Lahore | ReNews Pakistan
The Punjab government has formally launched a unique free housing project for the working class, under which 720 labourer families have become owners of their flats. Punjab Chief Minister Maryam Nawaz Sharif inaugurated the project by handing over keys and allotment letters to the workers.
Chief Minister Maryam Nawaz Sharif attended the ceremony held under the Punjab Employees Social Security Institution, PESSI, for the provision of 720 flats. During the ceremony, she was briefed on the free flats project and other ongoing initiatives of the Labour Department.
According to officials, special priority has been given to widows and persons with disabilities in the Sundar Estate Flats Project. A documentary highlighting various programmes of the Punjab Labour Department and welfare measures for workers was also presented during the event.
Chief Minister Maryam Nawaz Sharif handed over allotment letters and keys of the flats to labourers free of cost. Under the widow category, Sonia Pervaiz received the allotment letter and keys of a flat, while hearing impaired Yasir Hanif and polio survivor Farhan Ali were also given allotment letters and keys for free flats.
Similarly, Muhammad Wasif, Shahadat Ali, Abida Ali, Kausar Bibi, senior worker Victor Hector and Muhammad Ashfaq Ahmed, among other workers, were also given allotment letters and keys. Labourer families appeared visibly delighted after receiving their homes.
Congratulating the worker families on getting their own homes, Chief Minister Maryam Nawaz Sharif said labourers are friends of Allah. “Congratulations on having your own roof, your own home and your own house,” she said. She added that the welfare of the working class remains among the government’s top priorities.
Addressing the ceremony, Provincial Labour Minister Manshaullah Butt said the Punjab Labour Department was once considered an unnoticed department, but in 1988 Muhammad Nawaz Sharif introduced revolutionary measures for labourers. He said having a roof over one’s head is every worker’s dream, and Chief Minister Maryam Nawaz Sharif has turned that dream into reality.
Manshaullah Butt said Maryam Nawaz Sharif is the country’s first chief minister to provide free flats to labourers. He added that the project is not merely about housing for the working class, but also an important step toward dignity, protection and economic security.

Sydney | ReNews International Desk News
Plans for Australia’s first Trump Tower have been scrapped just three months after the high profile project was announced, with the Australian developer behind the proposal blaming the collapse of concerns over the Trump brand and rising global tensions.
The proposed A$1.5 billion luxury tower was planned for the Gold Coast in Queensland and had been promoted as a landmark development that could become Australia’s tallest building. The 91 storey hotel and residential project was expected to reach 335 metres, making it taller than the Shard in London.
Altus Property Group, the developer behind the project, said the tower plan remained active but would now move forward without the Trump name. The company said it was considering other luxury brand options for the development.
David Young, chief executive of Altus Property Group, said the decision to end the arrangement was linked to the changing perception of the Trump brand in Australia and wider international developments.
“Let’s just say that with the Iran war and everything else, the Trump brand was increasingly toxic in Australia,” Young said in a statement. “Some time ago we knew it was time to part company. It was not about not meeting obligations. There are other luxury brand options for us. The project is live.”
The Trump Organization has strongly rejected Altus Property Group’s explanation. Kimberly Benza, director of executive operations for the Trump Organization, said the company had been enthusiastic about entering the Australian market but claimed the developer failed to meet key financial commitments.
According to Benza, the Trump Organization had relied on its licensing partner meeting certain obligations under the agreement. She said Altus had failed to meet what she described as the most basic financial obligation due upon execution of the deal.
She also dismissed Young’s reference to global events, calling it an attempt to distract from the developer’s own alleged defaults and failures. The Trump Organization said it remained interested in bringing a Trump branded property to Australia in the future.
The collapse of the deal has drawn attention on the Gold Coast, where the proposed tower had already become a subject of public debate. Gold Coast Mayor Tom Tate said the local council had not received a development application for the site and described the arrangement as a private business matter between the two parties.
Tate suggested the dispute appeared to be linked to negotiations over financial terms and profit margins. He said the Trump Organization had sought a larger return for the use of its brand, operations and involvement in the project.
When the project was announced in February, Eric Trump, executive vice president of the Trump Organization and son of United States President Donald Trump, described it as the company’s first official move into Australia. He said the development would bring the prestige and appeal of a global luxury brand to the country.
Construction had been expected to begin in August. The tower was planned to include 285 hotel rooms, 272 luxury residential apartments, retail spaces, restaurants and an exclusive beach club.
The proposal divided local opinion from the beginning. A petition opposing the development reportedly attracted more than 120,000 signatures, while a separate petition supporting the project drew around 3,600 signatures, according to local media.
Although the Trump branded project has now been abandoned, Altus Property Group insists the Gold Coast development itself is still alive. The next phase is expected to depend on whether the developer can secure another luxury brand partner and move the project through the formal planning approval process.

Lahore | ReNews Pakistan
Punjab Chief Minister Maryam Nawaz Sharif has approved development projects worth billions of rupees under the District Development Plan, aimed at further empowering districts financially and administratively through the use of local revenue.
An important meeting of commissioners was held under the chairmanship of the Punjab chief minister, during which the commissioners of Sahiwal, Sargodha, Faisalabad and Multan divisions gave detailed briefings on available resources, local revenue and proposed development schemes in their respective areas.
Addressing the meeting, Chief Minister Maryam Nawaz Sharif made it clear that mere formality or “eyewash” in development projects would not be acceptable, adding that real groundwork must be visible. She directed commissioners to remain present in the field instead of being confined to their offices and to directly supervise development work.
The chief minister said that where the administration has authority, responsibility also rests with it. Describing commissioners as the government’s “eyes, ears and arms,” she said no negligence would be tolerated in resolving public issues, accelerating development projects and maintaining the quality of work.
During the meeting, the chief minister expressed strong anger over the incident in Faisalabad in which a young girl died after falling into an open pit. She ordered that if any citizen falls into a manhole, the owners of the relevant housing society will be arrested.
The chief minister also directed that notices be issued to private housing societies across Punjab and that they submit a monthly affidavit confirming that no manholes are left open within their boundaries. She further ordered that all construction sites be secured in accordance with standard operating procedures and that the protection of citizens’ lives and property be ensured at all costs.
Maryam Nawaz Sharif directed effective monitoring of government and private school buildings, proper cordoning of construction sites and the continuation of deep cleaning campaigns in all tehsils. She said providing citizens with a safe, clean and improved urban environment is a basic responsibility of the administration.
During the briefing, it was stated that local government funds worth Rs 4 billion are available for the Sahiwal Division. These funds will be used for the reconstruction of urban roads, improvement of footpaths, beautification of entry points and provision of other basic facilities. The chief minister directed the establishment of international standard roads, modern footpaths and improved urban infrastructure in Sahiwal.
Orders were also issued for the installation of solar streetlights on Main Akbar Road in Okara, floodlights at Jinnah Stadium, and beautification of canal banks along with the installation of solar lights in Pakpattan. A target has been set to complete all 17 development schemes in Sahiwal Division by September 2026.
The meeting also approved development projects for Sargodha Division worth Rs2.8 billion from local revenue. The chief minister directed that the installation of Safe City cameras in Sargodha be expedited, urban roads in Bhakkar be upgraded, and a family park and bus stand be constructed in Quaidabad.
Chief Minister Maryam Nawaz Sharif directed that the quality of development work must remain uniform across the province and that no compromise be made on the standard of any project. She said all projects would be completed on the basis of public need, merit and transparency, with no room for favoritism or nepotism.

Abu Dhabi | ReNews International Desk News
According to a Bloomberg report, Dubai’s real estate market has once again become a major focus for global investors, with international confidence in the sector showing clear signs of revival.
The report said that Brookfield Asset Management, one of the world’s leading investment firms, has indicated plans to further strengthen its presence in the Middle East. A senior company official said Brookfield has a strong understanding of the region’s risks and opportunities, which is why it is seriously exploring investment prospects there.
Bloomberg reported that the Gulf region has recently witnessed a rise in major investment and defense agreements, further enhancing its economic significance. The report also noted that oil prices have continued to rise despite concerns linked to the possible closure of the Strait of Hormuz.
Experts say Dubai’s property market is emerging as a safe, stable and profitable destination for global investors. Continued activity in the real estate sector, the inflow of international investment and the region’s economic policies have further strengthened Dubai’s position on the global investment map.

Karachi | ReNews Pakistan
The National Accountability Bureau has completed its initial inquiry into alleged multibillion rupee irregularities in the Lyari Expressway Resettlement Project, one of Karachi’s major rehabilitation schemes launched for people displaced by the construction of the Lyari Expressway.
According to sources, NAB has now moved the case into the formal investigation stage after the preliminary inquiry reportedly uncovered serious irregularities, including suspected illegal allotments, fake plot allocations and china cutting within the resettlement scheme.
During raids conducted as part of the inquiry, NAB officials seized thousands of plot files and related official records. Sources claimed that nearly 65 percent of the seized files allegedly contained fake allotment orders. Several of these documents reportedly carried the signatures of assistant directors of land and executive engineers, raising concerns over the possible role of government officials in the alleged fraud.
Officials familiar with the investigation said NAB has also placed the names of six suspects, including government officials, on the Passport Control List to prevent them from leaving the country while the investigation is underway.
Investigators have further alleged that around 20 acres of land linked to the resettlement project were fraudulently sold to outsiders. Separately, the investigation team has recommended another inquiry into alleged irregularities worth approximately Rs. 8 billion connected to the scheme.
The Lyari Expressway Resettlement Project was jointly launched by the federal and Sindh governments to rehabilitate nearly 250,000 residents affected by the construction of the Lyari Expressway. The project has remained under implementation since 2001, with the federal government contributing 67 percent of the funding and the Sindh government providing the remaining 33 percent.
The latest findings have raised fresh questions about land management, official oversight and transparency in one of Karachi’s long

Tokyo | ReNews International Desk
A company in Soja city, Okayama Prefecture, Japan, has developed a compact and easy to install prayer room, described as a small mosque, to facilitate Muslim tourists, workers and visitors at public places.
The special prayer facility, introduced under the name “Prayer Space,” has been developed by OM Kiki Co., a company known for manufacturing welfare and support equipment. The idea for the project emerged when one of the company’s employees travelled around Okayama with a Muslim friend from Malaysia, who faced difficulty finding a suitable, clean and private place to offer prayers.
In view of the growing need for accessible prayer facilities for Muslims, the company began selling the prayer room in December. The wooden structure stands 180 centimetres high and provides a 150-centimetre-square floor area, allowing it to be installed easily even in relatively limited spaces.
The facility includes several practical features designed to meet the needs of Muslim users. It comes with a waterproof and easy-to-clean mat, which helps support cleanliness before prayer. A movable qibla marker installed on the ceiling also helps worshippers identify the direction of Makkah.
For Muslims, prayer is a fundamental religious obligation performed several times a day. Therefore, access to a clean, peaceful and private place of worship is considered especially important during travel, work or visits to public locations.
According to a survey of Muslim visitors to Japan, 72 percent of men and 79 percent of women said the availability of a prayer space influenced their choice of travel destination. These figures show that prayer facilities play an important role in making tourism more inclusive and convenient for Muslim travellers.
The company behind the product says it aims to promote dedicated prayer facilities across Japan, starting from Okayama. The initiative is expected to help Japan become a more welcoming and convenient destination for Muslim tourists, workers and the local Muslim community.

Islamabad | ReNews Pakistan
A court in Islamabad has issued arrest warrants for the operators and representatives of 16 housing societies over the alleged non-payment of dues amounting to nearly Rs1.8 billion owed to the Capital Development Authority (CDA).
Senior Special Magistrate Sardar Mohammad Asif directed the concerned Station House Officers (SHOs) to arrest the accused individuals and present them before the court on May 14. The action follows complaints filed by the CDA Housing Directorate after the societies allegedly failed to clear long-standing liabilities related to extension fees, commercialization charges and other regulatory payments.
According to officials familiar with the proceedings, the court initiated legal action after multiple notices and opportunities were reportedly provided to the housing societies to settle their outstanding dues. Authorities said the failure to comply with CDA regulations prompted the matter to be referred for judicial intervention.
The housing societies named in the case include Account Group Officers Housing Scheme, Al Hamra Avenue Housing Scheme, Bahria Town, Bahria Paradise Commercial Scheme, Capital Enclave Housing Scheme, Gulberg Residencia Housing Scheme, Jeddah Town, Overseas Pakistanis Foundation (OPF) Housing Scheme, River Garden, Senate Avenue, Soan Garden, Margalla View, Ministry of Interior Housing Scheme, Multi Garden-I, and Roshan Pakistan Corporation Housing Scheme.
A court official told Dawn that all legal requirements had been fulfilled before the issuance of arrest warrants and that the affected parties had been given sufficient time to resolve the matter through payments or legal responses.
Responding to questions regarding Bahria Town founder Malik Riaz, the official clarified that the warrants were likely issued for individuals responsible for the financial management of the societies, including finance directors or administrative representatives, rather than necessarily targeting owners directly.
Officials further stated that the CDA’s primary objective remains the recovery of pending dues and that further coercive measures could be avoided if the outstanding liabilities are cleared within the legal framework.
The development comes amid an intensified crackdown by the CDA against illegal, unapproved and defaulting housing schemes operating in Islamabad. In a recent public advisory, the authority identified 99 illegal housing and agro farming schemes functioning without mandatory approvals in various zones of the federal capital and warned citizens against investing in unauthorized projects.
Urban planning experts believe the latest action reflects increasing pressure on housing developers to comply with regulatory obligations as authorities attempt to strengthen oversight of Islamabad’s rapidly expanding real estate sector.

London | ReNews International Desk News
In the North Yorkshire region of the United Kingdom, two former Royal Air Force (RAF) search and rescue helicopters have been converted into luxury glamping units in an unusual initiative that has attracted significant attention from both domestic and international tourists.
The helicopters are now installed at a North Yorkshire water park, where they have been fully transformed into modern accommodation units. They feature bedroom spaces, a small kitchen, and a dining area, while certain original parts of the cockpit have been preserved as a tribute to their historical significance.
Located within the water park, guests not only enjoy a unique accommodation experience but also have access to water sports and a range of other recreational activities.
According to the management, bookings for these distinctive units began on May 1, with a nightly rate set at approximately £130. Remarkably, all initial weeks were fully booked in advance, reflecting the strong demand and popularity of the concept.
Authorities stated that the primary aim of the project is to preserve the original identity of the historic helicopters while reintroducing them as a memorable and innovative experience within the tourism industry.

Los Angeles | ReNews International Desk News
Angelina Jolie has officially listed her historic Los Angeles estate for $29.85 million, marking what appears to be the beginning of a major personal transition as she prepares for life beyond Hollywood.
The sprawling Los Feliz property, once owned by legendary filmmaker Cecil B. DeMille, sits on more than two acres and features an 11,000 square foot Beaux Arts style mansion with six bedrooms and ten bathrooms. The estate also includes a guest house studio, pool house, fitness studio, tea house, security station and expansive landscaped grounds overlooking the Hollywood Hills and the Griffith Observatory.
According to property details, the home was originally designed in 1913 by architect B. Cooper Corbett was later purchased by DeMille in 1916. The DeMille family reportedly retained ownership of the estate until the late 1980s, giving the property a long-standing place in Hollywood history.
Jolie acquired the residence in 2017 for $24.5 million, shortly after her separation from former husband Brad Pitt. The estate became the primary home where she raised the couple’s six children: Maddox, Pax, Zahara, Shiloh and twins Knox and Vivienne.
Sources familiar with the matter said the actress recently completed renovations to prepare the property for sale and had quietly begun showing it to pre-qualified buyers in recent months.
The listing follows comments Jolie made in a 2024 interview in which she suggested she intended to leave Los Angeles once her youngest children reached adulthood. Twins Knox and Vivienne are set to turn 18 in July 2026.
Speaking about her future plans, Jolie indicated she hopes to spend more time abroad, particularly in Cambodia, where she adopted her eldest son Maddox in 2002. She also expressed a desire for greater privacy, peace and flexibility after years of public scrutiny surrounding her divorce and family life.
Industry observers view the sale as one of the most notable celebrity real estate listings currently on the market, not only because of the property’s value and historic pedigree, but also due to its connection to one of Hollywood’s most recognizable stars.
The estate is currently listed through Sotheby’s International Realty and Resident Group, with luxury agents Ernie Carswell and Jon Grauman handling the sale.

Karachi | ReNews Pakistan
The National Accountability Bureau (NAB) Karachi has recovered 80 acres of government land in Hyderabad that was allegedly illegally allotted to Bahria Town, according to an official statement issued by the bureau.
The recovered land is located in Deh Ganjo Takkar within the Gulshan e Sarmast housing scheme and is estimated to be worth around Rs6 billion. NAB said the land had allegedly been handed over to Bahria Town through an unlawful allotment at a much lower price of Rs 383 million.
According to NAB, the amount was also not fully paid, while the terms and conditions attached to the allotment were not fulfilled.
The bureau stated that the land was originally allocated for the establishment of a university. However, Bahria Town allegedly failed to comply with the conditions set for the allotment, raising serious questions over the use and transfer of government property.
Following NAB’s intervention, the Hyderabad Development Authority cancelled the allotment and took back possession of the land. The authority also forfeited the partially paid amount linked to the allotment.
The recovery comes at a time when broader legal proceedings involving Bahria Town owner Malik Riaz, his son, and others are already underway. Last week, an accountability court issued perpetual arrest warrants for Malik Riaz, his son, and other accused persons in connection with a land grabbing case.
Earlier in 2025, NAB had filed a reference against Bahria Town owners, government officials, and political figures over the alleged illegal transfer and conversion of government land for private housing schemes.
NAB said the latest recovery is part of its continuing action against illegal occupation, misuse, and transfer of public land.

Lahore | ReNews Pakistan
The Punjab government has decided to introduce satellite internet service as part of a broader strategy to strengthen digital connectivity and expand access to modern technology across the province.
The announcement was made by Senator Anusha Rahman, PML-N leader and Senior Adviser to the Punjab Chief Minister, while addressing a leadership summit at a private university in Lahore. The event focused on blockchain technology, digital assets and the growing role of emerging technologies in Pakistan’s digital future.
Speaking at the summit, Anusha Rahman said the Punjab government is working to ensure high-speed internet access in areas that remain underserved or disconnected from basic digital infrastructure. She said satellite internet technology would play an important role in connecting villages, educational institutions and healthcare facilities, particularly schools, colleges and hospitals in remote and less-developed areas.
Rahman said there is already strong public interest in digital technology, but many regions still face serious connectivity challenges. To address this gap, she said the provincial government is launching a “Connect the Unconnected” mission, aimed at bringing internet access to communities that have so far remained outside the digital network.
According to her, the government will soon begin providing internet services through satellite technology in the public sector. She added that the Punjab Information Technology Department is already working on several modern connectivity projects to support the province’s digital transformation.
The senior adviser further said that the Punjab government plans to connect 6 million young people with modern technology over the next four years. The initiative is expected to support digital learning, skills development, innovation and greater participation of youth in the emerging technology economy.
Officials believe the planned satellite internet service could help reduce the digital divide in Punjab by improving access to online education, health services, government platforms and technology-based employment opportunities in areas where conventional broadband infrastructure remains limited.

Dubai | ReNews International Desk News
The recent Iranian missile attacks have started putting pressure on the real estate market in the United Arab Emirates, particularly in Dubai and Abu Dhabi. Growing security concerns in the region have affected the long-standing perception of both cities as safe, stable and attractive destinations for investment.
The property markets of Dubai and Abu Dhabi have seen strong growth in recent years, driven by foreign investment, tax-free policies, visa reforms and rising interest from high net worth global investors. However, following the latest regional tensions, investors appear to be adopting a more cautious approach, raising concerns that sales of new projects, especially off-plan properties, could be affected.
Real estate experts say a large number of residential units in Dubai have been sold in projects that are either under construction or still in the planning stage. The success of such projects largely depends on the confidence of foreign buyers and the continuation of investment flows. If regional tensions persist, buyer interest may weaken, creating sales and cash flow challenges for developers.
According to reports, shares of some construction companies in Dubai and Abu Dhabi fell by up to five percent following the latest developments. Banks and financial institutions have also started exercising greater caution in funding and raising capital for new real estate projects.
Analysts say the UAE property market witnessed exceptional growth after the Covid19 pandemic. Visa reforms, business friendly policies and tax incentives attracted investors from around the world to Dubai and Abu Dhabi, leading to a significant rise in property prices. However, the current geopolitical situation has put investor confidence in the test.
Some major developers believe the current pressure may be temporary and that the market could recover once tensions ease. Experts, however, warn that if the situation continues for a prolonged period, off-plan developments, luxury apartments and projects heavily dependent on foreign buyers may be the most affected.
Real estate analysts say the true impact will depend on how long regional tensions persist and how safe foreign investors consider the UAE property market in the coming months.

Lahore | ReNews Pakistan
The Lahore Development Authority (LDA) has initiated a comprehensive revision of the Lahore Division Master Plan 2050 to incorporate recent urban expansion and updated population figures, with officials indicating that the final draft is expected by the end of May.
According to authorities, the revised master plan is likely to come into effect from the beginning of the next fiscal year 2026–27, starting July 1, subject to formal approval by the LDA’s governing body.
LDA Chief Metropolitan Planner Muhammad Faisal Qureshi stated that the consultants who originally prepared the plan in 2022 are currently revising it in line with directives issued by the court. The updated version will reflect developments that have taken place over the past five to six years.
He further explained that the revised draft is being developed based on the 2023 population census, replacing earlier projections that relied on 2017 data. The plan is expected to include newly developed built-up areas across Lahore and its adjoining districts, particularly within residential and mixed-use zones.
The updated master plan will also incorporate major ongoing developments under initiatives such as the Ravi Urban Development Authority (RUDA), including areas within the Ravi Riverfront Urban Development Project.
Officials added that once the draft is completed, it will undergo review by the LDA, followed by a public hearing on the Environmental Impact Assessment (EIA) conducted by the environment department. The plan is then expected to be presented for final approval in a governing body meeting scheduled for late June.
At present, the LDA continues to operate under the amended Lahore Division Master Plan 2016 for approvals related to housing schemes and land subdivisions.
The Master Plan 2050 was initially finalized in 2022 and approved by the provincial government at the time. However, its implementation was suspended by the Lahore High Court in January 2023 following legal challenges. Petitioners had raised concerns regarding alleged irregularities in the approval process and potential environmental implications.
Subsequently, the court directed the LDA to review the plan. Although the authority had planned to seek input from relevant institutions, including environmental and planning bodies, the review process did not progress at that stage.
Earlier this year, the LDA’s governing body approved the continuation of the revision process, including negotiations with consultants over an estimated cost of PKR 320 million.
The Master Plan 2050 outlines Lahore’s long-term urban development strategy, including proposals for a new city centre in Gulberg and the expansion of urban boundaries to accommodate future population growth. It also provides planning frameworks for major urban settlements in Sheikhupura, Nankana Sahib, and Kasur, aligning with policies of key urban development authorities across the region.

Peshawar | ReNews Pakistan
Authorities have installed panic buttons at 68 key locations across Peshawar under the Safe City Project, marking an important step toward improving emergency response and strengthening public safety in the provincial capital.
According to a statement issued on Wednesday, the newly installed panic buttons are equipped with audio and video communication features and are directly linked to the Safe City headquarters. Citizens can use these devices to contact law enforcement authorities immediately in case of an emergency.
Officials said that once a panic button is activated, the system will alert the monitoring centre, allowing police teams to respond without delay. The feature is designed to reduce response time and provide citizens with a direct communication link to emergency services. The initiative is aimed at enhancing safety arrangements in busy public places, especially for students, women, and other vulnerable segments of society. The system would also improve coordination between the public and law enforcement agencies during emergency situations.
The panic button network is part of a wider effort to modernise policing infrastructure in Peshawar through the Safe City Project. The devices have been placed at strategic locations and integrated with a central monitoring system to ensure real-time communication between citizens and police.
Authorities said the system will help provide quicker assistance in emergency situations and support more effective monitoring of public spaces. They added that similar facilities are also planned for other cities in the future, although no specific timeline or operational details have been shared so far.
The initiative reflects the provincial police’s ongoing efforts to adopt technology based solutions for public safety, improve service delivery, and make emergency assistance more accessible to citizens.

Islamabad | ReNews Pakistan
The government has decided to promote Real Estate Investment Trusts (REITs) as a key policy tool to revive Pakistan’s sluggish real estate sector and its shallow capital market.
During a high level meeting chaired by Federal Minister for Finance Muhammad Aurangzeb, it was emphasized that a strong and internationally aligned REIT framework could not only restore investor confidence but also play a significant role in bringing the real estate sector into the documented economy.
Reviewing the current market situation, the meeting noted that the property sector is under pressure due to high transaction costs, lack of price transparency, and a complex tax regime. In this context, directives to introduce tax reforms and simplify regulations were termed an important development.
The government also stressed that aligning the REIT structure with global standards and reducing regulatory hurdles could make the sector attractive for large and institutional investors. In this regard, the Securities and Exchange Commission of Pakistan and relevant tax policy bodies have been assigned reform-oriented tasks.
The meeting further highlighted the need for easier entry and exit mechanisms for investors, as difficulties in timely capital withdrawal have historically been a major factor behind the low popularity of REITs.
According to experts, one of the key reasons for the slow growth of REITs in Pakistan is the inactive secondary market, which makes investors cautious due to the risk of capital being locked in for long periods. Activating the secondary market was therefore discussed as a critical step to address this gap.
The government maintains that REITs can help channel investment away from non-productive real estate into more productive sectors of the economy. This shift could not only expand the tax base but also promote transparency and documentation within the financial system.
However, experts caution that investor confidence cannot be restored through policy announcements alone. Consistency in policies, stability in the tax regime, and regulatory transparency will be essential. Frequent policy changes and complex regulations in the past have constrained the sector’s growth.
The government’s decision to incorporate private sector input into policymaking is being viewed as a positive step. Experts believe that if these consultations translate into concrete actions, REITs could emerge as an effective and active investment vehicle in Pakistan’s capital market provided reforms are sustained and effectively implemented.

Islamabad | ReNews Pakistan
The government’s recently introduced Rs3.2 trillion housing finance scheme appears to suffer from a serious constitutional flaw, as it involves the provision of interest based loans despite a constitutional deadline of January 1, 2028, for the elimination of interest (riba) from Pakistan’s financial system.
According to sources, a review of the scheme’s structure and duration suggests a potential conflict with constitutional requirements. The government has announced a five year financing program, allocating Rs321 billion in the first year for 50,000 housing units, with the total cost projected at Rs3.2 trillion.
Experts warn that under this plan, the issuance of interest based loans is likely to continue beyond 2028, directly conflicting with the constitutional deadline. Furthermore, with each loan carrying a repayment period of 20 years, even loans issued close to or after 2028 would remain tied to interest based repayments for decades.
Under the scheme, a fixed markup of 5% has been set for the first 10 years, after which rates will be adjusted according to market conditions. Critics argue that this mechanism not only sustains the interest based system but also expands its scope, despite the state’s constitutional obligation to eliminate it.
Sources further indicate that this critical constitutional aspect was not adequately considered.
It is worth noting that Prime Minister Shehbaz Sharif inaugurated the “Apna Ghar Program,” which aims to finance 500,000 homes over five years. Under the scheme, loans of up to Rs10 million will be provided with a repayment period of 20 years, aimed at supporting low income groups and stimulating economic activity in the construction sector.
However, experts caution that unless such programs are restructured on interest free or Shariah compliant financial models, the government may face serious constitutional and legal challenges as the 2028 deadline approaches.

Islamabad | ReNews Pakistan
Prime Minister Shehbaz Sharif on Thursday unveiled a landmark five year housing initiative worth Rs3.2 trillion, aimed at financing the construction of 500,000 homes across Pakistan to provide affordable housing for low income segments of society.
Speaking at the launch ceremony of the “Apna Ghar Program,” the prime minister described the initiative as a transformative step toward addressing the country’s chronic housing shortage while stimulating economic growth. He emphasized that the program would not only enable homeownership but also serve as a catalyst for industrial expansion and employment generation across multiple sectors, including construction, engineering, and skilled labor.
“This program carries immense importance as it promises to revive industrial and commercial activity while paving the way for sustainable economic prosperity,” he said, adding that the initiative was the result of extensive planning and efforts to overcome financial and administrative challenges.
The prime minister highlighted that the scheme would be implemented nationwide, covering all four provinces as well as Azad Jammu and Kashmir (AJK) and Gilgit-Baltistan (GB). For the first year, the government has set a target of financing 50,000 housing units, backed by an allocation of Rs 321 billion.
Over the next five years, the program aims to support the construction of 500,000 homes.
Under the scheme, eligible applicants will be able to access loans of up to Rs 10 million on easy terms to construct houses on plots of up to 10 marlas. The financing structure includes a 20 year repayment period, with a subsidized markup rate of 5% for the first 10 years, after which the prevailing market rate will apply.
During the ceremony, Prime Minister Shehbaz distributed loan cheques among selected beneficiaries and reiterated his commitment to personally monitor the program’s progress on a monthly basis to ensure transparency and timely implementation.
He also issued a strong message to the banking sector, stating that institutions actively supporting the initiative would be recognized with national awards on August 14, while those failing to facilitate the public should not expect leniency. The prime minister acknowledged the contributions of Finance Minister Muhammad Aurangzeb, the State Bank leadership, and Housing Minister Mian Riaz Hussain Pirzada in finalizing the financing framework. He also noted that the program builds on previous housing initiatives, including the Ashiana scheme launched during his tenure as Chief Minister of Punjab.
Earlier, Housing Minister Pirzada revealed that a recent survey had identified a housing shortfall of approximately 10 million units in Pakistan, underscoring the urgency of such initiatives. He added that the program was supported by administrative reforms, including the restructuring of the Public Works Department (PWD), to ensure efficient execution.
The “Apna Ghar Program” is being seen as a major step toward addressing housing affordability challenges while providing a significant boost to Pakistan’s economy through increased construction activity and job creation.

Lahore | ReNews Pakistan
The Punjab government has made it mandatory for all property transactions to obtain a “Green Property Certificate” from July 2026, aiming to ensure transparency and curb fraud in the real estate sector.
Issued by the Punjab Land Records Authority, the certificate confirms ownership, verifies legal status, and ensures that land records are fully aligned with official databases. Authorities believe the move will help reduce disputes and strengthen confidence in property dealings.
Below is the stage-wise process introduced by the government:
1. Visit Arazi Record Center (ARC)
Applicants must visit their nearest Arazi Record Center and obtain a token to initiate the process.
2. Submit Property Details & Pay Fee
Complete property details are submitted along with a fee of Rs 950, payable through the Bank of Punjab or via the e-Pay system.
3. Identity Verification
Verification is conducted using the applicant’s original CNIC, along with biometric authentication through the National Database and Registration Authority. Mobile number and personal data are also cross checked.
4. Ownership History Check
Authorities review past ownership records and check for any disputes, outstanding taxes, or bank loans linked to the property.
5. Field Survey & Inspection
A surveyor visits the site to measure the land using GPS technology and mark boundaries accurately.
6. Neighbour Verification
Two registered neighboring property owners confirm the applicant’s ownership and possession.
7. Official Verification
A Grade-17 officer or relevant revenue official verifies the case within the system.
8. Public Notice (15 Days)
A notice is published on the PLRA website, allowing the public 15 days to raise objections. If none are received, the process continues.
9. Final Review
An Assistant Director Land Records conducts a comprehensive review and completes two-level verification of all documents.
10. Certificate Issuance
After approval, the property is granted “Green Status,” and the Green Property Certificate is issued as proof of secure ownership.
Officials say this structured process marks a significant step toward digitization and transparency in Punjab’s land record system.

Islamabad | ReNews Pakistan
Prime Minister Shehbaz Sharif is set to formally announce a low cost housing finance package today under the “Apna Ghar Program,” aimed at enabling middle and low income groups to own homes.
According to official sources, the scheme will offer loans ranging from Rs2.5 million to Rs10 million for the purchase of a 10 marla house or plot. The loan tenure has been set at 20 years, with a fixed markup of 5% for the first 10 years, followed by a normal market-based rate for the remaining period.
Details of monthly installments under the scheme have also been outlined.
Borrowers of Rs2.5 million will pay Rs16,499 per month, while those availing Rs5 million will pay Rs 32,997 monthly. Similarly, the monthly installment for a Rs 7.5 million loan will be Rs 49,497, and Rs 65,996 for a Rs 10 million loan.
Eligibility criteria require applicants to hold a valid national identity card and not be in default on any existing loans. Under the scheme, 90% financing will be provided by the government, while applicants will be required to contribute the remaining 10%.
The loans will be disbursed through Islamic and conventional banks, microfinance institutions, and house building finance companies. Officials stated that no upfront fee or advance payment will be required to apply. The application process will be fully online, with final approval expected within one month.
The State Bank of Pakistan and the Pakistan Housing Authority Foundation will oversee the implementation of the program to ensure transparency and effective execution.

Islamabad | ReNews Pakistan
During the first eight months of the current fiscal year (July 2025 to February 2026), the state owned electricity distribution companies (DISCOs) incurred a total loss of Rs 141 billion.
According to official figures, a major portion of these losses was caused by administrative inefficiencies and electricity theft, amounting to nearly Rs 100 billion. Additionally, a shortfall of Rs 32 billion was reported due to weak recoveries of electricity dues.
A spokesperson for the Power Division stated that compared to the same period of the previous fiscal year, DISCO losses have decreased by Rs 48 billion in the current fiscal year, indicating an improvement in institutional performance.
The data further shows that on an annual basis, overall losses of state run distribution companies have also declined by Rs 49 billion. However, despite this improvement, billions in losses during the first eight months of the fiscal year continue to put pressure on the national exchequer.