Lights coming back to city April 11, 2015 SHAKEEL A. MALIK( Business Recorder )
Amid all sorts of challenges, a nearly impossible feat has begun to
happen. In the backdrop of military operation in North Waziristan and
security measures taken by the government, Karachi once called 'City of
Lights' is set to get host of development projects.
Launched by country's leading real estate giant, Bahria Town in
collaboration with the Sindh government and city administration, the
initiatives take into account issues afflicting the bustling metropolis,
particularly those related to security and energy.
Deemed hard act by rulers for years, country's economic lifeline
is poised to receive high value resuscitation in terms of secure
housing, business enclaves of global quality, swift communication
infrastructure, smart downtown, state-of-art academic and medical
institutions and above all uninterrupted electricity. Till recently it
was almost unimaginable to think of such ventures in country's business
capital which has been victim of chronic street crimes, target killings,
extortion, unplanned urbanization and weak local governance.
The reasons for apathy of public and private sector towards
development needs of this burgeoning home of around 24 million
inhabitants (claimed to be a rival-in-waiting to Dubai and Singapore)
have been inadequacy of resources, lack of political will to confront
speedy urbanization, and reluctance of entrepreneurs to invest in a
strife-torn and energy challenged city. The weak response of successive
administrations to the problems of the metropolis with population 60
times larger than it was in 1947, contrast sharply with its strengths
which have survived heavy odds. Karachi contributes 25 percent of
country's gross domestic product with a stock exchange ranked among
Asia's vibrant trading markets. Financial analysts believe that
Karachi's GDP recorded at 78 billion dollars in 2009 could spike to 193
billion dollars by 2025.
It may take a few more years to establish peace in the city, but
more delay in infrastructure and social development of world's second
most populated city may not be an option anymore. For several years the
City has waited for bold development initiatives. Malik Riaz Hussain,
founding chairman of Asia's largest real estate developer took the lead
by launching a comprehensive development plan for Karachi and proceeded
full throttle to deliver. The multi-dimensional breakthrough is in line
with property icon's vision of bringing Karachi at par with model cities
of the world. Bahria Town's development spree in the social, housing,
business, communication and urban sectors could prove to be a guarantor
of peace by spurring economic growth, creating jobs and alluring
investments.
The initiative started with the launch of Karachi Bahria Town
early last year following popularity of the conglomerate's signature
'gated communities'. Said to be complete in three years, a modern and
safe Town was long overdue in view of increasing vulnerability of the
Karachi to crimes and violence. The Town is billed to be highly
developed version of 'gated community' coming closer to smart and
creative cities with state-of-the-art facilities including theme park,
sprawling golf course, grand mosque, medical city, international
financial center, and modern downtown. Another centerpiece of Malik
Riaz's development strategy is his plan to establish walled trade and
business zones for wholesale traders and businessmen. Apart from shops
and warehouses, these CCTV monitored commercial hubs would house
restaurants, hotels, banks and transport facilities with convenient
rental prices and payment plans. The importance of these zones in
boosting business activity and elevating Karachi to the stature of
Asia's prestigious business centers can hardly be overemphasized.
Rolling out a secure and high quality contemporary living style
for the Karachiites, Malik Riaz is mindful that while hi-tech
residential and commercial districts as satellite towns would act as
engines of growth bringing down the rampant crimes by generating
employment (Bahria Town Karachi alone has generated 45,000 employments),
it is equally essential to tackle the issues of poverty, education,
health, food, and electricity. Moving far ahead of corporate social
responsibility, he is providing free houses to thousands of homeless
people in Karachi apart from expanding the network of Bahria Town's
dining facilities called 'Dastarkhwans'.
With billions of investment Bahria Town has undertaken to
construct underpasses, flyover, Bus Rapid Transit (BRT) system,
universities in Karachi and Hyderabad, and ensuring perpetual generation
of coal-fired and LNG-powered electricity.
Experts believe that Pakistan has the opportunity to lead the
world by embarking on the modern city projects, predicting that services
efficient cities could usher in faster economic growth. American real
estate tycoon Thomas Kramer says that projects in Karachi would provide a
lifetime chance to bring Pakistan back on the map of world's leading
nations.
Copyright Business Recorder, 2015
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