According to the Association of Builders and Developers (ABAD), there is currently a housing deficit of 800,000 units and this shortfall is increasing by 300,000 units each year. Increasingly, developers are focusing on smaller, adjoining cities. While Lahore, Islamabad and Karachi dominate the real estate sector, lately developers have moved their attention to projects outside of these areas.
Pakistan's real estate is witnessing a steady growth as the country struggles with lack of urban planning and a host of basic facilities that ensure quality of living. Well-planned and systematically organized housing societies catering to the need of predominantly the upper middle class are quickly rushing in to fill the wide.
The modern housing societies in their essence should provide for all the facilities that the poorly planned or unplanned and ever sprawling metropolises drastically lack including all the basic necessities of life. The standard of living may differ from one housing society to another but a real estate customer usually expects quality, reliability and all the basic facilities that are needed in life.
Like every other business sector, real estate has to ensure quality products and services as value for the customers' money. The real estate industry needs to turn up the competition a tad to lead the sector into healthy reforms, ensuring quality and affordability; and to encourage fresher ideas to facelift the industry. Luckily, Samhan Group, the real estate giant behind the success of Fazaia Housing Society has just marched into the real estate industry with its own real estate brand, 'Samhan Housing' which is set to bring in new real estate projects, both residential and commercial, to cater to all budget groups in Pakistan. Samhan Housing is set to launch residential projects in three major metropolises of Pakistan namely Attock, Islamabad, and Lahore. Unlike other real estate brands, Samhan Housing will target all budget segments of Pakistan in order to ensure quality living for all.
Samhan Housing has a three-pronged strategy for its future real estate projects which includes Quality, Reliability and Affordability. According to company officials, enabling all income groups to have a taste of quality living and enjoy the comfort of their own homes will be a key objective behind all of Samhan's residential ventures. While the company mulls over introducing budget homes for the low-income segment, as it did in its previous projects under the name 'Samhan Homes', the quality of the projects will be kept uncompromised. Samhan Housing also plans to provide homes on 6 years instalments and possession will be given in 3 years.
The Group behind Samhan Housing has matchless credentials in Pakistan's real estate as well as the entire corporate sector which opens unique prospects for secure investment. The group brings in its years of inimitable expertise and ambition of creating shared value for its customers and investors.
Samhan Housing will rely on the unique standing of its parent company to set the bar higher in Pakistan's real estate industry. Samhan Housing is committed to extending the quality and luxurious life style to all the segments of society.
Besides, extending its matchless real estate brand to three new metropolises including Attock, Lahore and Islamabad, Samhan Housing's ambitious and futuristic projects include luxury farmhouses and wellness resorts under the brand name 'La Vida', aimed at providing unmatchable lifestyle experience to its customers.
Pakistan's real estate industry has the potential to immensely contribute to the national exchequer as well as to the broader economy. Newer investment and healthy competition will not only add to the growth of the sector but also herald economic prosperity for the country.
(The views expressed and claims made in this article are not necessarily those of the newspaper)
Copyright Business Recorder, 2017