Tag Archives: Association of Builders and Developers of Pakistan

Water shortage in Karachi is damaging the construction industry: Association of Builders and Developers of Pakistan

Karachi, May 29, 2015 (PPI-OT): Chairman Junaid Ashraf Taloo, Vice Chairman Muhammad Hanif Memon and Chairman Southern Region Muhammad Hassan Bakshi of Association of Builders and Developers (ABAD) expressed their grave concern on the recent water shortage in Karachi and observed this situation is damaging for the construction industry.

Chairman Junaid Ashraf Taloo said the media reports and statements by some politicians indicated that an artificial crisis is created. It is a conspiracy hatched by officials of KW and SB and the tanker mafia which carries out its activities under official patronage. He added that KW and SB terms the non-availability of water due to drying up of Hub Dam, but this is not for the first time.

In the past whenever this happened there was no such scarcity as it is now. Junaid Ashraf Taloo said that Government of Sindh should take immediate measures to complete K-4 Project on war footing. According to media report the federal government initially allocated 9 crores rupees for this project but there is no progress on this project due to non-issuance of funds by the Sindh Government.

The prevailing situation is very critical as citizens of many areas are protesting and before any unpleasant situation arises the government should take immediate measure. The Vice Chairman (ABAD) Muhammad Hanif Memon said that due to negative impact caused on housing and construction industries many residential projects are being delayed due non availability of water.

Completion of project requires water in large scale. The construction cost of builders has increased due increase rate of tankers by tanker mafia. He appealed to the management of KSWB to improve water supply system. Vice Chairman Southern Region Muhammad Hassan Bakshi said that 120 crore gallons of water is daily requirement in Karachi whereas the supply is only 51 crore gallons through water lines, remaining water is supplied through boring and tankers.

It is learnt that incompetent and irrelevant persons are handling the KW and SB valve operation. These people belong to water sale mafia. Corruption is at peak in KW and SB and it is turned into a profitable business. He emphasized that illegal connections, illegal hydrants and transfer of honest and hard working officers must be impartially investigated. A complete survey of water leakage should be carried out to determine improvement in water supply system.

For more information, contact:
S. Javed Jafri
Secretary General – ABAD
Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16, Gulistan-e-Jauhar
Karachi – 75290
Pakistan.
UAN: 111-11-ABAD (2223)
Tel: +92-21-34613645-47, +92-21-34613649
Fax: 021-34613648
E-Mail: info@abad.com.pk – abadsecretariat@yahoo.com
Website: www.abad.com.pk

Association of Builders and Developers of Pakistan welcomes the monetary policy of State Bank of Pakistan

Karachi, May 27, 2015 (PPI-OT): Junaid Ashraf Taloo Chairman Association of Builders and Developers of Pakistan, Vice Chairman Muhammad Hanif Memon and Regional Chairman Muhammad Hassan Bakshi welcomed the monetary policy of State Bank of Pakistan for reducing the rate of interest by 1% and fixing the same at 7%. This is the lowest level of interest rate in 42 years. Welcoming the policy, he further said that due to the lowering of interest rate, the cost of construction materials will also come down and the consumers will get relief.

Accordingly he hoped that due to reduced rate of interest by 1%, the manufacturers of construction material such as cement producers will reduce the rates visibly. Chairman ABAD Junaid Ashraf Taloo further said that in last four months, the policy discount rate has minimized from 10% to the lowest level of 7%, resultantly the cost of doing business has reduced and loans have become attractive which will not only increase investment but conducive law and order situation will further enhance the confidence of local and international investors.

The Vice Chairman of ABAD Muhammad Hanif Memon said that continuous reduction in the rate of interest will put the construction industry on the path of progress. He appealed Finance Minister of Pakistan Ishaque Dar to make the mortgage financing more attractive to the middle class and in this regard take steps on war footing.

The first mortgage refinancing company should be activated and banks must be directed to allocate a minimum of 5% of their total loan amount for construction of housing. He said that visible reduction in the rate of interest will make easy to carry forward the Vision 2025 for low cost housing of Prime Minister of Pakistan.

The members of ABAD are ready to play their role in this regard. Muhammad Hassan Bakshi Regional Chairman said that according to Annual Report 2013-2014 of State Bank of Pakistan decrease in coal prices from 13% to 15% in international market and continuous decrease in the rate of interest of loan has resulted in decrease in the cost of big cement manufacturers by 29% and small companies financing cost by 50% recorded as against July to March 2014, whereas the central bank has further reduced the rate of interest by 1% which will again reduce the financing cost of cement.

In this perspective cement factories should provide relief to consumers by minimizing the price. Reduced price of building materials including cement will enhance construction activities and will also provide vast jobs opportunities.

For more information, contact:
S. Javed Jafri
Secretary General – ABAD
Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16, Gulistan-e-Jauhar
Karachi – 75290
Pakistan.
UAN: 111-11-ABAD (2223)
Tel: +92-21-34613645-47, +92-21-34613649
Fax: 021-34613648
E-Mail: info@abad.com.pk – abadsecretariat@yahoo.com
Website: www.abad.com.pk

Association of Builders and Developers demands that rate of taxes and prices of building materials should be reduced in order to provide support for development of construction sector

Karachi, April 30, 2015 (PPI-OT): Association of Builders and Developers of Pakistan has demanded that the rate of taxes and prices of building materials should reasonably be reduced in order to provide support to for the development of the construction sector. In an important press conference held at ABAD House on Thursday, this was stated by Chairman Junaid Ashraf Taloo, Vice Chairman Mohammad Hanif Memon, Chairman Southern Region Mohammad Hassan Bakshi and Convener Budget Sub-Committee.

They added that Federal Government should act upon the proposals of ABAD about reduction in taxes imposed on construction industry and building materials. A high rate on taxes and high prices of construction material shatters the dream of a common person for a house of his own. Chairman ABAD Junaid Ashraf Taloo said the increase in construction activities only would result in the revival of the national economy as over one hundred allied industries benefit from this.

Resultantly the government also receives sizeable revenue generated through construction activities. Over 120 million people are getting job opportunities directly or indirectly through the construction industry. Junaid Ashraf Taloo said ABAD is practically involved in the Prime Minister’s Vision 2025 for housing according to which 500,000 housing will be built annually.

The overall shortage of housing units has reached 8.8 million and in order to bridge this gap it is essential that incentives be offered including reduction in taxes. Chairman ABAD said last year the decrease in production cost should have resulted in decrease in prices of cement but regrettably, this did not happen. This relief was not passed on to the common people of Pakistan.

The Government has to take prompt and drastic steps to reduce construction cost. Vice Chairman ABAD Mohammad Hanif Memon said the Government has imposed 5% regulatory duty on steel billets, which has resulted in increase in prices of steel products including steel bars. It is pertinent that Government should abolish this regulatory duty or it should allow builders and construction companies to import steel products and steel bars without any regulatory duty.

He added that duties on construction machinery like should also be reduced and brought to 20% so that construction cost is reduced. New and used construction machinery includes tower cranes, batching plants, earthmoving machinery, forklifts, shovels etc.

Chairman Southern Region Mohammad Hassan Bakshi said that no taxes should be imposed on first time buyers. The total cost of any residential should be assessed and the relevant income tax should be charged in three annual installments and this should be considered as final liability. The turnover should be increased from five crores to 10 crores for taxation purpose. Stamp duties and registration fees should be reduced and brought to 1%, which will help in increasing of documentation, which will increase revenue generation for the Government.

The Government should also abolish charges on housing mortgage, stamp duty and registration fees etc. All banks and financial institutions should be given directives to provide loans on machinery used in construction on BMR basis. He added that in the upcoming budget, government should provide incentives on financing for construction of housing units. Mohammad Hassan Bakshi said in Sindh, including Karachi and Hyderabad a moratorium of gas connections is imposed since 2011.

The total consumption for these connections is less than one MMCFD, which makes it important that the ban on gas connections is lifted without any further delay. Saleem Kassim Patel, Convener ABAD Budget Sub-committee said revolutionary steps should be initiated in the Federal Budget to increase Housing Finance. In order to provide momentum to construction of low cost housing units, the finance should be made available on low markup.

In addition to this Government should also provide compensation for construction of low cost housing. He added that ratio of mortgage finance to GDP is lowest in Pakistan which is just 0.66 percent. The Federal Finance Minister has already announced the formation of a Housing Mortgage Re-finance Company. It is essential that Federal Budget should include further incentives for this purpose.

The loan taken by individual allottees for paying installments should be considered as expenses in their accounts. The financial institutions should be encouraged to issue loans on a markup, which is less than the market rates. Steps should be taken to increase the Mortgage to GDP ratio to 5%. It should be made mandatory for commercial banks and financial institutions to reserve a minimum of 5% of their portfolio for housing finance.

For more information, contact:
S. Javed Jafri
Secretary General – ABAD
Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16, Gulistan-e-Jauhar
Karachi – 75290
Pakistan.
UAN: 111-11-ABAD (2223)
Tel: +92-21-34613645-47, +92-21-34613649
Fax: 021-34613648
E-Mail: info@abad.com.pk – abadsecretariat@yahoo.com
Website: www.abad.com.pk

The post Association of Builders and Developers demands that rate of taxes and prices of building materials should be reduced in order to provide support for development of construction sector appeared first on AsiaNet-Pakistan.

Rameez Qasim Gaziani nominated Vice Chairman Federation of Pakistan Chambers of Commerce and Industry’s body on Sports and Culture for 2015

Karachi, April 08, 2015 (PPI-OT): Mian Muhammad Idrees President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has nominated Rameez Qasim Gaziani as Vice Chairman of Standing Committee on “Sports and Culture” of FPCCI for the year 2015. He is Partner in Gaziani Associates and Gaziani Builders and Developers, Member of Regional Executive Committee (REC) of Southern Region of ABAD for 2014 – 2015. Convener of Sports, Culture and Entertainment Sub-Committee and Co-Convener of Legal Affairs Sub-Committee of ABAD for 2014 – 2015.

For more information, contact:
S. Javed Jafri
Secretary General – ABAD
Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16, Gulistan-e-Jauhar
Karachi – 75290
Pakistan.
UAN: 111-11-ABAD (2223)
Tel: +92-21-34613645-47, +92-21-34613649
Fax: 021-34613648
E-Mail: info@abad.com.pk – abadsecretariat@yahoo.com
Website: www.abad.com.pk

The post Rameez Qasim Gaziani nominated Vice Chairman Federation of Pakistan Chambers of Commerce and Industry’s body on Sports and Culture for 2015 appeared first on AsiaNet-Pakistan.

Ahmed Owais Thanvi nominated Vice Chairman of Federation of Pakistan Chambers of Commerce and Industry’s bodies on Religious Affairs and City Government for 2015

Karachi, April 07, 2015 (PPI-OT): Mian Muhammad Idrees President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has nominated Ahmed Owais Thanvi as Vice Chairman of Standing Committee on “Religious Affairs” and Vice Chairman of Standing Committee on “City Government” of FPCCI for the year 2015.

He is Partner in King’s Associates, Member of Central Executive Committee (CEC) of ABAD for 2014 – 2015. Convener of KMC Sub-Committee, Co-Convener of Law and Order Sub-Committee, Co-Convener of Allied Industries Sub-Committee and Co-Convener of Research Analysis Sub-Committee of ABAD for the term 2014 – 2015.

For more information, contact:
S. Javed Jafri
Secretary General – ABAD
Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16, Gulistan-e-Jauhar
Karachi – 75290
Pakistan.
UAN: 111-11-ABAD (2223)
Tel: +92-21-34613645-47, +92-21-34613649
Fax: 021-34613648
E-Mail: info@abad.com.pk – abadsecretariat@yahoo.com
Website: www.abad.com.pk

The post Ahmed Owais Thanvi nominated Vice Chairman of Federation of Pakistan Chambers of Commerce and Industry’s bodies on Religious Affairs and City Government for 2015 appeared first on AsiaNet-Pakistan.

Sadiq Baluch nominated Senior Vice Chairman of Federation of Pakistan Chambers of Commerce and Industry’s body of Gawadar Promotion and Development for 2015

Karachi, April 06, 2015 (PPI-OT): Mian Muhammad Idrees President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has nominated Muhammad Sadiq Baluch as Senior Vice Chairman of Standing Committee of Gawadar Promotion and Development for the year 2015. He is proprietor of Baluch Builders, Convener of Layari Development Authority Sub-Committee and Co-Convener of Malir Development Authority Sub-Committee of ABAD for the term 2014 – 2015.

For more information, contact:
S. Javed Jafri
Secretary General – ABAD
Association of Builders and Developers of Pakistan
ABAD House, ST-1/D, Block-16, Gulistan-e-Jauhar
Karachi – 75290
Pakistan.
UAN: 111-11-ABAD (2223)
Tel: +92-21-34613645-47, +92-21-34613649
Fax: 021-34613648
E-Mail: info@abad.com.pk – abadsecretariat@yahoo.com
Website: www.abad.com.pk

The post Sadiq Baluch nominated Senior Vice Chairman of Federation of Pakistan Chambers of Commerce and Industry’s body of Gawadar Promotion and Development for 2015 appeared first on AsiaNet-Pakistan.