ISLAMABAD: Federal Minister for Housing and Works Mian Riaz Hussain Pirzada on Wednesday said that reliance on academic research for producing sustainable policies in housing and real estate sectors is inevitable.

The minister said this while addressing on opening day of two-day international conference on the topic of Re-Imagining the Real Estate: Sustainable Market Growth and Urban Planning, which was arranged by the faculty of Management Sciences at National University of Modern Languages (NUML), Islamabad.

The conference is aimed to underscore the persistent challenges and inefficiencies within Pakistan’s real estate sector.

“As one of Asia’s largest real estate markets, the sector significantly influences the national GDP but suffers due to the lack of transparency, standardised valuation methods, and regulatory oversight that results in mispricing, under-invoicing, and unauthorised housing developments, particularly in urban areas like Islamabad,” read a press release issued by the housing ministry.

It said that through the conference experts in real estate industry were brought together to forge solutions that would enhance market efficiency and integrity, which are vital for fostering sustainable economic growth and urban development in Pakistan.

Housing minister appreciated Numl to take the lead and to introduce real estate as a sector that has a huge potential for workable research and planning.

Mr Pirzada said that in many counties like Japan, Türkiye and Iran urban expansion has been managed efficiently through proper planning and management.

He deplored that Pakistan has vast resources but due to the absence of proper planning, inclusivity and deficiency of applying research findings into practice, we have been wasting our vital resources.

The housing minister noted that international sanctions hinder trade with Iran, but initiatives like the Iran gas pipeline are essential to resolving Pakistan’s energy crisis.

The minister drew attention to the challenges posed by rapid population growth, attributing them to a lack of planning. He contrasted this with countries like China and Bangladesh, which have successfully managed population control through strategic policies. He stressed the importance of setting clear personal and national goals and devising actionable strategies to achieve them.

Housing minster announced that housing ministry is ready to collaborate with a group of experts and students nominated by NUML. This group will study the current challenges and opportunities in housing sector and their recommendations will be incorporated in the upcoming Housing Policy that ministry is going to launch in early 2025.

Meanwhile, according to Numl, the event comprises seven themes, four academic sessions, and eight industrial sessions, aiming to lay a robust foundation for reimagining the future of the industry.

Discussions are set to tackle critical issues such as urban sprawl, inefficiencies, and irregularities while exploring sustainable solutions to enhance the sector’s contribution to Pakistan’s economy. Shafiq Akbar, CEO of IMARAT Group, delivered an impactful keynote address, and Dr Usman Ghani, Director of IM Sciences, provided his valuable insights on the importance of education and innovation in the real estate sector.

Director General Numl Brig Shahzad Munir highlighted the challenges of rapid urbanization, such as traffic congestion, pollution, and unplanned urban sprawl, and emphasized the potential of the real estate sector to play a pivotal role in economic growth. Brig Munir also stressed the need for a centralized platform to address inefficiencies and ensure better planning to mitigate these challenges.

Published in Dawn, December 5th, 2024