Famous Pakistani Property Developers and Their Properties
It is a known fact in the country that real estate development has been one of the fastest growing industries in Pakistan over the past few years. With more and more people migrating to cities for work, an increase in population has led to a booming real estate industry. The demand for quality housing combined with high standards and strict regulations from government agencies have made it possible for developers to establish themselves as a viable alternative to rental properties. The boom of the real estate industry has brought new opportunities for property developers and their brands. It is not only homeowners who are buying into this but also other businesses looking at establishing their own brand presence in the market. Here we look at some of the top property developers in Pakistan along with details on their developments:
Savar Developers
The first property development firm to come up in Karachi was Savar Developers. They were established in the mid-90’s by K.K. Syed, who is also the Chairman at the company. The firm is known for their residential developments, commercial properties, and investment properties. Some of the projects they have executed are the Blue Lagoon, The Lakes, and The Camellia. These developments are known for their modern architecture and are situated in prime locations in Karachi. Savar Developers focus on quality residential developments, which have won a lot of recognition among their customers. The Blue Lagoon, for example, was awarded the Best Residential Project Award in the year 2015 by the German Chamber of Commerce.
ICICI Developers
ICICI Developers is a real estate firm that was established in Karachi in the year 1982. The firm has offices in Karachi, Lahore, and Islamabad, along with a presence in London and Dubai. It was started by the two brothers, Iqbal and Chaudhry Muhammad Ajmal Khan. They were initially in the business of construction and quickly gained popularity as a result. One of their earliest projects was the White City. Since then, they have expanded their operations to include commercial properties, investment properties, and mixed-use developments. ICICI Developers have their own special style of architecture that is known as New Bombay style. Over the years, they have established themselves as one of the top property developers in Pakistan with a special focus on quality developments.
NIB Real Estate Limited
NIB Real Estate Limited is a well-established property company based in Karachi. The company was established in the year 1988 as a joint venture between the National Insurance Company Limited and the real estate firm Ittel. They are known for their residential and commercial developments in the city. Some of the notable projects of the company are the Greenscape City, Greenscape Villas, and Greenscape Lakes. These are known for their modern architecture and green environment. The company’s projects are situated in prime locations of the city such as Lyari Town, Korangi, Pano Aromas, and others. Apart from that, NIB Real Estate Limited also manages a number of high-end hotels.
FBR Real Estate Limited
FBR Real Estate Limited is another leading real estate development company that was established in Karachi in the year 1991. The company has its headquarters in Karachi, with offices in all major urban centres of Pakistan. FBR Real Estate Limited is a joint venture between the Federal Bank and the real estate developer Whitehill. The company is known for high-end residential and commercial developments in Karachi. Some of the notable projects of the company are the Cayenne Golf Resort, Whitehill City, The Lake View, and others. The company also has its own portfolio of high-end hotels and resorts. FBR Real Estate Limited was awarded the Best Real Estate Development Company of the year in the year 2015.
Gulf Rock Real Estate Company Limited
Gulf Rock Real Estate Company Limited is a leading property development company based in Karachi. The company was established in the year 1981 and has its headquarters in Karachi. The company is known for their high-end residential and commercial developments in Karachi. Some of the projects of the company are the Deira Garden, Deira Al Nahda, Deira Noble, and Deira Residences. Some of the notable developments of the company are the Park Residences, City Residences, and Deira Noble. The company also has a portfolio of high-end hotels and resorts. Gulf Rock Real Estate Company Limited has won a lot of awards and honors over the years, including Best Real Estate Development Company of the year in the year 2010 and Best Residential Development Company in the year 2016 by the Pakistan Real Estate Awards.
Other Developments
Apart from these, other real estate developers of Pakistan are also making their presence felt in the market. One such developer is Ideal Homes, which was established by the late Malik Riaz. The company is known for its residential developments, which are mostly located in the city centre of Karachi.
Future Plans for Property Development in Pakistan
The real estate sector of Pakistan continues to be one of the most thriving industries nowadays. With a demand for quality housing, coupled with strict regulations from government agencies, property development has become a viable alternative to renting. The real estate market in Pakistan is expected to show strong growth in the years to come. This is likely to be fueled by an increase in the number of migrating people, who are in need of quality housing. A lot of developments are underway, including the construction of a high-speed railway line between Karachi and Lahore. This is expected to have a significant impact on the growth of the real estate sector.
Key Takeaways
There is no doubt that property development has become a lucrative venture in Pakistan. The market is expected to expand further with the inflow of more and more people into the cities. Development companies are also planning to come up with cutting-edge technologies to make the experience of buying a property more pleasant. With that being said, here are a few things to keep in mind while undertaking property development in Pakistan:
