Pick up activities in real estate sector moving in right direction.

Byline: Khalil Ahmed

Induction of mortgage finance facilities will be true game changer for the sector

Profile:

Muhammad Ejaz is the founding Chief Executive of Arif Habib Dolmen REIT Management Limited, which has successfully launched South Asia's first listed REIT fund. He has been associated with Arif Habib Group since August 2008 and sits on the board of several group companies. He has spearheaded several group projects when these were at a critical stage during their execution. Prior to joining Arif Habib Group, Muhammad Ejaz served at senior positions with both local and international banks. He was the Treasurer of Emirates NBD Bank in Pakistan and served Faysal Bank Pakistan as Regional Head of Corporate Banking group. He also served Silk Bank as Head of Corporate and Investment Banking Group. He also had short stints at Engro Chemical and Shoaib Capital.

Mr Ejaz did his graduation in Computer Science from FAST ICS and did his MBA in Banking and Finance from IBA, Karachi where he is a regular visiting faculty member. He has also conducted programs at NIBAF - SBP and IBP. He is a Certified Director and also a Certified Financial Risk Manager.

Arif Habib Dolmen REIT Management Limited specializes in the REIT management business. It also assists its customers in end-to-end management of real estate projects starting from research/market study to planning and execution. It takes pride in being the introducer of listed REITs in South Asia.

PAGE: Could you tell us about the recent developments in the real estate sector of Pakistan?

Muhammad Ejaz: Real estate sector has been in focus since the present regime has taken over. We have already started witnessing launch of numerous projects. The government has taken several significant steps such as:

Setting up of Naya Pakistan Housing and Development Authority (NAPHDA) and making it operational.

Fixed Tax Regime (FTR) for builders and developers along with amnesty for investment in the sector.

Subsidy (both direct and interest rate) for affordable housing.

Lower tax rate for banks and financial institutions for mortgage financing.

Concerted efforts are being made to set up a uniform system for developer finance and mortgage finance in the country; a carrot and stick policy has been introduced by SBP to encourage banks to participate.

Introduction of Real Estate Regulatory Authority (RERA) initially for ICT.

Regulations for compliance with FATF prescription.

PAGE: How much interest do the...