Real estate trend a threat to Pakistan's economic growth.

The real estate sector has become a significant contributor to the economy of Pakistan. However, it also has a negative impact on the country's economy which cannot be ignored. On the roads of Lahore, the rise of luxury cars, particularly the latest model of Land Cruisers worth between 150 to 200 million Pakistani rupees, are mostly owned by real estate developers. Unfortunately, this trend has led to the demise of the country's industry.

In the past, industrialists preferred to invest in their businesses by purchasing raw materials or buying land for expansion, which would yield better returns. However, in recent years, many industrialists have turned to real estate development, which has resulted in the closure and shutdown of many industries.Lack of government support due to political turmoil in import and export policies have led the industrialists to take industries into different countries by selling the land or carving out societies.

Today, there are fewer industries in Pakistan than a decade ago. Furthermore, newly installed industries have not expanded due to the real estate trend and why would they expand when they make more money in carving out agricultural land?

The closure of industries has led to a decrease in production, resulting in low tax and GST collection with no revenues. The trucking industry has also been negatively affected. Additionally, Pakistan's once-excellent train freight system is no longer operational.

The regulatory and tax department have made things even more difficult for industrialists. Every new government changes the economic policy, making it difficult for industrialists to run their businesses. The lack of a regulatory one-window operation and coordination between government institutes has led to many industrialists closing their businesses and opting for real estate development instead.

As a result, the industrialists who owned an industry on 65 acres will close that industry and make a real estate housing society on the same land. They sell individual houses and plots and gather revenue of 6 to 7 billion rupees. After which, they send most of the money to other countries and say goodbye to the industry forever. This trend is increasing day by day, and the government needs to take measures to control it.

The situation in Pakistan is so alarming that even the newly installed industries such as Bolan Castings, Baluchistan Wheels, Pakistan Refinery, Frontiers Ceramics, Attock Refinery, Kohinoor...