At least two persons were murdered in Islamabad on Wednesday due to urban flooding induced by a cloudburst.
Cloudburst in Islamabad has caused flooding in several areas; Islamabad Deputy Commissioner Muhammed Hamza Shafqaat a weather update on his official Twitter feed. Teams are working to clear nullahs/roads. We should be able to finish everything in one hour.
The DC afterward announced that the highways in Islamabad were open to traffic.
After severe rains pummeled the federal capital and Rawalpindi for hours, videos from the E-11 and D-12 sectors of Islamabad show cars floating in rushing waters.
During the current monsoon season, the twin cities received the most rain.
According to Pakistan Meteorological Department sources, up to 330mm of rain fell in some districts of Islamabad in the last several hours.
Summoned the Pakistan army to Rawalpindi, which is on high alert. Following heavy rains that produced a high flood in Nullah Lai, the local authority requested military assistance in Rawalpindi.
Army forces are aiding civil administration in rescue and relief activities, according to the report.
”We have flood contingency measures in place to deal with any flooding situation.”
According to a National Disaster and Management Authority representative, informed local government and emergency services to deal with potential problems after heavy rains in Rawalpindi and the danger of possible flooding in Nullah Lai.
In Sector E-11, a mother and her son drown. Water infiltrated residences in Islamabad’s Sector E-11, killing at least two people, including a minor.
According to the affected family, when a nearby drain overflowed, and water flooded their home, four children and their mother drowned.
According to them, three children were saved by the administration, while one youngster and his mother died. However, CDA has no authority over E-11. Meanwhile, the flooding in Sector E-11 is due to the poor performance of the housing society.
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Pakistan’s economic and GDP growth projections for 2021
Pakistan has emerged as a powerful state in the previous two years. It has, however, advanced in many sectors, including economy, information technology, imports and exports, and so forth. The article provides a comprehensive review of Pakistan’s progress.
IT Sector Growth
According to Pakistan’s national bank data, the country’s information technology exports increased by 47 percent in 2020-21. In May, IT exports to increase by 59 percent year on year to $200 million. It was $126 million in May of the prior year. Telecommunication, computer, and information services are among the services available. In the fiscal year 2020-21, service exports increased to $5.3 billion, up from $5 billion the previous year. All of this occurred as a result of the software and hardware-related services. Pakistani freelancers have already mastered the global gig economy. Without a doubt, Pakistan has the world’s third-largest number of freelancers working on the most well-known online contracting platforms.
As a result, Pakistan capitalized on the growing need for ICT services at the time. On a trial basis, the ministry intends to focus on amazaon.com, the world’s largest marketplace. It will provide Pakistan with a new way to boost exports. Pakistan has made unprecedented success during the corona pandemic when compared to previous fiscal years. Exporters of goods and services were allowed to keep their export revenues in foreign currency accounts with the bank.
Growth in exports
In the fiscal year 2020-21, Pakistan experienced unprecedented achievement. In the same year, exports increased to $25.3 billion.
In the year 2014, it was $25.11 billion. The textile industry, according to the research, is a significant contributor to this expansion. It has accounted for more than half of the total increase in exports. Abdul Razaq Dawood praised the exporters for reaching such a significant milestone.
Pakistan’s foreign exchange reserves are increasing
Pakistan’s foreign exchange reserves increased at a 2.18 percent annual rate. In May 2021, raised it from $16980.8 million to $21313.6 million. Pakistan is gaining international recognition. It’s also worth noting that this year’s rate is the highest since 2000.
Growth of the GDP in 2021
Look at a country’s GDP to see where it is in terms of economic progress. If the GDP of the Government rate rises, it indicates that it is making progress. Pakistan has met its aim of 3.94 percent GDP, which is more than double the IMF’s forecast. GDP growth is expected to reach 1.5 percent in 2020/21, according to the IMF, and 1.3 percent according to the World Bank. The government has set a 4.8 percent GDP growth target for the fiscal year beginning July 1 as the economy recovers from the covid19 for Pakistan.
This expansion indicates that the renaissance that has already begun is gaining traction. The government forecast for the current fiscal year increased from the previous 3 percent and an original goal of 2.1 percent set in the last budget. Pakistan’s GDP figure for the fiscal year that ended in June was also revised from 0.38 percent to 0.47 percent. The government maintains that its economic measures during the pandemic were successful, citing the country’s decision to go into complete lockdown for a brief period as an example.
It is growth that is driven by production rather than consumption. In the aftermath of the pandemic, Pakistan’s economy looks to have fared well in comparison to its neighbors, according to Fitch Ratings. It stated that preliminary data projected 3.9 percent GDP growth in the current fiscal year, following a 0.5 percent contraction the previous year. However, it warned that the recent COVID-19 third wave might disrupt the positive trend into FY22 and that despite sluggish immunization, pandemic concerns remained.
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China and Pakistan joined hands and pledged to build the China Pakistan Economic Corridor to the highest possible standard (CPEC). During the third Ministers strategic meeting, they aimed to tighten international and regional issues. Foreign Minister Shah Mehmood Qureshi and China State Councilor and Foreign Minister Wang Yi met in southwest China’s Sichuan region last week with a delegation from their respective countries. They discussed both countries’ present economic conditions throughout the meeting. They provide their perspectives on worldwide and regional issues.
For 70 years, the two countries have worked together to overcome numerous challenges. The goal of this bilateral fight was to forge an iron-bound friendship. Zhao went on to say that both China and Pakistan must do their best to improve relations and build a high level of mutual trust, help, and a peaceful atmosphere.
Furthermore, China was willing to continue working with Pakistan to use the 70th anniversary of diplomatic ties as an opportunity to further the development of a closer community with a shared destiny in a new region. Pak-China cooperation aims to benefit both nations and contribute more to regional stability and prosperity.
Chinese leaders have also expressed sadness at the United States’ decision to remove its forces. The action may spark debate in the affected areas. However, the expansion of China and Pakistan’s bilateral efforts to strengthen their strong ties could lead to Afghan peace. It will also help in the establishment of a high-quality China-Pakistan economic corridor (CPEC).
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Because of revenue shortfalls and increased expenditure, the Initially anticipated Pakistan deficit budget is around 7.5 percent of GDP, compared to the reduced objective of 7 percent for the last financial year 2020-21. The budget deficit gives the difference between the total receipts and expenditures of the country. Since the PTI took control in Pakistan, it has remained above 8% of GDP. Because domestic and external borrowings are financed, the deficit is seen as an inadequate warning for the economy of the country.
Initially calculated our budget deficit at roughly 7.5 percent of GDP, or Rs3.41 trillion, against a reduced objective of 7 percent of GDP, or Rs3.1 trillion, for the fiscal year 2020-21, which concluded on June 30, 2021,” top government sources disclosed to The News on Monday. The finalized provisional budget deficit estimates will be announced soon, and it is expected to be around 7 to 7.5 percent of GDP for the previous fiscal year. It would be substantially determined by three significant factors: the use of development funds, income surpluses generated by provinces, and statistical discrepancy-related numbers.
Particularly the primary deficit, is a sacred figure in the IMF program for assessing the economic soundness of any loan recipient country. For the fiscal year 2020-21, the primary deficit was expected to remain negative by 0.5 percent of GDP. The budget deficit remained significant during the last three years PTI was in power, totaling Rs3,444 billion or 8.9% of GDP in the fiscal year 2018-19. For the fiscal year 2019-20, the budget deficit was Rs3,375 billion, or 8.1 percent of GDP.
In absolute terms, the deficit was Rs3.417 trillion, or 7.5 percent of GDP, the second-highest in the last three years. With a revenue surplus of Rs570 billion generated by provinces, the government hopes to reduce the budget deficit to Rs3.42 trillion for the current fiscal year 2021-22. Therefore, the sections have only forecast peanuts, with a surplus of a few billion rupees, so the center of the projection in the budget documents has already been shattered. Without a provincial revenue surplus, the federal budget-deficit might rise to Rs4 trillion, or Rs3,990 billion, in 2021-22.
For the first three quarters (July-March) of the previous fiscal year, the budget of the country deficit was Rs1,652 billion, or 3.6 percent of GDP. During the first nine months of the current fiscal year, the primary balance was positive 1% of GDP.
For the fiscal year that concluded on June 30, 2021, the deficit is about to rise to roughly 7.5 percent of GDP. The deficiency of the budget of Pakistan could be into a 40:60 ratio in the first and second halves in any fiscal year. The deficit was 2.5 percent of GDP in the first half of the previous fiscal year (July-December), but it remained high, hovering at 7.5 percent of GDP as of June 30, 2021.
The FBR collected Rs4,732 billion in taxes, compared to a target of Rs4,963 billion set in the budget documents for 2021-22, resulting in an Rs231 billion shortfall. The Ministry of Finance expected the provinces to earn a revenue surplus of Rs242 billion. It would be crucial to keep the deficit under 7.5 percent of GDP; else it might spiral out of control. Under the PTI-led administration, the deficit will undoubtedly be less than 8% of GDP for the first time in the last three years, the official concluded.
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Habib ur Rehman Gilani, chairman and secretary railway, said that the Karachi circular railway KCR project is progressing according to schedule. In the middle of August, they will complete the KCR project. He briefed a gathering debating the current state of the KCR project and formulating plans to complete the project on time.
Minister of Planning and Development Asad Umar presided over the meeting. They resolved during the conference to prepare a separate project for the civil structure of the KCR project so it could complete it quickly. It would be a modern rail-based public transit system for the city. The government recognizes the project’s significance. As a result, it will complete soon.
The meeting agreed that completing the KCR project sooner rather than later would save time and provide relief to towns and citizens. The project will require financing from the public sector development. The meeting’s members addressed and examined key concerns concerning the fear corridor. The group resolved that all departments involved must make crucial decisions within a month to match investor interest.
Azam khan Swati, the railway minister, the secretary of planning and railways, the chief executive officer of the public-private partnership authority, and top officials from both ministries attended the meeting.
Pak-China relations are not bound to the CPEC project, claims the moot
LUMS’ Shaikh Ahmad Hassan School of Law (SAHSOL) recently conducted a virtual conference titled “CPEC: Pakistan-China Security and Strategic Cooperation.
Senator Mushahid Hussain, Chairman of the Defence Committee; Prof Uzair J Kayani, Head of Department, SAHSOL; and Prof Sikander A Shah, Director, CCLS, were among those who attended the conference, according to a news release. At this event, all the members of the Pakistan-China Institute and the LUMS community were there.
Senator Mushahid Hussain stated that the Pak-China relationship was more than just the CPEC flagship project when he gave a thorough assessment. He discussed President Biden’s multilateral approach to addressing China’s expanding regional and global influence. In this line, he cited the recently concluded Quadrilateral Security Dialogue involving the US, Japan, Australia, and India, the G-7 countries meeting, the US-NATO summit, and the US-EU summit, all of which explicitly declared China to be a global security threat.
Senator Husaain also mentioned the second phase of CPEC, which focuses on agriculture, education, socioeconomic development, Special Economic Zones, and the relocation of Chinese small and medium firms, which will help Pakistan improve economically and humanly.
He spoke on Pakistan and China’s expanding strategic partnership, noting that the latter has backed Pakistan’s efforts in the UN Security Council on several topics. He also mentioned the threat of hybrid warfare that both Pakistan and China face from their opponents, which can mitigate by exposing the CPEC fallacies. Senator Mushahid finished by describing China as a pivotal figure in Pakistan’s overall foreign policy and emphasizing the CPEC’s enormous potential for driving Pakistan’s infrastructure and human development. Regardless of the hurdles, he believes they can overcome them because of Pakistan’s strategic position in the area due to CPEC and its increasing relationship with its neighbors.
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Average gas pricing was advocated by political consensus
Despite having fixed gas pricing agreements with various consumer organizations, the Petroleum Division seeks an average national basket price for natural gas — both local and imported. It comes when the energy sector is experiencing severe gas and electricity shortages, and both gas and power providers are trying to stay afloat. By shifting away from ring-fenced pricing and supply of local gas and imported liquefied natural gas (LNG) to distinct consumer categories, the federal government has asked the provinces to implement weighted average cost of gas (WACOG).
The critical policy contradiction is that the government has committed set prices for a combination of imported and domestic gas for some categories while offering much lower rates for others. For example, the government has committed to a fixed charge of $6.5 per unit for a combination of local and imported gas for export sectors, even though the imported cost can often exceed $13 per unit, as it does these days.
Lack of adequate gas/LNG storage exposed the gas transmission network to vast risks of taking or pay (term contracts) resulting from frequent demand/supply mismatches due to considerable variations in the power sector projected demand and actual consumption for RLNG. According to the report, four new RLNG-based power plants with a combined capacity of about 5000MW would not be on an economic merit order until 2023. Over the next two years, the merit order dispatch of these four plants will be minimal.
According to the article, Pakistan State Oil total receivables from Sui Northern Gas Pipelines Limited have reached Rs130 billion, including Rs27 billion late payment premium, with 500mmcfd of the firm take or pay with Qatar Petroleum.
According to the report, state-owned LNG supply chain companies face legal, operational, commercial, and financial issues and heightened take or pay risks and challenges in managing gas demand swings. LNG was supposed to replace expensive oil products like furnace oil and high-speed diesel. However, there was a gas shortage, not RLNG, due to ring-fencing. If third-party access or new terminals are allowed without gas sector reforms like deregulation of gas prices, removal of untargeted gas subsidies, unbundling sales, and loss control, the research warns that cannibalization will occur.
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Pakistan has a top ten position in terms of improving the business environment
Pakistan is becoming a more business-friendly country, as seen by its incredible rise in international rankings to improve the business environment.
According to China, this information comes from the annual study on Investment Security of China’s Belt and Road Construction (2021), which was released jointly by the China Belt and Road Think Tank Cooperation Alliance, Beijing International Studies University, and other institutions Economic Net.
The study outlines the findings of the researchers’ attempts to analyze political, economic, cultural, and environmental investment security in Belt and Road Initiative nations (BRI).
According to the research, Pakistan has implemented a series of preferential policies to streamline launching a business and acquiring a building permit.
These efforts, according to CEN, have boosted Pakistan’s ability to attract foreign investment and strengthened the ease of doing business year after year, making it one of the world’s top ten nations with the best business environment.
In terms of economic security, Pakistan’s financial security scores have increased by 220 percent during 2010, indicating an upward trend. The China-Pakistan Economic Corridor (CPEC) has significantly increased public confidence, spurred local demand, and enhanced production.
However, since 2019, Pakistan’s increased marketization of the local exchange rate has resulted in market volatility, currency depreciation, and prolonged inflation, pushing the government to hike the benchmark interest rate. Furthermore, the debt burden grew, and the country’s international sovereign rating declined.
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Blue World Trade Center, a smart high-rise design, is a gateway for the real estate industry in Pakistan. The Blue World Trade Center is Pakistan’s first property exchange tower, loaded with all the amenities and services that make doing business more convenient and efficient. Blue World Trade Center will become the foremost sought-after commercial address in Rawalpindi, notably for real estate firms and brands and their linked industries, due to its central location. As a result, the concept is to develop a real estate business hub in Pakistan in the form of a mixed-use innovative building architecture with all of the amenities and services that contribute to the comfort and effectiveness of business.
Developers
Blue World Trade Center is owned and developed by the Blue Group of Companies. The Blue Group of Companies was formed in Lahore in 1989. Initially, the company offered architecture planning and construction operations. By attracting the interest of clients and respectable investors in the industry, the company quickly established a solid reputation as a reputable and professional organization. The company is now regarded as one of Pakistan’s top five property development firms, with international prominence.
Ever since, the group has worked hard to establish itself as a one-stop shop for a wide range of services, including real estate construction branding, design and construction, development, IT assistance, and commercial publishing. The organization has also begun a retail operation in parallel to these services. It also has several convenience stores and clothing companies under its belt. The Blue Group of Companies employs approximately 300 dedicated individuals who serve in various positions, making it one of Pakistan’s most diverse corporations.
Location
When it comes to land decisions, the area expects to play a significant role. Before purchasing a property, an investor should consider the benefits and downsides of the surrounding area. The BWTC area is well regarded since it is easily accessible from the Grand Trunk Road. The extend is only a few minutes away from all of Islamabad’s and Rawalpindi’s renowned business zones. The project will stimulate the best eco-friendly activities inside the city, prepared for the stake-holding purposes of both prospective buyers and speculators alike, by leaning on the development elements of current real estate upgrades.
BWTC is in a fantastic location, right close to two significant residential and commercial developments, Bahria Town and DHA Islamabad. As you can tell from the location map above, this magnificent futuristic project is easily accessible from both Rawalpindi and Islamabad, thanks to the GT road’s connection with the Islamabad Highway. The fact that the Bahria Town Hospital is right next door is considered a benefit. The Blue World City location is also a short distance from the Giga Mall and the Lignum Tower. Apart from the aforementioned adjacent venues, the Blue World City Office is also conveniently located around the corner to oversee operations.
Twin Tower Replica
The Blue World Trade Center is a massive undertaking. This skyscraper will be a duplicate of the Petronas Twin Towers, built to international standards. The Petronas Twin Towers, located in Kuala Lumpur, Malaysia, are twin skyscrapers. From 1998 to 2004, they were the planet’s highest buildings, according to the official criteria and rating of the Council on Tall Buildings & Urban Habitat. It will be a 23-story structure, designed in two. BTWC will reserve parking in the three-level basement.
Meanwhile, commercial businesses will be available on numerous of the 23 floors. Skywalk will be available between the two towers, which are connected by a bridge. It is going to be a skyscraper. The tall twin skyscrapers, which will have all of the luxury amenities, will be the most crucial business hub.
BWTC’s highlights include
Meeting Rooms
Boardrooms and function rooms are commonly used for corporate events and corporate meetings. For the accessibility of the commercial sector, Blue World Trade Centre will provide various board rooms. Because no one wants any technical malfunctions and problems while the essential client is in the midst of a presentation, BWTC will offer a setting with efficient air conditioning and outstanding multi-media resources.
Corporate Offices
BWTC provides employees with clean, corporate spaces in which to work. Individual workstations, cubicles, and offices will be available in the corporate offices. The facility will be fully air-conditioned for employee comfort, and the trade center will provide employee workspaces with Wi-Fi. They’ll also include lounge rooms where staff can relax during their breaks.
Fully-equipped Apartments
It’s comforting to know that on the day you settle into your new apartment, you’ll find all of your daily necessities—even those that aren’t generally offered in a furnished residence. If that’s what you’re after, BWTC can provide you with a fully equipped & furnished flat. Within the Twin Towers, their attractively built, fully equipped residences will have everything one needs.
Hotels
The Blue World Trade Centre will also feature premium hotels that will provide personalized service, a wide range of conveniences, and sophisticated lodgings to their visitors. They intend to give the guests convenience, décor, and luxury encounters that meet or surpass their highest expectations.
Restaurants
Among thereasons to invest in Blue World City – it sure counts as a fine example. This spectacular project will include fine-dining restaurants and a cafeteria. The building will provide restaurant services for the luxury and flexibility of both inhabitants and the business hub.
24/7 CCTV Cameras Security
The most important priority and one of the most important selling features of any development is that it is secured from all entrances, allowing people to work and live in peace and security. As a result, the engineers will take security very seriously and will deploy high-tech, impregnable security systems to eliminate any security issues. As a result, the comprehensive security strategy will include Surveillance cameras, security officers, gated entrance points, and much more.
Conclusion
With Pakistan’s first property exchange skyscraper, the Blue World Trade Center, the BGC-IGC Consortium elevates the trade sector to the next level. The concept is to develop a property development hub in Pakistan in the form of a mixed-use innovative building design with all of the amenities and resources, including two helipads, to enhance business functionality, luxury, and productivity. Estateland Marketingalways provides you with the best investment opportunities available in the market to read more about other projects from the developer likeBlue World City, please visit our blog section.
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What Is an Easement in Real Estate and Why It’s Important? All You Need To Know About
We’ll talk about what is an easement in real estate and why is it important in this post. In a nutshell, an easement allows someone else to use your estate without your permission. It’s not as awful as it seems, and easements are only used in a few circumstances. If you’re considering purchasing a home, it’s essential to understand what is easement is & how having one on your property may affect you. Let’s take an overview of what an easement is.
What is Easement:
An easement allows a third party to use or visit the land they don’t own, only for a limited time. The third-party might be a person, a firm, or a government agency, and they must follow the easement’s rigorous rules. The easement description may appear intimidating at first, yet it poses no threat to your land ownership. For example, having a transmission line on your premises that your local power provider needs to access is a common issue. It’s also feasible for you to own an easement in real estate on your own. Let’s say you have to cross your neighbour’s lawn in order to go to your house. Possessing easement is required in this scenario.
Real Estate easements are intended to help residents and neighbourhoods. In the case of the electric company, there may come a day when you’ll be thankful that staff can enter your home without your permission. If a power line falls in your yard, you’ll be relieved to know that they can promptly remedy the problem without needing to obtain legal authorization to enter your property.
How an Easement Works:
A standard easement in real estate agreement describes a payment method by the petitioner to the proprietor for the permission to use the object of easement for a particular purpose, and is used to express a high contract among the owner of property & another party, whether it’s a person or an organization. Because an easement is particular to the agreement between the parties concerned, it is designed in such a manner that the specific use of the property is expressly stated and that the property owner is provided with the termination of easement. Such agreements are occasionally transferred as part of a property sale, so potential buyers should be aware of any real estate easements on the site under consideration.
Different Types of Easements:
Depending on the state’s particular real estate laws, different conditions may recognize a variety of easements. We can classify real estate easements into three categories:
Prescription Easement:
A prescriptive easement in real estate is another name for this sort of easement. It’s an inferred easement that we can obtain through adverse possession. That is, somebody other than the actual owner of the property gets usage or possession rights to it.
Easement by Necessity:
Unlike a formal pledge or agreement between neighbours, the law usually forms this type of easement. The existence of the easement is implied by law in order to obtain just results.
Negative Easement:
A negative easement imposes a limitation or obligation on the property owner, preventing them from using their property in a way that would ordinarily be legal. Restrictive clauses are commonly used for negative real estate easements.
Is it Required to Provide an Easement?
As previously stated, an easement by Necessity is a legal easement that grants a person the right of admission to their property. If your land is required to be entitled to an easement, you cannot prevent your neighbour from using the easement to reach their home. Furthermore, some utility corporations or towns are awarded real estate easements, and their easements are documented in the plat documents long before any dwellings are constructed on the land. Utility easements provide the government or a utility company permission to use and enter a person’s land in order to provide public utilities like power, water, sewer lines, and gas. When a property is sold or transferred, utility real estate easements are attached to the deed and pass to all subsequent owners.
What Impact Does an Easement Have on My Property?
In most circumstances, an easement has no bearing on your property title. Instead, it will only prevent you from obstructing the easement holder’s use of your land within specific parameters. An easement is usually placed for the benefit of you and your neighbours. For instance, you’d like your utility company to have access to and repair the water lines on your premises. An easement will, at most, be a source of inconvenience but not an undue burden. It aids in establishing authorization and connectivity between you & a third party to avoid any misunderstandings. If you’re ever in question, don’t be afraid to go to court. If you don’t, it can result up in a restrictive or negative easement.
Conclusions:
When contrasted to renting or leasing, purchasing real estate significantly expands your ownership rights. Real estate easements are one explanation of why property owners can’t do anything they desire with their land. We’ve discussed what real estate easements are, why they’re essential, and how they could affect your property rights.
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