OVER the last two decades, Pakistan has faced significant challenges due to a growing trend in land investments. Till around the turn of the century, it was uncommon for individuals to purchase plots of land solely as investments. At the time, most people acquired land or houses only to meet their housing needs, with very few buying land as a financial venture. The situation began to change gradually under the influence of multifaceted changes our society experienced in the wake of the infamous 9/11 incident and the subsequent wars in Afghanistan and Iraq.

Pakistan’s alliance with the United States during this period led to an influx of foreign aid. The economy experienced a boost, particularly in sectors like banking and telecommunications, creating a lot of job opportunities. At the same time, large-scale development projects were initiated across the country, spurring industrial growth as well as lifestyle upgradation.

Alongside these developments, the trend of investing in real estate started getting commonplace. Overnight, land prices began to soar, and a wave of specu-lation took hold. People started investing their savings in land, believing it to be a profitable venture. While some investors did gain from the phenomenon, it caused significant harm to the country and its people and economy. All this happened at the cost of genuine buyers.

Besides, money that could have been used to establish businesses or industries was instead locked away in dormant land investments, contributing little to economic activity or employment generation.

As the demand for land increased, agricultural land began to be converted into residential housing schemes. Developers purchased farmland from farmers at high prices, transforming fertile agricultural areas into housing societies. For farmers, the choice was simple: there was no point spending months cultivating crops for limited returns when selling their land could make them instant millionaires.

This shift has had long-term conse-quences. The peri-urban areas that were once lush with fields, such as those in Karachi’s Malir district, have now been turned into sprawling urban developments. The loss of agricultural land has already created dependence on imported wheat, and soon vegetables, fruits and other essentials may also need to be imported.

For a country where agriculture supp-orts a significant portion of the population, the trend is alarming. The government must act swiftly to halt residential deve-lopments on agricultural land.

Land designated for farming should not be allowed to be sold to the so-called developers, and strict measures should be taken against those who violate such regulations.

Reports have already surfaced of exte-nsive agricultural areas, such as mango orchards in Multan, being cleared for housing projects. If this continues unchecked, the nation may face severe food shortages in the future.

With an increasing population and dwindling resources, Pakistan could be on the brink of a crisis where essential commodities may become scarce despite having the money to buy them.

The situation demands urgent attention to the task of preserving agricultural land and ensuring sustainable growth for future generations in Pakistan.

M. Shamail Anwar
Karachi

Published in Dawn, December 20th, 2024