Karachi Division

Karachi : ReNews Pakistan
The Karachi Metropolitan Corporation (KMC) has initiated planning for a new flyover at the intersection of Nishtar Road and Garden Chowrangi, with the project estimated to cost around Rs 1 billion.
Karachi Mayor Murtaza Wahab announced the project while chairing a meeting of the KMC Engineering Department at the municipal headquarters, directing officials to expedite the necessary technical and administrative procedures so construction can begin at the earliest possible stage.
The proposed flyover is planned to connect the Lyari Expressway with Garden Road and Nishtar Road, creating an important traffic link between some of Karachi’s busiest residential, commercial and historic districts.
The project is primarily intended to ease congestion at Garden Chowrangi and improve traffic movement towards Nishtar Road, Saddar, the Old City and surrounding commercial areas. The intersection handles substantial daily traffic, including commuters, traders and vehicles travelling between central Karachi and areas connected through the Lyari Expressway.
Mayor Wahab directed the relevant KMC departments to complete the project’s technical and administrative requirements and accelerate the tendering process. He said construction should begin as soon as the procurement process and other formalities are completed.
KMC Municipal Commissioner Abrar Jaffer informed the meeting that the proposed flyover has a targeted completion period of approximately one year. However, the final construction schedule will depend on the terms of the contract awarded to the successful bidder.
Once completed, the flyover is expected to provide a more direct connection between the Lyari Expressway, Garden and Nishtar Road while reducing pressure on existing road infrastructure around the congested intersection.
Improved connectivity could also benefit commercial activity in nearby areas by reducing travel delays for traders, customers and goods transportation moving towards Saddar and the Old City.
The proposed Rs1 billion project forms part of KMC’s broader efforts to improve Karachi’s road infrastructure, address traffic bottlenecks and strengthen connectivity between major residential and commercial areas.
The project will now move through the required technical, administrative and tendering stages before construction can formally commence.

Karachi | ReNews Pakistan
Arif Habib Dolmen REIT Management Limited (AHDRML) has announced an offer for sale of shares in the Naya Nazimabad Apartments REIT, opening a new route for investors to gain exposure to one of Karachi’s prominent residential developments through a regulated real estate investment structure.
According to the offer details, shares will be offered within a price band of Rs18 to Rs23 per share, while the total issue size is expected to range between approximately Rs793 million and Rs1.01 billion, depending on the final price determined through the offering process.
The REIT is linked to the Naya Nazimabad residential development in Karachi, allowing investors to participate in the property project through shares rather than directly purchasing apartments or other real estate assets.
A Real Estate Investment Trust, or REIT, provides investors with an opportunity to invest in property-related assets through a professionally managed investment structure. Such arrangements can allow smaller investors to participate in larger real estate developments without requiring the substantial capital normally needed to buy property directly.
The Naya Nazimabad Apartments REIT offering therefore represents another step towards expanding the use of capital-market-based financing in Pakistan’s real estate sector.
The offer could also broaden investment options for individuals and institutions seeking exposure to residential property while maintaining the ability to invest through a structured financial product.

Arif Habib Dolmen REIT Management Limited has not yet announced the dates for the book building process, during which investor demand and the final offer price are expected to be determined.
The company said further details regarding the offering will be shared before the book building process begins.
The planned transaction comes as REIT structures continue to gain attention in Pakistan as an alternative way of linking real estate development with the country’s capital markets.
For Naya Nazimabad, the offering provides a mechanism to bring additional investors into the residential project, while for the wider property sector it highlights growing efforts to make large real estate developments accessible through organised investment vehicles.
With an issue size potentially exceeding Rs1 billion, the Naya Nazimabad Apartments REIT offer is expected to be closely watched by investors interested in Pakistan’s property and capital markets.

Karachi : ReNews Pakistan
Gulshan i Iqbal Town Municipal Corporation has entered into a sister town partnership with two municipalities in Türkiye, opening a new channel for international cooperation in urban planning, municipal governance, smart city initiatives and the delivery of public services.
The agreement has been signed with the municipalities of Inebolu and Araç, both located in Türkiye’s Kastamonu province, and is intended to promote the exchange of knowledge, technical expertise and successful municipal practices among the three local governments.
Gulshan i Iqbal Town Chairman Dr. Fawad Ahmed and Dr. Kamal Aydin, adviser to Turkish President Recep Tayyip Erdogan and president of the Ibn Sina Institute Türkiye, signed the agreement at a ceremony attended by elected representatives and municipal officials.
Among those present were Karachi Metropolitan Corporation opposition leader Advocate Saifuddin and Jamaat i Islami East district chief Naeem Akhtar.
Under the sister-town arrangement, Gulshan i Iqbal, Inebolu and Araç will cooperate in areas including urban development, city planning, smart-city initiatives, modern municipal services and the use of technology in local governance.
The partnership is also expected to create opportunities for municipal officials to share experiences and study development models that have proved successful in their respective cities.
Such cooperation could be particularly relevant for Gulshan i Iqbal, one of Karachi’s major urban areas, where local authorities face challenges related to population pressure, infrastructure management, public services and the need for more efficient urban planning.
The agreement provides a framework through which Gulshan-i-Iqbal Town can examine Turkish approaches to municipal administration and explore whether relevant practices can be adapted to local conditions.
Speaking at the ceremony, Dr. Kamal Aydin said the partnership could contribute to a better future for Gulshan i Iqbal by allowing it to benefit from Türkiye’s experience in urban development and municipal services.
He highlighted the potential for cooperation and knowledge sharing between the municipalities, particularly in areas where modern technology and improved administrative practices can strengthen local service delivery.
Dr. Fawad Ahmed described the agreement as an important opportunity for Gulshan i Iqbal Town, saying Turkish municipalities had achieved considerable progress in urban development and municipal governance.
He said local governments in Pakistan could learn from Türkiye’s experience, particularly its approach to providing basic municipal services and managing urban development.
The sister-town initiative is expected to go beyond ceremonial ties by establishing a platform for practical cooperation among municipal administrations. Through the exchange of expertise and successful practices, the participating municipalities aim to identify approaches that can improve governance, planning and public services.
For Gulshan i Iqbal Town, the partnership could also provide greater exposure to international municipal practices at a time when Karachi’s local governments are seeking ways to improve infrastructure management, adopt technology and respond more effectively to the needs of rapidly growing urban communities.
The effectiveness of the initiative, however, will ultimately depend on how the agreement is translated into practical projects, technical exchanges and measurable improvements in municipal services.