia’s largest private estate developer, consistent engagement in the multi-faceted projects is redefining the estate sector. Health, education employment, poverty and economic upliftment of the country are the inclusive aims of their economic activity. Not only it is rapidly covering the gap between supply and demand of the housing in the Pakistan estate industry, it is making new avenues in helping the state of Pakistan in meeting the challenges of socioeconomic dimensions. The newly inaugurated Bahria Town International hospital in Karachi is just one of the hospitals being built and operated since 1997.
Mr. Ali Riaz Malik, the CEO of Bahria Town, said,” health is the basic right of every Pakistani therefore Inshallah we the Bahria team will strive to provide this right.” The Bahria Daster Khan has already fed millions of people who cannot afford basic meals. At the same time, Bahria has always been at the forefront of resolving humanitarian crisis. The act of saving seven Pakistani crew members abroad the MV Alberto, which was hijacked by Somali pirates reminds one of the combination of philanthropist passion of Bahia with its vision to deliver state-of-the- art infrastructure.
What is interesting is the way Bahia’s brilliance in the real state sector has played a role in setting a culture of following construction by-laws. The construction industry in Pakistan was known for failing to follow the authorities set bylaws but the development model of Bahia is a masterpiece for the industry.
Standardization is the lesson that the industry learnt from Bahia’s team. This became a pillar of further development and as a role model for other developers in the country. Bahia’s town planning and development is of international standards and surely a leader when it comes to building new cities in plain lands.
The astonishing fact is the economic activity generated by its massive projects. The subsidiary industries of steel, cement, labor etc. have greatly benefited from its visionary projects. For example, according to data released by All Pakistan Cement Manufactures Association the demand of cement increased from 3.5 million tons in April 2017 to 4.2 million tons in April 2018. In the same fashion the demand for steel increased by nearly 40 percent to 5 million tons. Surely, Bahia’s mega projects all across Pakistan have been instrumental in generating this demand.
The beginning of 2018 is a new dawn in the history of Bahria Town, which under the energetic and charismatic leadership of its CEO, Mr. Ali Riaz Hussain has worked day and night for the significant growth of increasing Bahria’s functioning capacity. Thomas Jefferson said, “I find that the harder I work, the more luck I seem to have”. This seems true for Bahria’s CEO as he has left no stone unturned to deliver projects in time while making sure that the people of Pakistan are the ultimate beneficiaries of this economic development.
H.E Ammar Akbar
International Youth Ambassador
Alumni Oxford University