Imran taps overseas housing expertise

Prime Minister Imran Khan’s friend, British Pakistani businessman Aneel Musarrat, has revealed that the premier will announce the 5mn houses project next week, and at the same time measures will be taken to revamp the legal framework around the housing projects and banking laws.In an interview, Musarrat said that the prime minister’s task force on housing has been working hard to take the project to the announcement level, and that Khan himself will be making the announcement.“We will take overseas housing expertise to Pakistan to help Imran Khan’s election manifesto in which he promised to build 5mn homes,” he said. “We will help execute his vision into a reality.”“Pakistan will benefit from this project, as it will end joblessness and will create at least 600,000 jobs besides reinvigorating the industry,” Musarrat added. “More than 200 components will be needed to build each house which includes cement, nails, iron, sand, stones, wood and so much more and all of this will be produced in Pakistan.” “This project will help open the closed industries. The whole sector will see new life infused into it,” said the businessman, who has been dealing in the housing sector from the age of 18 when he left school in Manchester to start his own business.When asked about some of the criticism directed his way, Musarrat said he has relevant experience in delivering mega projects.He said: “I have (overseen) £5bn (in) banking transactions in the real estate sector in Britain and Europe, and all of this is documented.“I have (built) housing for students, retail parks, hotels, business centres. Currently I am working on building 9,000 houses at the cost of £2bn … on an average I deliver 15,000 homes in UK every year.“We do business in commercial sector in Europe and UK and, God willing, we have made our name through delivery.”Musarrat stressed that he will not be doing any business in Pakistan, and will not be taking any salary for his work on the housing project.“I am expanding my business further in UK and Europe, and I want to stress that my personal business ambitions will be in Europe, and not in Pakistan.“I want to bring investment in Pakistan and I won’t to charge a penny. It will be a win-win situation for everyone, and I hope it’s Pakistan that will prosper.”“To achieve this target, around 10,000 new developers will enter the market and will work with the existing developers,” he said. “In my opinion, 80% development will be from Pakistan, and remaining from abroad, Europe, Asia and elsewhere.”Musarrat said that he told Prime Minister Khan that for his housing project to succeed, it is important that new laws and regulations are brought to reform the sectors surrounding housing, mortgages, and lending.“There has to be a law which protects lenders, and they shouldn’t face problems. Legal reforms are needed to make the system sound. The 5mn housing project will be private-led investment as government cannot do such big projects,” he explained. “The role of the government is to regulate and facilitate only.“Imran Khan agrees that all of this has to be a one-window operation, and as a result new developers will be born.”“He said that Pakistan needs massive investment to make affordable homes for young people so they could start owning houses at an early age, like in the West, and not when they are old,” Musarrat added.