Karachi Division

Karachi | ReNews Pakistan
The Naya Nazimabad Apartment REIT (NNAR) has received strong investor interest, with the book-building portion of its public offering fully subscribed within the first hour of bidding on the opening day.
The two day book building process commenced on September 1 and will continue through September 2, ahead of the proposed listing of the REIT on the Pakistan Stock Exchange (PSX). The rapid subscription reflects significant demand from institutional investors and high net worth individuals for exposure to Pakistan’s real estate sector through a regulated REIT structure.
NNAR is offering a total of 44.06 million units, equivalent to 15% of the scheme, through an Offer for Sale. The total offering is divided between institutional and high net worth investors participating in the book-building process and the general public.
Under the offering structure, 33.05 million units, representing 75% of the total offer, have been reserved for the book-building portion. The remaining 25%, or approximately 11.02 million units, will subsequently be offered to the general public at the strike price determined through the book building process.
The units have been offered within a price band of Rs 18 to Rs 23 per unit. Based on this range, the total value of the offering is estimated at approximately Rs 793 million to Rs 1.013 billion, depending on the final strike price established through investor bidding.
The strong response during the opening hour could provide an early indication of investor appetite for listed real estate investment products at a time when Pakistan’s capital market is increasingly seeking avenues to channel institutional and retail capital into property-related assets.
NNAR is structured as a closed-end, Shariah compliant developmental Real Estate Investment Trust and is managed by Arif Habib Dolmen REIT Management Limited. The scheme is designed to provide investors with participation in a diversified portfolio of real estate assets while operating under the regulatory framework governing REITs in Pakistan.
The REIT comprises three real estate portfolios located across Karachi and Lahore. Collectively, these portfolios had an assessed value of approximately Rs 20.46 billion as of April 2026, giving the scheme a substantial underlying property base compared with the size of the current unit offering.
The completion of the book building process on September 2 will determine the final strike price for the offering. Following the conclusion of this phase, 11.02 million units will be made available to general public investors at the price established through the book building process.
The proposed PSX listing is expected to provide investors with a market-based avenue to trade their units after listing, while the successful subscription of the institutional portion within the first hour highlights the growing interest in professionally managed and Shariah compliant real estate investment structures in Pakistan.

Karachi : ReNews Pakistan
Karachi Mayor Murtaza Wahab has inaugurated a newly constructed flyover at Korangi No 5, marking the completion of a major road infrastructure project costing nearly Rs 750 million. The facility has been opened to traffic with the objective of improving traffic flow and strengthening connectivity across several densely populated areas of the city.
The inauguration ceremony was attended by Sindh Local Government Minister Nasir Hussain Shah, Pakistan Peoples Party representatives and other officials and political figures.
According to Mayor Murtaza Wahab, the new flyover will provide an improved route connecting Ibrahim Hyderi, Shah Faisal Colony, Landhi and Korangi. The elevated structure is expected to facilitate smoother movement for motorists travelling between these residential, commercial and industrial areas.
Korangi is one of Karachi’s key urban and industrial zones, where heavy traffic volumes frequently create congestion on major connecting roads. The new flyover is intended to provide a dedicated elevated passage at Korangi No 5, allowing traffic to move more efficiently and reducing pressure on intersections and adjoining roads.
The project is particularly significant for residents and daily commuters who travel between Korangi, Landhi, Shah Faisal Colony and Ibrahim Hyderi. Improved road connectivity is expected to reduce travel delays and provide more convenient access between residential neighbourhoods and important commercial and employment centres.
Mayor Wahab said the flyover forms part of the wider development programme being implemented across Karachi under the #KarachiWorks initiative. The initiative includes road and infrastructure projects aimed at improving mobility, upgrading the city’s transportation network and addressing longstanding traffic-related challenges.
The completion of the Korangi No. 5 flyover adds to the ongoing efforts to expand and modernise Karachi’s road infrastructure. With increasing traffic volumes and continued urban expansion, authorities have been focusing on projects designed to improve road capacity and provide better connections between different parts of the metropolis.
The opening of the flyover is therefore being viewed as an important addition to Karachi’s transport infrastructure, particularly for communities in the eastern and southeastern parts of the city. Authorities expect the facility to contribute to smoother traffic movement and improved connectivity as motorists begin using the new route.

Karachi | ReNews Pakistan
The Judicial Commission’s report on the Gul Plaza tragedy has raised serious questions over compliance with building laws, fire safety regulations and emergency evacuation arrangements in Karachi. Rather than treating the incident merely as a fire, the report describes it as a failure of the existing provincial and municipal governance system, while identifying the absence of basic safety requirements in the building as a major factor behind the loss of lives.
According to the available draft of the report, Gul Plaza lacked adequate arrangements to deal with emergencies. The absence of proper entry and exit routes and an effective emergency evacuation system, sealed windows, inadequate smoke ventilation, insufficient lighting and the lack of essential fire safety equipment severely hampered rescue efforts. The commission observed that the availability of safe evacuation routes and an effective emergency exit system could have helped reduce the loss of life.
The report has also examined the role of the Sindh Building Control Authority (SBCA). According to the commission, the SBCA was primarily responsible for ensuring compliance with construction and safety requirements under the Karachi Building and Town Planning Regulations 2002. However, it failed to maintain the building’s history and related records in accordance with the audit framework and did not ensure effective monitoring.
The commission also expressed concern over the lack of an effective mechanism for timely identification and rectification of violations of building safety standards. According to the report, building regulations should not be limited to granting permission for construction; safety requirements, including fire protection, emergency exits, electricity, lighting, water supply and access for rescue services, must also be continuously monitored throughout the operational life of a building.
The report has also raised questions over the performance of the Civil Defence Department. According to the commission, the department was responsible for conducting advance inspections of buildings, identifying safety deficiencies, ensuring implementation of fire safety audits and providing relevant training on safety measures. However, these responsibilities were not effectively fulfilled.
The commission further observed that the district administration failed to effectively utilise the fire audit mechanism. It also noted shortcomings in the supervision and performance of the Deputy Commissioner in relation to the enforcement of safety measures.
Deficiencies in the emergency response system further aggravated the situation during the tragedy. According to the report, the Karachi Metropolitan Corporation (KMC), through its Fire Brigade, had the primary responsibility to reach the site promptly and conduct an effective rescue operation. The Fire Brigade told the commission that adequate water supplies were available. However, evidence presented during the proceedings indicated that the water supply ran out while firefighting operations were underway, creating further difficulties and contributing to the escalation of casualties.
The commission also identified the shortage of essential firefighting and rescue equipment as a significant concern. Calls for help continued to come from people trapped inside the burning building, but the lack of adequate rescue equipment severely affected the effectiveness of the operation.
The report also questioned the performance of Rescue 1122, stating that the service was unable to discharge its responsibilities effectively due to inadequate equipment. The commission highlighted the issue in view of the substantial public funds allocated annually to the emergency rescue system.
According to the report, the Gul Plaza Managing Committee, which was present at the site in its administrative capacity, also failed to play an effective role in rescuing people trapped inside the building. However, the available draft of the commission’s report does not hold any specific individual directly responsible for the tragedy.
Overall, the commission concluded that the Gul Plaza tragedy exposed serious weaknesses in the enforcement and monitoring of building safety and fire protection regulations, as well as in the emergency response mechanism. The report characterised the incident as a failure of the existing provincial and municipal governance system, particularly in protecting the lives and property of citizens.
It is important to note that the available draft of the Judicial Commission’s report does not bear the signatures or official seal of any government officer or the commission. Therefore, its status and authenticity require separate official confirmation.