The security operations in Karachi over the last two years appear to have breathed a new air of positivity into the port city. The residents of Karachi and its business community have again put their trust in the resilient city’s abilities and economic activity is on the rebound. Where once observers saw a massive exodus of citizens out of Karachi for fear of life, peace has revived demand for housing in the city like never before.
According to property web portal Zameen.com, average prices of 125 yards2 plots in the port city rose by 35.53% between November 2014 and November 2015, while the values of 500 yards2 and 1,000 yards2 plots posted increases of 26.07% and 23.61%, respectively, in the same period.
Life in the city is returning to better than normal, testimony of which is various new projects being launched in all sectors of the city’s resurging economy.
Development
Perhaps it has been this very resurgence of economy that encouraged Pakistan Services Limited, owner and operator of the country’s largest hotel chain Pearl Continental, to expand its services in the industrial heart of the country.
The group runs Pearl Continental hotels in six cities across Pakistan and recently announced that it was looking to acquire property worth approximately worth PKR 1.6 billion in Karachi for expanding its hospitality services.
Company secretary Mansoor Khan said overwhelming occupancy rates in existing hotels were the reason behind their plans and the group was looking to build another hotel in Karachi.
“The visiting international or domestic businessmen and tourists usually stay at our hotels,” Khan told newsmen. He said the expansion decision was made following the board’s approval to the land acquisition. “We made the announcement at the bourse just after our board approved the acquisition of the land and gave a go-ahead for building a new hotel.”
To good times
The management’s decision to expand in Karachi should not come as a surprise. Bordering the Arabian Sea and having a fully functional seaport, Karachi is jam-packed with traders and business entities, besides being headquarters for dozens of multi-national corporations operating in the country. It is certainly the country’s economic and industrial engine, providing jobs to thousands of people that head to the city each day to better their fortunes.
The city has remained plagued by political, ethnic and religious skirmishes that have dampened the sheen it once emitted. But with peace gradually gaining foothold, the city is beginning to hope again. Once having been hushed by fear of security uncertainties, the city’s neighborhoods are becoming noisy again. Children have restarted riding bicycles in the streets and cricket balls are shattering window panes again. While it might be a little too much commotion for the occasional recluse, it bodes well for the city and its future. The city of lights is on way to replenishing its lost energy.
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