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ISLAMABAD, Dec 04 (APP):The Faculty of Management Sciences of the National University of Modern Languages (NUML), in collaboration with Islamic Relief, the Higher Education Commission (HEC), and the Institute of Management Sciences (IM Sciences), organized two-day international conference on real estate titled “Re-Imagining the Real Estate Industry” here Wednesday.
The conference brought together leading experts from academia and industry to address the pressing challenges facing Pakistan’s real estate sector.
The event comprised on seven themes, four academic sessions and eight industrial sessions, aiming to lay a robust foundation for reimagining the future of the industry. Discussions are set to tackle critical issues such as urban sprawl, inefficiencies and irregularities while exploring sustainable solutions to enhance the sector’s contribution to Pakistan’s economy.
Shafiq Akbar, CEO of IMARAT Group, delivered an impactful keynote address, and Dr Usman Ghani, Director of IM Sciences, provided his valuable insights on the importance of education and innovation in the real estate sector.
Speaking on the occasion, Brig Shahzad Munir, Director General NUML, welcomed the participants and underscored NUML’s commitment to organizing conferences on significant issues.
He highlighted the challenges of rapid urbanization, such as traffic congestion, pollution, and unplanned urban sprawl, and emphasized the potential of the real estate sector to play a pivotal role in economic growth. Brig Munir also stressed the need for a centralized platform to address inefficiencies and ensure better planning to mitigate these challenges.
Shafiq Akbar elaborated on the sector’s vast potential, stating that real estate accounts for 40 percent of Pakistan’s GDP but remains underutilized due to inadequate planning and resource management. He highlighted that out of approximately 8,000 housing societies in the country, 5,500 are illegal, which poses significant challenges to sustainable development. He further emphasized that Pakistan, with its growing population, needs effective planning to provide housing for an estimated 20 million units in the next 25 years. Shafiq Akbar praised Pakistan’s skilled labour force and infrastructure, urging the youth to play a proactive role in the industry’s transformation.
Dr Usman Ghani, Director of IM Sciences, highlighted the role of education and research in overcoming valuation discrepancies and irregularities in the real estate sector. He called for greater collaboration between academia and industry to unlock the full potential of the sector, emphasizing the importance of sustainable and climate-resilient urban planning.
The first day of the conference also included four thematic sessions where renowned speakers addressed topics such as valuation practices, legal frameworks, urban sprawl, and making real estate a market. Experts provided actionable insights and strategic solutions to the challenges facing the sector.
The conference will continue on Thursday tomorrow with more discussions and collaborative sessions to reimagine the future of Pakistan’s real estate industry and its role in national development.