Lahore | ReNews Pakistan
Chief Minister Punjab Maryam Nawaz Sharif has taken a significant step toward agricultural development and strengthening the rural economy by officially inaugurating the “Apna Khet, Apna Rozgar Scheme” portal. The initiative aims to provide agricultural land to landless rural families across the province, enabling them to earn a dignified livelihood while boosting agricultural productivity.
According to officials, the scheme carries an estimated value of around Rs 160 billion. Under the programme, 13,812 agricultural lots have been allocated across various districts of Punjab, benefiting approximately 88,780 families. In addition, 16,685 lots in the Cholistan region will provide employment opportunities to 101,111 families.
Each successful applicant will be allotted agricultural land valued between Rs 2.5 million and Rs 4 million for cultivation purposes. Furthermore, a one time settlement and cultivation grant ranging from Rs 50,000 to Rs 250,000 per acre will also be provided to facilitate initial farming activities.
The project has identified over 124,000 acres of agricultural land, selected carefully based on water availability and soil fertility. The land will be granted to successful farmers for a period of 10 years, strictly for agricultural use only, with no permission for permanent construction.
Applications will be accepted through the official portal from May 2 to May 18, while the appeal process will remain open from June 1 to June 8. The final list of successful applicants will be issued on June 19, and land distribution will begin on June 30.
In case of a large number of applicants, selection will be carried out through a lottery system to ensure transparency. To ensure effective monitoring, each land allotment will be linked with an agriculture officer and an intern, while assistant commissioners and agriculture department teams will conduct biannual inspections to review farming activities.
The project is being widely regarded as a major step toward strengthening the rural economy, creating employment opportunities for the unemployed, and increasing agricultural output across the province.

Lahore | ReNews Pakistan
The Central Business District (CBD) Punjab has reported significant progress on its major urban development initiatives, with CBD Walk moving ahead of its scheduled timeline while enhancement work continues at CBD Lake.
During a recent site visit, CBD Punjab CEO Imran Amin inspected construction activities at both locations. He was accompanied by senior officials from project management, engineering, construction, and architecture teams. The visit aimed to evaluate the pace of development, quality of construction, and overall execution of the projects.
CBD Walk is a premium, pedestrian focused commercial strip located in the CBD Quaid District of Lahore. Developed by CBD Punjab, it is designed as a high end destination for dining and retail. The project features 16 premium 4 marla shell and core commercial units situated alongside a scenic 2 acre lake, offering both lake facing and park facing options. It will host around 32 eateries, along with landscaped spaces and dedicated parking facilities for cars and motorcycles. Officials briefed that work on CBD Walk is advancing faster than anticipated, reflecting improved coordination and efficient on-ground execution. At the same time, maintenance and upgrade activities at CBD Lake are in progress, focusing on sustainability and long term operational functionality.
Plans are also underway to install dancing fountains at the lake, aimed at enhancing the site’s visual appeal and enriching the public experience. Authorities emphasized that modern design standards are being strictly followed, particularly in terms of exterior finishes and the selection of construction materials.
The development is being shaped as a contemporary urban space that balances functionality with aesthetics, offering a modern environment for residents and visitors alike.
Expressing satisfaction over the progress, Imran Amin underscored the importance of maintaining high construction standards and ensuring timely project completion. He added that these initiatives are aligned with the provincial government’s broader vision of developing high quality urban infrastructure in Lahore.
CBD Punjab officials noted that the steady progress reflects the authority’s commitment to delivering sustainable, well planned developments that contribute positively to the city’s economic growth and social landscape.

Islamabad | ReNews Pakistan
The Federal Board of Revenue (FBR) has reduced the valuation rates of immovable properties by 10 to 30 percent in five major cities of Punjab, including Faisalabad, Sialkot, Multan, Bahawalpur, and Gujranwala, effective from April 22, 2026.
The revised valuations were notified through a series of statutory regulatory orders (SROs), marking a targeted adjustment in selected areas rather than a comprehensive citywide revaluation. The move follows similar reductions recently introduced in Islamabad, bringing the total number of cities with revised property valuations to six.
According to official notifications, the updated valuation tables will be used to calculate federal taxes on property transactions, including capital gains tax and withholding taxes. Officials said the adjustments were intended to bring notified property values closer to prevailing market rates while maintaining the overall valuation framework.
In Multan, the changes were selective and introduced through amendments to an earlier 2024 notification, affecting only certain localities and property categories. A similar approach was adopted in Faisalabad, where only identified locations and entries were revised without altering the broader valuation structure.
In Bahawalpur, the revision primarily focused on high-end residential areas such as DHA Bahawalpur and the Askari Housing Scheme. Gujranwala also saw updated valuations in defence and Askari schemes, along with upscale private housing projects including Palm City.
Meanwhile, in Sialkot, the FBR revised specific property entries and updated rates for residential plots and constructed properties in selected areas.
Officials emphasized that the exercise was designed to fine tune property values in key urban zones, particularly in high value housing schemes and emerging localities, while avoiding disruption through a blanket revaluation across entire cities.
Earlier developments in Islamabad indicate a similar trend, where property valuation rates have undergone multiple revisions this year. A notification issued in December was first suspended, followed by a downward revision in February and subsequent amendments.
Most recently, on April 16, the FBR announced a further reduction of 10 to 35 percent in valuation rates in several sectors of the federal capital to address concerns raised by stakeholders and provide relief to buyers and sellers.
The latest reductions in Punjab are seen as part of a broader effort by the tax authority to make property valuations more realistic, encourage documentation of transactions, and facilitate activity in the real estate sector.

Karachi | ReNews Pakistan
The contractor of the Bus Rapid Transit (BRT) Red Line project has approached the constitutional bench of the Sindh High Court after the Sindh government sealed its project office and construction site following the termination of its contract.
The petition, filed on Wednesday, seeks the immediate desealing of the site, arguing that the action by authorities was unlawful and has left expensive machinery stranded and unused at the location.
A day earlier, the Sindh government announced the termination of the construction contract for the Karachi-based project, citing persistent delays, unsatisfactory performance, and violations of health, safety, and environmental standards.
According to the contractor’s counsel, Barrister Salahuddin Ahmed, the Red Line Lot 2 contract had been awarded to a joint venture comprising Pakistani and Chinese firms. He argued that delays in the project were primarily due to the government, stating that the project design was handed over late and the construction site was provided to the contractor after a delay of 30 months.
The counsel further informed the court that a dispute resolution board had previously held the government responsible for delays and awarded Rs3.7 billion in additional costs to the contractor. He maintained that the sealing of the office and site carried out by local authorities including the mukhtiarkar, police, and the Deputy Commissioner (East), was done without legal notice and amounted to an abuse of power.
The contractor requested the court to order the immediate restoration of access to the site. However, a verbal request for urgent relief was declined.
During the hearing, the court appointed a bailiff to visit the BRT Red Line project site and directed that a detailed inventory of the machinery present be prepared and submitted. The bailiff’s fee was fixed at Rs200,000, to be paid by the petitioner. Notices were also issued to TransKarachi, the Sindh government, the mukhtiarkar, police, and the Deputy Commissioner (East). The hearing was adjourned until April 29.
Meanwhile, TransKarachi defended the government’s decision, stating that strict action was taken due to slow progress on Lot 2 of the project. In an official statement, it said the contract awarded to the CR3 and AMS Associates joint venture was terminated due to continuous delays, unsatisfactory performance, and violations of safety and environmental standards.
The statement added that a delegation from the Asian Development Bank (ADB), during a recent visit, had raised serious concerns regarding the contractor’s performance, pace of work, and compliance with occupational health and safety requirements. It further noted that construction work on the Mosmiyat to Numaish corridor, part of Lot 2, was found to be below the required standards.
TransKarachi said formal procedures for contract termination were underway and reiterated the government’s commitment to ensuring timely completion of infrastructure projects through strict monitoring and accountability.
The BRT Red Line is a multi million dollar project estimated at $503.3 million. Funding includes $235 million from the Asian Development Bank, $71.81 million from the Asian Infrastructure Investment Bank, $71.81 million from the French Development Agency, as well as a $11.8 million grant and $37.2 million in loans from the Green Climate Fund. The Sindh government is contributing the remaining $75.71 million.
The foundation stone for the project’s first and second phases, covering bus procurement and civil works was laid in August 2022, with initial completion targeted for 2024. However, the timeline has since been extended to the end of 2026 due to ongoing delays.

Dubai | ReNews International Desk News
The UAE’s real estate sector demonstrated notable resilience in the first quarter of 2026, weathering regional geopolitical tensions and a softer economic outlook, according to a report by CBRE Middle East.
The country’s GDP growth forecast for 2026 has been revised downward to 0.3%, reflecting the impact of geopolitical disruptions, logistical challenges, and a slowdown in certain non oil sectors. However, the broader economy has remained stable, supported by low inflation, strong liquidity, and proactive government policies. Regional financial markets have also shown signs of recovery, with GCC bonds regaining losses and credit conditions improving.
Office markets in Dubai and Abu Dhabi remained robust, driven by limited supply and sustained demand. In Dubai, average office rents increased by 14% year on year, while prime rents rose by 16%, with occupancy levels holding at around 95%. Abu Dhabi recorded even higher occupancy at 98%, alongside a 12% rise in rents. Limited new developments are expected to keep market conditions tight in the coming years.
Dubai’s residential market experienced a period of moderation after years of rapid growth. Rental increases slowed to 4.1% annually, while property prices rose by around 9%. Although overall transaction volumes remained high, activity declined in March as buyers became more cautious. Off-plan properties continued to dominate, particularly in the mid-market segment.
In contrast, Abu Dhabi’s residential sector saw a surge in activity, driven by strong demand for premium developments and high value off plan sales. Transaction volumes and values reached record levels, while property prices continued to climb, particularly for apartments. However, rental growth showed early signs of easing.
The UAE’s hospitality sector maintained strong performance into early 2026. Dubai recorded 19.6 million visitors in 2025, with continued momentum into January 2026, when it welcomed 2 million visitors and achieved high occupancy rates. Abu Dhabi and Ras Al Khaimah also reported significant growth in visitor numbers and revenues.
Despite emerging travel disruptions, the sector has remained stable, supported by domestic tourism and promotional offers.
Retail markets are adjusting to changing consumer behavior and reduced international tourism. However, prime shopping malls have maintained high occupancy rates, ensuring steady rental returns. Notable developments during the quarter included new international brand entries and initiatives supporting local businesses.
Meanwhile, the industrial and logistics sector continued to outperform, supported by strong demand and limited supply. Rental growth remained strong in Dubai and steady in Abu Dhabi, while ongoing investments in logistics infrastructure are expected to sustain long-term growth.
Experts noted that despite short-term challenges, the UAE real estate market continues to benefit from strong fundamentals, including limited supply, solid institutional frameworks, and its position as a key destination for global investment.

Islamabad | ReNews Pakistan
A major step has been taken towards modernizing Pakistan’s power sector, as the Power Division and the International Finance Corporation (IFC) have signed a transaction advisory services agreement. Under this agreement, a nationwide smart metering project will be launched, with approximately 10 million electricity connections to be equipped with smart meters in the first phase.
Officials stated that the initiative is part of the Prime Minister’s vision to accelerate the digital transformation of the power transmission system. The project is also expected to attract both local and foreign investment, with private sector participation playing a key role. Competitive global bidding has led to a significant reduction in the cost of smart meters, making the project more financially viable.
The government has made the installation of smart meters mandatory for all new electricity connections, while the issuance of conventional meters will be gradually phased out. Additionally, all three-phase consumers will be shifted to smart metering in stages, and commercial and industrial users will also be integrated into the digital system.
Experts believe that the implementation of smart metering will help reduce electricity theft, bring greater transparency to the billing system, and improve revenue collection. Effective measures have also been taken to address faulty meters, with approval from NEPRA to expedite the process.
Ongoing reforms in the power sector are expected to strengthen financial stability and improve overall performance. The government remains committed to ensuring reliable and quality electricity supply to consumers through the adoption of modern technology.

Lahore | Rana Awais ReNews Pakistan
The Government of Punjab has launched the “Apna Khet Apna Rozgar” scheme aimed at economically empowering landless and underprivileged individuals by leasing state owned agricultural land for a period of 10 years. An official notification regarding the scheme was issued on April 16, 2026.
The initiative seeks to reduce poverty, promote agricultural development, and create employment opportunities for unemployed individuals across the province. According to officials, land allotment will be carried out through a transparent computerized balloting process.
Eligibility criteria state that applicants must be landless or own no more than a 10 marla residential plot. Applicants must also be permanent residents of the same revenue estate, verified through their CNIC address. Only one applicant per family is allowed, while government employees and individuals who have previously benefited from any government scheme are not eligible.
Under the scheme, up to 5 acres of land will be allocated per applicant at a nominal annual rent of Rs. 100 per acre. The land will strictly be used for agricultural purposes, and no permanent construction will be permitted. Ownership will remain with the government, and leaseholders will not have ownership rights, nor will they be allowed to transfer or mortgage the land.
Applications can be submitted online via the Punjab Land Record Authority (PLRA) website or at the office of the relevant Assistant Commissioner once the schedule is announced. Lists of successful applicants will be displayed on the website and at the Assistant Commissioner’s office.
Successful applicants must pay the first year’s rent within 30 days of taking possession, with subsequent payments due annually by January 15. Failure to begin cultivation within one year may result in lease cancellation. Additionally, monitoring committees will conduct inspections twice a year.
At the end of the lease period, the land must be returned to the government without any compensation for constructions made on it, although leaseholders may remove any structures built at their own expense.
Applicants whose requests are rejected may file an appeal with the Collector within seven days, while any disputes during the lease period can be taken to the Divisional Commissioner within 30 days.
The government will also provide special development grants to successful applicants to support agricultural activities. Authorities have warned that providing false information or violating the terms of the lease may lead to immediate cancellation.
The public has been advised to apply through the PLRA website or contact their respective Assistant Commissioner’s office in a timely manner to benefit from the scheme.

Geneva | ReNews International Desk News
Rebuilding the war torn Gaza Strip will require more than $71 billion over the next decade, according to a joint assessment released by the United Nations and the European Union, prepared in coordination with the World Bank.
The final Gaza Rapid Damage and Needs Assessment (RDNA) paints a stark picture of destruction following more than two years of conflict, describing the situation as an “unprecedented loss of life” coupled with a severe humanitarian catastrophe. The report estimates total recovery and reconstruction needs at approximately $71.4 billion.
In the immediate term, around $26.3 billion will be required within the first 18 months to restore essential services, rebuild critical infrastructure, and support economic recovery. Physical damage to infrastructure alone is estimated at $35.2 billion, while economic and social losses stand at $22.7 billion.
Large parts of Gaza, including schools, hospitals, and civic facilities, have been reduced to rubble amid sustained military operations. According to the assessment, more than half of the territory’s hospitals are no longer functional, and nearly all educational institutions have been either destroyed or severely damaged. Additionally, around 371,888 housing units have been impacted.
The humanitarian toll is equally severe. Approximately 1.9 million people, nearly the entire population of Gaza, have been displaced, often multiple times during the conflict. Over 60 percent of residents have lost their homes, further compounding the crisis.
The report also highlights the economic collapse of the region, noting that Gaza’s economy has contracted by 84 percent. It warns that the scale of deprivation in living conditions, employment, food security, gender equality, and social inclusion has effectively reversed human development in Gaza by nearly 77 years.
Despite a fragile ceasefire reached last October, the situation remains critical. The Palestinian health ministry reports that more than 72,000 people have been killed in Gaza, the majority of them civilians, underscoring the urgent need for sustained international support and long term reconstruction efforts.

Lahore : ReNews Pakistan
Details of the development program for Lahore for the upcoming fiscal year have been revealed, proposing a substantial allocation to improve the city’s infrastructure and services.
According to official documents, Rs29 billion has been recommended for the Lahore Development Program, while the total size of the program stands at Rs137 billion. Officials stated that expenditures of around Rs108 billion are expected by the end of the current fiscal year in June.
The program focuses on improving basic urban facilities, including the rehabilitation of sewerage systems, construction and rehabilitation of roads and streets, and installation and upgradation of street lighting.
Furthermore, priority has been proposed for the completion of ongoing development projects in the next fiscal year to ensure timely delivery of public services.
Officials said that the Planning and Development Board Punjab has submitted detailed recommendations to the Chief Minister’s Office, and funds will be formally allocated in the budget following final approval.

New York | ReNews International Desk News
A new report shows that single women are emerging as a dominant force in the housing market, particularly among younger buyers. According to the National Association of Realtors’ 2026 Home Buyers and Sellers Generational Trends report, 35% of Gen Z homebuyers are single women, up from 30% the previous year. This latest data is based on transactions conducted between with Gen Z buyers defined as those aged 18 to 26.
This share not only marks steady growth but also represents the highest proportion of homeownership among all generational and gender groups. It is also nearly double the 18% share of Gen Z homebuyers who are single men, highlighting a notable gender gap in early property ownership trends.
The broader housing landscape reflects similar patterns. Women now own a majority of homes held by unmarried Americans, further underscoring their rising financial independence and investment in real estate assets.
Experts urge estate planning as many young Homeowners remain unprepared Despite entering the housing market in increasing numbers, many young homeowners have not taken essential steps to protect their assets. Financial advisors warn that estate planning is often overlooked, even though it plays a critical role in determining how property and financial decisions are handled in emergencies or after death.
An estate plan typically includes legal documents such as a will, which outlines how assets including a home should be distributed. Without it, state laws decide inheritance through probate, a court supervised process that can delay asset distribution and add legal complexity.
Financial planners emphasize that beneficiaries should be clearly designated where possible, as accounts like retirement funds and insurance policies can bypass probate entirely. For real estate, some homeowners may use legal tools such as trusts or deed arrangements to ensure smoother transfer of ownership.
Advisers also recommend assigning powers of attorney for both financial and healthcare decisions. This ensures that a trusted person can manage expenses, including mortgage payments, and make medical decisions if the homeowner becomes incapacitated.
Additionally, experts highlight disability insurance as an important but often overlooked safeguard, particularly for young working homeowners. Such policies can replace a portion of income during extended periods of illness or injury, helping individuals maintain financial stability and meet obligations like housing costs.

Islamabad | ReNews Pakistan
The Capital Development Authority (CDA) carried out an operation in the Noor Pur Shahan area of Islamabad, located behind the Prime Minister House, and demolished several houses, triggering strong reactions from the affected residents.
According to local residents, no prior official notice was served to them before the operation, nor were they informed about any alternative housing arrangements. The affected families claim they had been living in the area for decades, and some even say the land was inherited.
One affected woman said that after the demolition of their house, they have been left homeless with no alternative shelter available. Other residents stated that they built these homes with their life savings and had been residing there for years.
Local sources report that the settlement consisted of around 35 to 36 houses, which are being described as an old residential settlement. During the operation, tensions were also reported, and according to sources, some angry residents damaged government vehicles.
On the other hand, CDA officials maintain that the demolished structures were illegal encroachments and the operation was conducted in accordance with the law. They added that anti encroachment operations will continue across the city.

Lahore | ReNews Pakistan
The Government of Punjab has formally moved forward with the expansion of its Model Village Project, as Chief Minister Maryam Nawaz Sharif granted in principle approval to launch Phase II, aiming to upgrade 7,500 villages across the province.
The initiative is part of a broader strategy to improve living standards in rural areas through the provision of essential infrastructure and services.
Chairing a high level review meeting, the chief minister directed relevant authorities to develop clear timelines for all projects under Phase II and ensure transparency by documenting each village’s progress through “before and after” video evidence. The move is intended to strengthen accountability and track on ground improvements effectively.
Highlighting environmental and public health concerns, Maryam Nawaz set June 30 as the deadline for the cleaning of stagnant wastewater ponds, commonly known as chhappar, in villages. She also ordered the immediate repair and restoration of non functional water filtration plants, especially in areas facing water contamination and limited access to safe drinking water. Emphasising the importance of public welfare, she stated that access to clean drinking water is a fundamental right of every citizen.
Officials informed the meeting that a dedicated helpline, 1336, has been made operational to receive and address complaints related to water filtration facilities. The chief minister further instructed authorities to expedite the completion of water bottling plants in Khushab and Chishtian. Additionally, a cluster-based water supply scheme in Rajanpur has been given a firm completion deadline of May 15.
According to the official briefing, Phase I of the project, which covers 485 villages, is already underway with an estimated cost exceeding PKR 59 billion. Under this phase, villages are being equipped with essential infrastructure, including water supply systems, solar powered tube wells, drainage networks, and the rehabilitation and cleaning of wastewater ponds.
To further strengthen sanitation systems, the chief minister set August 31 as the deadline for the construction of septic tanks, which are expected to serve as natural filtration systems. Treated wastewater, after undergoing desilting, will be reused for agricultural purposes, contributing to water conservation and improved irrigation practices.
Reaffirming her government’s commitment, Maryam Nawaz Sharif said that transforming rural areas into model settlements remains a top priority. She stressed that residents of villages deserve equal access to development opportunities and basic services, underscoring the government’s vision of inclusive and sustainable growth across Punjab.

Lahore | ReNews Pakistan
Punjab’s large-scale land and housing digitalization drive under the Punjab Urban Land Systems Enhancement (PULSE) project is making significant headway, with millions of properties and ownership records now integrated into a centralized digital platform, according to official data.
The initiative, backed by the World Bank and implemented by the provincial government, aims to modernize property governance by replacing fragmented, manual record keeping systems with a unified, technology-driven framework covering both urban and rural areas.
So far, more than 2.36 million houses have been digitally mapped using GIS-based parcel mapping, laying the foundation for a comprehensive and accurate property database. Alongside this, over 10.4 million land ownership records have been digitized or linked with the Land Records Management Information System (LRMIS), marking substantial progress in formalizing property rights across the province.
Authorities have also mapped over 2.5 million land parcels and numerous housing schemes, enabling precise identification of property boundaries through geospatial technology. This integration of cadastral maps with ownership data is expected to significantly reduce land disputes, which historically make up a large share of litigation in Pakistan.
A major milestone of the project is the creation of a digital archive comprising more than 151 million pages of land records, registries, and deeds. Citizens can now access, verify, and download property documents online, eliminating the need for frequent visits to government offices.
Officials say the digitized system is already improving efficiency in property transactions by reducing processing times, minimizing fraud, and limiting discretionary handling of records. The introduction of online registry access has also enhanced transparency and is expected to strengthen investor confidence in Punjab’s real estate sector.
Experts believe the availability of accurate, real-time land and housing data will further support urban planning, infrastructure development, and future housing schemes by providing policymakers and developers with reliable information.
With coverage expanding across more districts, the PULSE project is emerging as one of Pakistan’s most significant digital governance reforms, with the potential to fundamentally transform land administration and property management in Punjab.

Islamabad | ReNews Pakistan
Pakistan has announced an ambitious plan to transform Astola Island, the country’s largest offshore island, into a world class tourist destination, positioning it as a potential competitor to the Maldives in the global luxury tourism market.
Interior Minister Mohsin Naqvi revealed the vision while addressing the business community, highlighting the island’s immense natural beauty and strategic potential.
He said that with planned infrastructure and sustainable development, Astola could emerge as a premier resort hub along Pakistan’s Arabian Sea coastline.
Located around 25 kilometers south of Pasni, Astola Island spans approximately 6.7 square kilometers and is known locally as “Jezira Haft Talar,” or the Island of the Seven Hills. Its dramatic rocky landscape rises up to 75 meters above sea level, offering a unique blend of cliffs, beaches, and turquoise waters.
The island was declared Pakistan’s first Marine Protected Area in 2017, covering over 400 square kilometers including its buffer zone. This designation safeguards its rich biodiversity while enabling controlled eco tourism. The surrounding waters host more than 20 species of coral reefs, while endangered green and hawksbill turtles nest along its shores. Researchers have also recorded over 60 bird species and several reptiles, including the endemic Astola saw-scaled viper. Dolphins and even Arabian Sea humpback whales are frequently spotted in nearby waters.
Naqvi emphasized that development would strictly adhere to environmental protections, ensuring the island retains its ecological significance. Initial plans include eco friendly tourism such as snorkeling, guided camping, and limited resort construction designed to minimize environmental impact.
The initiative is part of Pakistan’s broader push to expand its tourism sector, which contributed nearly $20 billion to the economy in recent years and supports millions of jobs. Officials believe that even capturing a small share of the Maldives’ high-end tourist market, where over two million international visitors generate billions annually, could significantly boost Pakistan’s economy.
To attract investors, the government is considering incentives such as tax waivers for hotel developments and streamlined regulations. Feasibility studies for ferry services, improved connectivity from Karachi and Gwadar, and basic infrastructure are already underway. Authorities are also planning international roadshows to promote investment opportunities linked to the island.
Balochistan, despite its 700 kilometer coastline, remains largely underdeveloped in terms of tourism. Officials say the Astola project could serve as a catalyst for broader coastal development, creating thousands of jobs and empowering local communities through training in hospitality and tourism services.
Security arrangements, including support from maritime forces, will be enhanced to ensure visitor safety, while integration with regional connectivity initiatives is expected to improve accessibility.
Analysts view the project as a significant step toward reshaping Pakistan’s global image as a tourism destination. If executed effectively, Astola Island could not only attract international travelers but also encourage domestic tourists to explore local destinations instead of traveling abroad.
With its combination of pristine landscapes, rich marine life, and planned modern amenities, Astola Island is being positioned as a flagship project in Pakistan’s tourism strategy, one that aims to balance economic growth with environmental sustainability while placing the country firmly on the global tourism map.

Islamabad | ReNews Pakistan
The government has sharply reduced its development spending by Rs173 billion, bringing the Public Sector Development Programme (PSDP) down to Rs837 billion, as it struggles to meet fiscal targets agreed with the International Monetary Fund (IMF) amid external economic pressures.
Officials said the reduction, equivalent to 17% of the annual allocation, was implemented in two phases, with Rs100 billion slashed on March 25 followed by an additional Rs73 billion cut last week. The move is aimed at offsetting the fiscal impact of ongoing Middle East tensions and ensuring compliance with the IMF’s requirement of maintaining a primary budget surplus.
Originally, the National Assembly had approved a development budget of over Rs1 trillion for the current fiscal year. However, competing financial pressures and limited revenues have forced the government to scale back spending significantly.
The largest reduction of Rs38 billion has been made in the allocation for the National Highway Authority (NHA), followed by cuts of Rs23 billion in the water sector and Rs22.5 billion in provincial development schemes. Other sectors also faced reductions, including power (Rs16 billion), higher education (Rs7.2 billion), education (Rs5.5 billion), and health (Rs2.4 billion).
Despite widespread cuts, allocations for parliamentarians’ development schemes and the Ministry of Planning and Development were largely protected in the latest round. Officials indicated that safeguarding flood rehabilitation projects in Balochistan was a key reason behind this decision.
The revised figures show that development spending has already lagged behind targets. In the first nine months of the fiscal year, only Rs409 billion, about 41% of the original allocation, was utilised, reflecting delays in fund releases and slow project execution.
Planning Minister Ahsan Iqbal has criticised the finance ministry’s approach, arguing that cutting development expenditure undermines long-term economic growth. He stressed the need to create fiscal space by reducing current expenditures and improving revenue collection instead of scaling back investment in infrastructure and public services.
Meanwhile, Pakistan remains under pressure to meet its commitment of achieving a primary budget surplus of 2.6% of GDP under the IMF programme. However, concerns persist, with international rating agency Fitch warning that the country may miss this target despite adjustments.
Finance Minister Muhammad Aurangzeb recently met IMF’s Middle East and Central Asia Director Jihad Azour on the sidelines of the World Bank IMF Spring Meetings, expressing hope for early approval of a $1.2 billion loan tranche. However, no timeline has yet been confirmed for the IMF Executive Board’s decision.
Analysts note that the continued reliance on cutting development spending to manage fiscal deficits could have adverse implications for economic growth, infrastructure development, and public welfare. Nonetheless, some priority projects, including a new jail in Islamabad, selected health schemes, and the safe city initiative, are expected to receive funding on the Prime Minister’s directives despite the broader austerity measures.

Lahore | ReNews Pakistan
The Government of Punjab has decided to establish a comprehensive Real Estate Regulatory Framework aimed at bringing transparency and structure to the sector, with a uniform digital system to be implemented across the province.
A consultative session in this regard was held at the LDA Sports Complex in Gulberg, organized jointly by the Punjab Land Records Authority (PLRA) and the Lahore Development Authority (LDA). The session was attended by representatives from the public and private sectors, academia, town planners, developers, and other stakeholders. Senior Member Board of Revenue Nabeel Javed, DG PLRA Captain (R) Ikram-ul-Haq, and DG LDA Tahir Farooq were also present.
Addressing the session, the Senior Member Board of Revenue stated that, under the directions of the Chief Minister, reforms in the housing and real estate sector are being actively pursued. He noted that an extensive consultative process spanning several months was conducted with the private sector to shape the new framework.
Under the proposed system, all property transactions will be conducted through PLRA software and a “Green Certificate” mechanism. Developers will be required to transition to the new system within one month. A facilitation cell will also be established to assist housing schemes and developers during this transition.
DG PLRA briefed participants on the key features of the Real Estate Regulatory Act, highlighting that real estate agents’ registration, land availability, scheme plans, and on ground development will be closely monitored.
DG LDA Tahir Farooq shared details on reforms in the registration process of private housing schemes, stating that amendments have been incorporated into the rules to give them legal backing. He added that the approval process is being transformed into a fully paperless and digital system.
Chief Metropolitan Planning Officer Faisal Qureshi also provided a detailed briefing on the objectives and key aspects of the proposed reforms and the Punjab Real Estate Regulatory Act. Representatives of the real estate sector presented their feedback and suggestions during the session.
The session concluded with a question-and-answer segment, where officials from LDA and PLRA addressed participants’ queries and reaffirmed their commitment to improving transparency, governance, and investment in the real estate sector through a unified digital system.

Hong Kong | ReNews International Desk News
The residential property pipeline in Hong Kong is heading toward a significant tightening phase, as a sustained decline in public land releases begins to weigh on future housing supply, according to new analysis from Jones Lang LaSalle.
Data drawn from government land sales, Urban Renewal Authority projects, and MTR Corporation development tenders shows that the supply of land for private residential development has fallen sharply in recent years. Average annual releases dropped from around 11,000 units between fiscal years 2017/18 and 2021/22 to roughly 6,000 units during 2023/24 to 2025/26 , a decline of about 45%.
Analysts attribute the slowdown to weaker tender performance, cautious developer sentiment, and a more conservative approach by authorities amid uncertain market conditions. While current housing completions still reflect earlier land sales, the underlying development pipeline is steadily thinning.
Recent figures also point to weakening construction activity, with private residential starts falling to approximately 8,800 units in 2025 , the lowest level in five years. This suggests that the impact of reduced land supply is already beginning to materialize in forward- looking housing output.
Industry experts warn that, given the typical three to four year development cycle from land acquisition to presales, the current shortfall in land disposal is likely to result in a pronounced supply gap around 2027–28.
According to senior research director Cathie Chung at Jones Lang LaSalle, the market is transitioning from a period of relatively ample supply toward a structurally tighter development environment. She noted that declining construction starts and subdued land sales are reinforcing this shift, with important implications for pricing resilience and developer strategy.
While long-term initiatives such as Northern Metropolis may eventually expand supply, analysts say any meaningful relief is unlikely before the anticipated tightening phase emerges.
The outlook suggests a shift in market dynamics, where reduced new supply alongside stabilizing demand could provide underlying support to residential prices, even as developers adjust land acquisition and project timelines in response to tighter conditions.

Islamabad | ReNews Pakistan
The Ministry of IT has decided to conduct a third party audit of the design of the Karachi IT Park, and formal procedures in this regard have already been initiated.
According to officials, changes made in the project’s design have become the primary reason for delays.
Sources said that the bidding process for the Karachi IT Park has failed multiple times, after which the Ministry of IT has begun considering a new strategy for the project.
In this regard, easing the conditions for the park is also under serious consideration.
The project is estimated to cost more than Rs 31 billion, while a financial request of Rs 11 billion has also been made for the upcoming fiscal year. Officials stated that important decisions regarding the project will be taken after the third-party audit.
It is also noted that the construction timeline for the Karachi IT Park has been kept similar to the Islamabad IT Park, although it is a much larger project in scale.

Islamabad | ReNews Pakistan
The Supreme Court of Pakistan has declared a suspicious property transfer illegal and dismissed the appeal, stating that a person holding power of attorney cannot transfer or sell property to a relative or any other individual without the clear consent of the original owner.
In its ruling, the court emphasized that if an attorney intends to transfer property, they must first obtain formal written permission from the actual owner; otherwise, such a transaction will have no legal standing.
The court further observed that payment made solely through a cheque cannot be regarded as final or conclusive evidence of a property sale.
The decision was delivered by a two-member bench headed by Justice Bilal Hassan and comprising Justice Shakeel Ahmed. The hearing of the case was concluded on April 6, 2026, while the written judgment was authored by Justice Bilal Hassan.
The court highlighted the importance of transparency and strict adherence to legal requirements in property transactions, clarifying that the powers of an attorney are limited and must be exercised strictly in accordance with the owner’s instructions.

Dubai/Islamabad | ReNews Pakistan
The ongoing Iran war is increasingly reverberating through regional and global real estate markets, as rising energy prices, investor uncertainty, and shifting capital flows begin to reshape property dynamics across the Middle East and beyond.
Market analysts say the conflict’s most immediate impact has been a sharp increase in economic uncertainty, driven largely by disruptions in global energy supplies and fears of prolonged instability in the Gulf region. Oil prices have surged significantly due to threats to key shipping routes, particularly the Strait of Hormuz, through which a substantial portion of global energy supplies transit.
This energy shock has translated into higher inflation and borrowing costs worldwide, factors that directly influence real estate activity. According to recent assessments, rising interest rates and weakened business sentiment are already slowing property transactions, particularly in commercial segments such as retail and hospitality. Capital Economics.
In the Gulf states, where real estate markets are closely tied to investor confidence and foreign capital, the war has triggered a noticeable pause in buying activity. Developers and brokers report that both domestic and international investors are adopting a "wait and see" approach, delaying large scale investments amid concerns over regional security risks.
“The first reaction in property markets is hesitation, not collapse,” said a Dubai based property consultant. “Buyers step back, reassess risks, and liquidity tightens before any price adjustments occur.”
However, the impact is not uniform across all segments. Prime, completed assets in major urban centers such as Dubai and Riyadh have shown relative resilience, supported by cash-rich investors seeking stable, income generating properties. In contrast, speculative and off plan developments are witnessing declining demand as investor appetite weakens.
Beyond the Middle East, the conflict is also influencing global real estate investment flows. Historically, geopolitical instability in the region has led to an outflow of capital into perceived “safe haven” markets such as London. Analysts suggest a similar trend may be emerging, as high net worth investors seek to protect assets in jurisdictions with stronger legal protections and market liquidity.
At the same time, economists warn that the broader macroeconomic fallout of the war particularly sustained high energy prices could dampen housing affordability and construction activity worldwide. Rising costs of materials, transport, and financing are expected to place additional pressure on developers, potentially slowing new project launches.
In Pakistan, where the property market is heavily influenced by remittances from overseas workers in the Gulf, any prolonged disruption to regional economies could have secondary effects. Analysts caution that a slowdown in remittance inflows may weaken demand in key urban property markets such as Karachi, Lahore and Islamabad.
Despite these challenges, some experts believe the long term impact on real lestate may remain limited if the conflict is contained. Short term volatility, they argue, is likely to give way to gradual stabilization once geopolitical conditions improve.
“The real estate sector is resilient but highly sensitive to confidence,” said an international property economist. “If the war de-escalates within months, markets could recover quickly. But a prolonged conflict would deepen the slowdown and potentially trigger price corrections.”
For now, the Iran war has injected a new layer of uncertainty into an already fragile global property landscape leaving investors, developers, and policymakers closely watching the trajectory of the conflict and its economic ripple effects.