KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has shared that land-grabbing incidents in Karachi have resulted in an annual loss of USD 2.9 billion to the state exchequer.
The FPCCI President, Irfan Iqbal Sheikh, spoke at a conference in Islamabad and noted that the country’s constitutional and regulatory mechanisms rank 156th out of 190 countries in preventing land-related issues.
He explained that these incidents are the primary cause for the sluggish growth of the real estate sector in metropolitan areas, and the illegal occupation of industrial, commercial, agricultural, and residential lands through fraudulent documents, seizures, or encroachments is draining the country’s resources.
President FPCCI also called upon the Sindh government to take immediate action to address the issue of land-grabbing, enhance the ease of doing business, and ensure the safety of taxpayers, law-abiding citizens, and their properties.
