Latest news with #DefenceHousingAuthority
Express Tribune
3 days ago
- Climate
- Express Tribune
Karachi hits 27 tremors in 4 days as 7 more felt
Listen to article A series of mild tremors continued to shake parts of Karachi for the fourth consecutive day on Wednesday, with seismic activity traced to the reactivation of the Landhi fault line, according to officials. Data released by the National Tsunami Center of the meteorological department revealed that 27 earthquakes had been recorded across five locations in the city since Sunday. Though the quakes were of light to moderate intensity on the Richter scale, their shallow depth caused them to be widely felt by residents in several areas. Malir experienced the highest number of tremors, with 11 incidents reported, followed by 11 in Defence Housing Authority (DHA). Three were recorded in Qaidabad, while Korangi and Gadap reported one tremor each. Read more: Geologist claims he predicted Karachi earthquakes four days in advance Officials at the National Tsunami Center attributed the seismic activity to the reactivation of the Landhi fault line, a dormant geological structure underlying parts of the city. Tsunami Center Director Amir Haider Laghari said the tremors were the result of underground energy being gradually released along the fault line. 'This slow discharge of energy is a natural process and helps reduce the likelihood of a major earthquake,' he said, noting that the Landhi fault line had become active after remaining dormant for decades. He added that the shallow depth of the tremors was responsible for the strong vibrations felt at the surface. Providing broader context, Dr Adnan Khan, Associate Professor and Geologist at the University of Karachi, told Express Tribune that these were minor tremors and not a cause for alarm. He explained that Karachi is situated on a passive tectonic margin, far from any major fault line, making large, destructive earthquakes highly unlikely in the region. 'These tremors are classified as mild, resulting from minor tectonic movements and stress accumulation deep within the Earth's crust,' Dr Khan stated. He also linked these movements indirectly to Himalayan tectonic activity, where the northward shift of the mountain range—by 4 to 5 cm annually—can generate distant tectonic pressures, occasionally manifesting as low-intensity quakes even in far-off areas like Karachi. Also read: Murad calls low-scale tremors 'good thing' after 19 mild quakes jolt Karachi Dr Khan further pointed to human factors that may play a subtle role in altering subterranean stability, including industrial waste incineration and excessive groundwater extraction, both of which can influence local seismic behavior over time. While no loss of life or property damage has been reported so far, experts have warned that the tremors may persist for several more days. Authorities continue to monitor the situation closely and have advised the public to remain alert and follow safety precautions.
Express Tribune
5 days ago
- Express Tribune
Mustafa Amir murder: Armughan's father granted bail in illegal arms case
Listen to article A local court has granted bail to Kamran Asghar Qureshi, the father of Armughan, the main suspect in the Mustafa Aamir murder case, in an illegal arms case. The bail application was heard by the Additional District and Sessions Judge (South), who approved the bail against a surety bond of Rs100,000. During the hearing, defence counsel Khurram Awan argued that the case was baseless and registered solely because the accused is Armughan's father. He claimed that Kamran has been wrongfully implicated in multiple cases. The judge remarked that the accused should be released if not wanted in any other case. According to the prosecution, the Anti-Violent Crime Cell had booked Kamran Asghar Qureshi after recovering illegal weapons from his possession. A total of four FIRs have been lodged against him. Earlier, an anti-terrorism court (ATC) in Karachi had extended the physical remand of Armughan, the prime suspect in the Mustafa Amir murder case, for an additional seven days. The court directed the investigation officer to submit a progress report at the next hearing. Prosecutors argued that more time was required to recover a laptop and mobile phone, which they believe contain crucial evidence. Armughan's defence counsel opposed the request, claiming that police had completed their investigation and further remand was unnecessary. However, the court sided with the prosecution and approved the extension. During the hearing, the judge inquired whether the seized evidence had been properly sealed, to which the investigation officer confirmed compliance. The court also permitted Armughan's parents to meet him briefly. Moreover, according to a report, Armughan had allegedly confessed to the crime and explained the reasons behind Mustafa's murder. The report revealed that Armughan ran a call centre at a bungalow in Defence Housing Authority's Khayaban-e-Momin area, where 30 to 40 boys and girls worked, along with 30 to 35 security guards stationed at the premises. The bungalow had allegedly housed three lion cubs illegally. An interrogation report also shed light on Armughan's involvement in business and drug use. Before Mustafa's murder, Armughan, along with his friend Shiraz, planned to burn Mustafa's car and had previously intended to harm him. The report revealed that in 2019, Armughan was involved in a case regarding drug import, but he secured bail in that matter. According to the investigation, Armughan himself was a drug user. On New Year's Eve, Armughan hosted a party at the bungalow, where Shiraz was also present until 3 am. However, Mustafa did not attend the party. The following day, Armughan and Mustafa had a personal dispute, which escalated into a violent confrontation. On January 6, Armughan invited Shiraz to the bungalow to take drugs together, and Mustafa arrived at around 9 pm. During this encounter, Armughan assaulted Mustafa with an iron rod. Armughan and Shiraz stripped Mustafa of his clothes, bound his hands and feet with a white sheet, and dragged him down the stairs. Mustafa's car was parked in the bungalow's parking lot, and they placed his body in the trunk of the car, after which they took him to Hub. The report further details that Armughan instructed two employees to clean blood stains from the room. Armughan also took Mustafa's clothes, mobile phone, and internet device. When they could not find fuel in the car, Armughan took a fuel can from the bungalow. The report explains that Armughan discarded Mustafa's mobile phone and other belongings on the way. They arrived in Hub around 4:30 am, poured petrol on the car, and set it on fire. Armughan and Shiraz then walked to a hotel for breakfast. A hotel employee noticed a weapon, and the two men fled the scene. After walking for several hours and hitching rides, they made their way back to Karachi.
Express Tribune
06-04-2025
- Business
- Express Tribune
When the rich get richer & the rest get stuck
Economic growth is meant to uplift a nation, raising the standard of living for all its people. However, in Pakistan, it often feels like the economic progress is only benefiting a select few. When elite wealth grows faster than the overall economy, capital accumulates, but it doesn't do so in a way that fosters broader growth. Instead of fueling industries that create jobs, innovation, and economic sustainability, Pakistan's wealthiest individuals and institutions are increasingly channeling their resources into non-productive assets — chiefly real estate, but also government bonds, stock market speculation, luxury imports, and offshore holdings. This practice leads to a paradox: while GDP growth stagnates, elite wealth balloons, further exacerbating inequality and hampering the growth of productive sectors that could create long-term prosperity for the nation. This phenomenon isn't unique to Pakistan. Historically, rapid accumulation of elite wealth paired with sluggish economic growth has often led to asset bubbles and financial crises. For example, the U.S. housing crash of 2008 was spurred by excessive capital flowing into real estate speculation rather than into industries that could create jobs and long-term value. Similarly, Japan's economic bubble in the late 1980s, driven by rampant speculation in stocks and real estate, led to stagnation that lasted for more than a decade. Pakistan mirrors these global trends, where wealth is being accumulated in non-productive sectors, preventing capital from reaching industries that drive sustainable growth. The real estate trap Perhaps the clearest example of capital misallocation in Pakistan is its obsession with real estate. Over the past two decades, land and property have become the primary investment vehicles for the country's wealthiest individuals and institutions. According to a 2021 State Bank of Pakistan (SBP) study, nearly 60 per cent of all private investment in the country is directed into real estate. This is despite the fact that the real estate sector contributes less than two per cent to Pakistan's GDP. This imbalance reflects an economy where capital is being hoarded in real estate, rather than being put to work in ways that could drive productivity and economic growth. Between 2019 and 2022, real estate prices in major cities like Lahore, Karachi, and Islamabad doubled, even as GDP growth languished at an average of just 1.83 per cent. In Lahore, for example, the price of a kanal (a unit of land) in the Defence Housing Authority (DHA) rose from PKR 20 million in 2016 to over PKR 70 million by 2024. Similarly, Islamabad's property values have surged dramatically, even as economic indicators like employment, industrial growth, and exports remain weak. This speculative frenzy is not driven by genuine demand for housing but by elite investors attempting to hedge against inflation and currency depreciation, exacerbating the housing crisis. The irony of this situation is profound. While the elite amass vast real estate portfolios, Pakistan faces a severe housing shortage of nearly 10 million units, leaving millions of lower- and middle-income families without adequate shelter. Mortgage financing is practically non-existent, with housing finance accounting for only 0.5 per cent of GDP, compared to the 10-20 per cent found in regional economies like India and Malaysia. Without accessible financing options, homeownership remains an unattainable dream for most citizens, forcing them into overcrowded informal settlements or perpetual renting. Meanwhile, speculative land deals continue to absorb vast amounts of capital, starving more productive sectors — such as manufacturing, technology, and exports — of the investments they need to grow. This misallocation of wealth exacerbates economic stagnation and deepens the country's wealth inequality. The Karachi case study Karachi, Pakistan's commercial and economic hub, provides a stark illustration of the destructive effects of elite-driven real estate speculation. It is estimated that nearly 45 per cent of Karachi's land is locked in speculative private holdings, while over 60 per cent of the city's population resides in informal settlements. Land that could be used for industrial purposes, affordable housing, or essential infrastructure remains trapped in elite real estate portfolios, inflating prices without contributing to productive economic growth. Despite the well-documented harm caused by land speculation, policies in Karachi — particularly those from the Sindh provincial government — continue to incentivise land hoarding. This is in stark contrast to Vietnam's approach, where an annual 10-15 per cent idle land tax is imposed to prevent the accumulation of unproductive land. Such a policy discourages speculative landholding and forces landowners to either develop their properties or sell them. Unfortunately, Pakistan has not yet considered such measures with any seriousness, continuing to allow speculation to distort the economy. Capital flight and rent-seeking Real estate speculation is not the only factor driving the stagnation of Pakistan's economy. The accumulation of elite wealth has also fueled capital flight, with wealthy Pakistanis sending increasing amounts of money abroad. According to the Pakistan Economic Survey 2023, outward remittances from Pakistan's wealthy class have increased by over 200 per cent in the past five years. Instead of reinvesting their wealth in local businesses, many of Pakistan's wealthiest individuals are choosing to park their money in foreign markets, particularly in Dubai's real estate sector. An estimated $10 billion in Pakistani capital is believed to be invested in UAE real estate alone. At the same time, rent-seeking behavior among Pakistan's elite continues to dominate the economy. Rather than investing in startups or expanding industrial capacity, the wealthiest families in the country are increasingly controlling monopolies in key sectors such as sugar, cement, and automobiles. Through cartelisation and anti-competitive practices, these elites are extracting profits from sectors that should be fostering competition and innovation. For example, the sugar industry in Pakistan is largely controlled by political elites, leading to artificially inflated prices and market distortions. In August 2023, domestic sugar prices surged to PKR 185 per kilogramme, a 110 per cent increase from just ten months earlier. This sharp rise was fueled by government-sanctioned exports and allegations of hoarding and smuggling, leading to domestic shortages despite sufficient production. This rent-seeking behavior stifles competition and discourages investment in industries that could lead to more sustainable economic growth. A similar issue exists within Pakistan's stock market. Speculative trading, insider dealings, and capital withdrawals by major investors have led to increased volatility in the market, rather than fostering real business growth. Foreign investment in the Pakistan Stock Exchange (PSX) has plummeted in recent years, reaching a historic low of just 3.7 per cent of total market value in 2024, down from nearly 29 per cent in 2017. While the PSX performed exceptionally well in FY24, soaring by 89 per cent in rupee terms (94 per cent in US dollar terms), the underlying volatility and reduced foreign participation reveal deep-rooted issues within the market that prevent long-term growth. Pakistan's tax system further exacerbates these distortions. While salaried individuals are heavily taxed, major real estate investors, landlords, and industrialists often benefit from loopholes, tax amnesties, and underreporting. Pakistan's informal economy, which accounts for nearly 40 per cent of GDP, enables elite capital to operate outside the regulated tax framework, deepening inequality and perpetuating the distortions in the economy. How Bangladesh avoided Pakistan's trap Bangladesh, once lagging behind Pakistan, has successfully avoided falling into the trap of elite-driven stagnation. According to the World Bank, Bangladesh's GDP per capita grew from $800 in 2010 to over $2,500 by 2022, while Pakistan's per capita GDP stagnated at around $1,600. One of the key differences between Bangladesh and Pakistan is the latter's taxation system. Over the past decade, Bangladesh has implemented progressively higher property taxes on unproductive landholdings and speculative real estate investments. For instance, in 2019, the Bangladesh government introduced a 2 per cent annual tax on unused urban land, alongside capital gains taxes ranging from 15 per cent to 20 per cent on secondary property sales. These taxes have helped to redirect capital into more productive sectors, such as manufacturing and exports. In contrast, Pakistan's real estate sector remains largely undertaxed. Despite multiple tax amnesties between 2016 and 2022 — designed to legalise undeclared real estate assets at nominal rates — speculative investments continue to thrive. Between 2020 and 2023, Pakistan collected less than 0.5 per cent of GDP in property-related taxes, while Bangladesh's revenues from real estate taxation exceeded 1.2 per cent of GDP, contributing to the nation's impressive growth in productive sectors. Breaking the cycle So, how can Pakistan break free from this cycle of elite-driven economic stagnation? Tax reform is the most immediate and necessary fix. A progressive property tax system that discourages land hoarding and speculative real estate investments could push capital into more productive sectors, such as industry, agriculture, and technology. Pakistan could introduce steep capital gains taxes on second and third properties, impose idle land taxes, and introduce a vacancy tax to deter speculative landholding. India, despite its own issues, has experimented with similar policies in cities like Mumbai, where high taxes on unproductive real estate have helped curb speculation. Pakistan must follow suit if it hopes to unlock capital for investment in industry, agriculture, and technology. In addition to tax reforms, the government should redirect financial incentives toward industry, technology, and small businesses. Countries like China have actively channeled capital into high-tech industries and infrastructure, spurring long-term economic growth. Pakistan needs similar policies — those that reward industrial expansion, small and medium-sised enterprises (SMEs), and local manufacturing — rather than those that continue to support land speculation and monopolistic rent-seeking. Reforming the financial sector is also crucial. For example, encouraging bank lending to SMEs, rather than real estate developers, would allow productive sectors to flourish. In Malaysia, SME loans make up 50 per cent of total bank lending; in Pakistan, that number is below 10 per cent. This stark difference reflects misplaced priorities that focus on real estate rather than the sectors that will create long-term value. Finally, political will is essential. Many of Pakistan's wealthiest individuals are deeply entrenched in the political system and benefit from the very policies that perpetuate the country's economic stagnation. Breaking the elite capture of the economy requires comprehensive governance reforms, including measures to limit undue influence, enforce fair taxation, and ensure economic policies serve the broader population, not just the elites. The bottom line is simple: when elite wealth grows faster than the economy, it becomes a drag rather than a driver. Pakistan's economic future depends on ensuring that capital works for the many, not just the few. If the country does not implement structural reforms to curtail speculative investments, redirect capital into productive sectors, and ensure fair competition, it risks a permanently stratified economy. In such an economy, the rich continue to park their wealth in unproductive assets, the middle class is squeezed out of opportunities, and the country's full growth potential will remain unrealised. The time for reform is now — before the economy becomes irrevocably trapped in a cycle of stagnation. Ali Asad Sabir is working as project manager at Mahbub ul Haq research centre at Lahore University of Management Sciences (LUMS) All facts and information are the sole responsibility of the author
Express Tribune
03-04-2025
- Entertainment
- Express Tribune
SHC refers Sahir Hasan's bail case to regular bench
Listen to article The Sindh High Court has directed that the bail plea of Sahir Hassan, the son of renowned actor Sajid Hassan, be referred to a regular bench for further proceedings. According to reports, the constitutional bench of the Sindh High Court heard the bail application of the accused, who is currently in custody in a drug possession case. The court observed that the matter falls under the jurisdiction of the regular court and therefore should be presented before a regular bench. The court adjourned the hearing and instructed the relevant bench to resolve the matter within 14 days. The petitioner's counsel argued that the accused is in jail under judicial remand and has been charged with possession of narcotics. Police claim that Sahir Hassan was arrested on February 22 from Phase 6 of Defence Housing Authority (DHA), Karachi, and that five packets of cannabis were recovered from his possession. The court further directed that all necessary steps be taken to ensure swift proceedings in the case. The final decision on the bail application will be made by the regular bench. Previously, Sahir Hassan told investigators that his acquaintance, Armaghan, had amassed significant wealth through fraudulent activities. He alleged that Armaghan engaged in call centre scams targeting pension funds of elderly individuals abroad, siphoning off large sums of money under the guise of business ventures. Hassan further revealed that Armaghan had used these illicit funds to buy luxury cars, property, weapons, and even exotic animals. Earlier, Pakistani TV host Nadia Khan strongly criticised Sahir Hassan, the son of veteran actor Sajid Hassan, following his confession of involvement in drug trafficking. Speaking on her talk show, Nadia Khan condemned his actions and labelled his statement as 'hypocritical.' 'He says he doesn't want his own children using drugs, but has no shame in selling to others' children? That's pure double standards,' she said. Nadia Khan added that the case had shaken the nation. 'Parents and children across Pakistan are disturbed. This is not just one incident—this is part of a deeply disturbing pattern, and Sajid Hassan's son is now part of it.'
Express Tribune
03-04-2025
- Express Tribune
Man fights robbers at the cost of life
Another family was left devastated as armed marauders shot dead a man in the highly secured and well patrolled area of Defence Housing Authority (DHA) Phase I near Tooba Mosque. Armed robbers shot and killed Amir Sultan, 38, in front of his child, wife and brother for offering resistance during a robbery. The victim, a father of four, was associated with clearing and forwarding business. He was about to leave for Hyderabad with his family when robbers riding on a motorbike killed him. CCTV footage shows that the robbers observed the area twice before returning a third time with the intent to rob. One of them attempted to snatch Amir's mobile phone and other valuables, but Amir resisted and managed to overpower one of the robbers. During the struggle, the second robber opened fire, but Amir remained unharmed. However, as Amir dragged the robber a considerable distance and brought him to the ground, robbers' accomplice fired again and the bullet hit Amir in the head. He succumbed to his injuries en route to a hospital. The victim's brother, Shakir, who was watching in vain from the balcony yelled pleading Amir to hand over his mobile and let the robbers go, but he continued to rfight. Amir's son, Abdul Wahid, said, "My father had caught the robber, and they were firing continuously. I knew the robbers would shoot him." Upon receiving the information DIG South, SSP South, and other police officers arrived at the scene to collect evidence. Three bullet shells were recovered, and authorities are working to identify the suspects using CCTV footage. With this incident, the number of people killed in Karachi this year while resisting robberies has risen to 26. Police are actively conducting operations to arrest culprits. The daylight robbery and murder puts a big question mark on the performance of the police. Cops are however seen stopping young men on bikes to take bribes on pretext of checking.
