By Commerce Reporter
LAHORE : Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zahid Iqbal Chaudhry has strongly criticized the registration of a case against prominent real estate devloper Chaudhry Abdul Majeed, terming it an act of excessive state intervention and institutional overreach at a time when Pakistan’s real estate sector is already facing a severe downturn.
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In a statement, Zahid Chaudhry said that Pakistan’s real estate sector is suffering due to flawed government policies, high interest rates, regulatory complexities, excessive taxation, and prolonged political and economic instability. He added that under such challenging circumstances, targeting credible and reputable investors would further weaken an already fragile sector.
He noted that Chaudhry Abdul Majeed holds a distinguished position in the real estate industry for delivering high-quality, state-of-the-art residential projects with transparency and timely completion, while maintaining investor confidence despite unfavorable market conditions. “The case registered by the Rawalpindi Development Authority (RDA) against such a reputable developer reflects unnecessary interference and sends a negative signal to both local and overseas investors,” he remarked.
Zahid Chaudhry emphasized that the real estate sector is directly linked with more than forty allied industries, including construction, cement, steel, transport, and labor. Any undue legal or administrative pressure on this sector, he warned, would have far-reaching consequences for employment, investment, and overall economic activity in the country.
He urged the government to adopt business-friendly policies, remove unnecessary legal and regulatory hurdles, and refrain from actions that discourage genuine investors. “Instead of facilitating growth, such measures are creating fear and uncertainty in the business community,” he said.
The former FPCCI vice president demanded the immediate withdrawal of what he termed a “false and baseless case” against Chaudhry Abdul Majeed, warning that continued harassment of investors would further slow down investment flows and aggravate Pakistan’s economic challenges.
