Shafiq AkbarChairman IMARAT Group & CEO Graana.com Exclusive Interview Conducted by Farooq Awan Arranged by Adnan Arif Photos by Ramzan Mughal The real estate demand in Pakistan has seen a significant surge in recent years, particularly in urban areas. Factors such as a growing population, increasing urbanisation, and the rising sense of having a hedge against inflation have contributed to the demand for property. Additionally, the government’s initiatives to promote the construction industry, specifically in the post COVID times, have also boosted the demand for real estate. However, the market is also facing challenges such as affordability issues and lack of planning, regulations and access to information, which are impacting the long-term growth of the sector. To get a holistic overview of the current state of affairs of Pakistan’s real estate sector, Daily Times sat with Shafiq Akbar – Chairman IMARAT Group & CEO Graana.com. IMARAT is the country’s leading real estate brand, with an ecosystem designed to transform the real estate sector through research, sustainable policies, constructive dialogue & implementation with an aim to bring it up-to-par with the best in the world. Akbar is regarded as the pioneer in revolutionising the real estate sector of our country. In the exclusive sitting with Daily Times, one of the most accomplished entrepreneurs in Pakistan, Mr. Akbar was asked about his thriving journey in real estate so far. His pursuit for ‘sustainable transformation’ started about two decades back with Hyundai Engineering & Constructions. He then moved to the United Kingdom in 2002. “Soon after, I kicked off my career in real estate by becoming a certified financial advisor for Douglas Allen, UK,” he said, while recalling his time spent overseas. He did his MSc in Public policy from Queen Mary University of London and also holds a distinction in Masters of Studies from University of Cambridge. After establishing multiple businesses in the UK and building a strong business acumen in line with his ultimate vision to reform Pakistan, he was determined to return and reform RE policies, incorporate technology & streamline its structure in Pakistan to oust the web of malpractices from this domain. “I realised that there is a greater motive for which we humans were brought into being. The quest to return to my beautiful homeland for what it has bestowed upon me was what acted as a pushing force to pull me back to my country.” It merits a mention that Akbar’s contributions to Pakistan’s RE industry are an embodiment of his Vision 2047, which reflects his ambitions for a prosperous Pakistan. “I identified that there are four underlying problems in Pakistan’s real estate sector: lack of planning, lack of regulations, lack of access to information and as a result, malpractices. These four issues are hampering the growth of what could be Pakistan’s biggest economic growth-driver.” To take on what was the most herculean task of his career and what would shape the course of his life, Akbar came up with the most has-it-all ecosystem to meet eyeballs with the mist of ifs and buts of Pakistan’s RE. Akbar has made incredible strides in just the past six years that have distinguished his leading real estate brand, the IMARAT Group, in the field of real estate. Notably, the renowned organisation has become Pakistan’s first home-grown unicorn and launched the country’s first online real estate marketplace, Graana.com. Additionally, IMARAT Group has launched Agency21 International, Pakistan’s largest estate agency network, and achieved the feat of having the fastest vertical construction in the country, delivering five projects in just five years. “My vision extends beyond merely attaining corporate milestones. The IMARAT Group has prospered by contributing to a better Pakistan. While revolutionising the real estate industry is a crucial goal, our ultimate aim is to effectuate transformative change in the country as well,” Akbar said, highlighting the boundless achievements of the IMARAT Group. Through its various endeavours, Akbar went on to say that the IMARAT Group has created over 2,000 jobs and is continuously expanding to create more opportunities for the people of his beloved country. “As far as real estate development is concerned, Pakistan has got great potential and due to issues mentioned above, we are unable to realise that. Pakistan needs a total of two crore housing units in the next 20 years, and for that we only need 2% of the total area of Pakistan and US$800 Billion in 20 years or $40 Billion annually (approximately $25bn investment comes to the RE sector annually). Through proper planning, policy making and its effective implementation, we can create a value of $3 to 4 trillion in the same period and provide for millions of jobs. One needs to understand that the total planned area of Pakistan is less than 0.5% which is valued around $400-500bn – this in total is around 4 million land parcels, half of which are still vacant (plots of land) since we are developing most of the real estate without planning. Billions of dollars are getting trapped every year due to this failing-to-plan approach & the development of infeasible projects,” Akbar said, stating crucial real estate facts. “If we start the construction of over a million housing units every year, we can meet 70 to 80% of our demand by the year 2040. But, in Pakistan, vertical developers are at their dearth. IMARAT, on the other hand, has mapped the next 25 years in Pakistan – with an underlying vision named Vision 2047 (the year Pakistan will complete its 100 years of existence). IMARAT has owned the real estate sector of Pakistan by ensuring the fastest vertical construction in Pakistan – delivering 5 projects in 5 years.” When it comes to setting and attaining milestones, the sky is certainly not the limit for the IMARAT Group. The company has partnered with Marriott International to construct four new hotels for the first time in Pakistan. Two of these hotels are close to completion in Islamabad and should be opening next year. Additionally, the group also launched the first-ever real estate certification program in Pakistan in collaboration with renowned universities – a significant achievement in the country’s real estate industry to bridge the gap between academia and real estate. When asked about his ecosystem, he said, “IMARAT is a brand with heritage and international exposure, with its lineage trailing back to 1948 (with the development of Raja market in Raja Bazar) and delivering over 55 real estate projects in the UK. IMARAT wants to fulfil the 2% requirement of the Pakistani market – delivering 500,000 housing units in the next 25 years.” “IMARAT wants to be supported with a policy of planned real estate developments so that the sector can continue to thrive and quality in-demand constructions become a norm. Pakistan’s power holders need to acknowledge that this is the sole sector that can actually become the growth-driver of our economic engine.” He also spoke about his OADD model – Ownership, Approvals, Demand & Delivery – for the verification of secure and profitable real estate projects and to rid the country’s real estate sector from what we call – malpractices. “Picture a Pakistan brimming with investment opportunities, from cutting-edge technology to captivating cultural experiences, that’s the vision driving us to bring over 100 investment projects to the country.” Akbar continued, “By working hand-in-hand with the government, media, academia, and international partners, we aim to help boost Pakistan’s economic growth. Whether it’s in real estate, tourism, arts and culture, energy, or technology, there’s no limit to the potential of this exciting new venture.” To begin with, inclusive policy making is at the heart of Akbar’s vision. Stating his opinion, he continued to say that decision-making processes should involve a diverse range of voices and perspectives in order to ensure that everyone is represented and their needs are taken into account. “Another important aspect of our vision for Pakistan is the implementation of a digital nationwide land mapping system. I believe that this could enable the government to have an accurate and up-to-date record of all planned areas in Pakistan, which will aid in the planning and implementation of current and upcoming infrastructure projects.” Akbar recognizes the importance of economic inclusion, particularly in the real estate sector, and has identified it as a critical factor in achieving successful transformation. “By ensuring that all members of society have access to opportunities in this sector, I strongly believe that Pakistan can unlock its full potential and pave the way for a brighter and better future.” Akbar takes utmost pride in his company striving to revolutionise the real estate sector in Pakistan. “Together with my hardworking team at IMARAT, we seek to not only to transform Pakistan’s real estate sector, but also introduce a made-in-Pakistan brand in the global market.” he added, “Without the slightest doubt, real estate is the only sector that can actually change the destiny of our country, for which we have developed the Vision 2047 and National Development Plan including conceptual masterplan for all 142 districts of Pakistan.” “My heart beats with an unrelenting love for my beloved country, Pakistan. The pursuit of mere corporate milestones pales in comparison to this higher purpose. That is why IMARAT was brought to reality, with a single-minded focus on helping the economy of Pakistan thrive. Our unwavering commitment to building a better Pakistan is the very purpose of IMARAT, and we envision only the best for our country.” The Journey of Success Shafiq Akbar holds a distinction in Masters of Studies (MSt) Politics and International Relations from University of Cambridge and Master of Science (MSc) in Policy Making and Implementation from Queen Mary University of London. His pursuit for ‘sustainable transformation’ started about two decades back with Hyundai Engineering & Constructions. He then moved to the United Kingdom in 2002. IMARAT’s Ecosystem * IMARAT Developments is developing numerous residential, commercial, industrial and agricultural projects across Pakistan including four International Hotels with Marriott International. * Graana.com, the first property portal of its kind, which is an online real marketplace as well as an e-commerce platform for the Real Estate sector * Agency21 International, Pakistan’s biggest estate agency network, that is stirring a revolt in the traditional market of Real Estate with its norms of transparency and integrity and expanding its network across the country * PropSure Digital Solutions – that has over 100 town planners who have done the impossible by digitally mapping the planned area of Pakistan, due to which a new ‘Online Land Information Management System with online land registry and property verification’ has been introduced for the first time in Pakistan * IMARAT Builders Mall, which is a one-stop-shop for all construction requirements * Institute of architecture and building materials, where students will undertake a futuristic approach for studying building material and trends of construction * IMARAT Special Economic Zone – having factories developing building material, bringing down the cost of construction across Pakistan, leading to the creation of hundreds of jobs * Iqbal Institute of Policy Studies – a research centre, which is playing a significant role in development and nation-building * And, Ali Akbar foundation – funding projects important to the welfare of Pakistan.