Sindh Real Estate News and Land Insights

Karachi : ReNews Pakistan
Karachi Mayor Barrister Murtaza Wahab has set September 30, 2026, as the deadline for completing development work on Tori Bangash Road, a major road infrastructure project estimated to cost around Rs 1 billion and aimed at improving connectivity across key western areas of the city.
The mayor issued the deadline while inspecting ongoing construction work on Tori Bangash Road, where officials from the Karachi Metropolitan Corporation’s Engineering Department briefed him on the project's progress and remaining work.
The road is being developed as an important alternative connection between District West, Orangi, Keamari and Hub River Road. Once completed, the route is expected to provide improved access for residents and commuters travelling between these areas.
According to the mayor, the project will make daily travel easier for thousands of people living in surrounding localities and strengthen road connectivity in a part of Karachi where growing traffic volumes have increased pressure on the existing transport network.
In addition to the road construction, a new stormwater drain is being developed alongside the route as a major component of the project.
The drainage work is expected to be completed within the next few days, after which the remaining road construction will be accelerated to meet the September 30 deadline.
The stormwater drain is intended to improve the disposal of rainwater and reduce drainage problems along the road during periods of heavy rainfall. Integrating drainage infrastructure with the road project is expected to help protect the newly developed carriageway from water accumulation and related deterioration.
Wahab directed the relevant KMC departments and project teams to ensure that both the road and drainage components are completed within the stipulated timeframe so that the route can be made fully available to residents without further delay.
The approximately Rs 1 billion investment reflects the scale of development work being undertaken on the corridor, including the road itself and associated municipal infrastructure.
Once operational, Tori Bangash Road is expected to serve as an alternative route for traffic moving between Orangi and other parts of District West towards Keamari and Hub River Road, potentially distributing traffic more efficiently across the surrounding road network.
The project is also significant because Hub River Road serves as an important transport corridor connecting Karachi with areas towards Hub and Balochistan. Improved feeder and alternative routes leading towards the corridor could therefore benefit both local and through traffic.
The mayor said KMC is currently undertaking development projects across different parts of Karachi and intends to complete a number of ongoing schemes during the current year.
He added that the municipal administration is focusing on improving roads, drainage systems and other basic urban facilities as part of its broader infrastructure development programme.
With the September 30 deadline now set, the Engineering Department and other relevant agencies have been directed to expedite the remaining work on Tori Bangash Road, particularly the stormwater drain and unfinished road sections, to ensure the project is completed and opened for public use within the announced timeframe.

Karachi | ReNews Pakistan
International Steels Limited has recommended the sale of its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited for Rs 350 million.
According to material information submitted to the Pakistan Stock Exchange on August 20, ISL’s board recommended selling 4.845 million ordinary shares in CECL at Rs 72.24 per share.
The proposed transaction has a total value of Rs350 million.
The sale is not yet final and will require approval from International Steels’ shareholders at the company’s 19th Annual General Meeting, scheduled for October 5, 2026.
The transaction will also remain subject to all necessary regulatory approvals. ISL said the formal notice for the Annual General Meeting would be issued in due course.
Chinoy Engineering & Construction was established in 2024 as an associate venture of International Industries Limited, Pakistan Cables Limited and International Steels to pursue opportunities in the construction and engineering sectors.
CECL operates in areas including design, construction, demolition and infrastructure development.
International Steels is among Pakistan’s major flat steel manufacturers and produces cold rolled, galvanized and colour coated steel products for industrial and commercial use.

Karachi | ReNews Pakistan
The State Bank of Pakistan has introduced a new housing finance framework after making wide-ranging changes to the sector’s prudential regulations, allowing eligible borrowers to obtain financing of up to 90% of a property’s value. The revised rules also permit housing loans of up to Rs5 million to be extended against a lien on the property, while Green Property Certificates will also be accepted.
The revised Prudential Regulations take immediate effect and replace several earlier circulars issued between 2019 and 2021. The new framework is aimed at improving public access to housing finance while strengthening risk management requirements for banks and development finance institutions.
Under the new rules, housing finance will no longer be limited to the purchase of completed houses or apartments. Financing may also be obtained for constructing a house on an owned plot, purchasing a plot for subsequent construction, extending or adding to an existing home, carrying out repairs and renovations, and installing renewable energy systems in residential properties.
The maximum tenure for housing finance has been set at 30 years, while financing for renewable energy systems may be provided for a maximum period of 10 years.
One of the most significant changes concerns the loan-to-value ratio. The SBP has set the maximum ratio at 90:10, meaning banks and financial institutions may finance up to 90% of a property’s value, subject to eligibility requirements and their own assessment processes. The borrower will be required to contribute the remaining amount.
At the same time, lenders will be required to assess the borrower’s repayment capacity. The monthly instalment on the proposed housing loan, together with payments on all other consumer loans, must not exceed 65% of the borrower’s net disposable income.
The new framework also seeks to improve access to housing finance for individuals whose income does not come from a regular salary or other traditionally documented sources. Banks and DFIs have been directed to use informal-income estimation models issued by the Pakistan Banks Association to assess the repayment capacity of such applicants.
Documentation requirements have also been eased for small and mid-sized housing loans. Housing finance of up to Rs5 million may be extended by creating a lien on the property. For this purpose, Green Property Certificates issued by the Punjab Land Records Authority, or equivalent certificates issued by relevant authorities in other provinces, will also be acceptable.
For housing finance exceeding Rs10 million, however, a formal property valuation will be mandatory. The valuation must be carried out by a valuer included on the Pakistan Banks Association’s approved panel.
Banks and DFIs will also be required to ensure comprehensive insurance or Takaful coverage for residential units financed under the scheme. Standardised financing documents prescribed by the Pakistan Banks Association will also have to be used.
The SBP has also formalised the process for digital housing finance. Digital signatures may be authenticated through a one-time password or another form of two-factor verification, paving the way for more of the application and documentation process to be completed online.
A four-tier classification system has also been introduced for troubled housing loans. Under the framework, loans will be placed in progressively higher-risk categories after 90 days, 180 days, one year and two years of non-payment, enabling lenders to take timely action against potential losses.
The regulations also clarify rules for rescheduling and restructuring housing loans. In normal circumstances, a loan may be rescheduled or restructured only once within a two-year period. The repayment tenure may be extended by up to five years where necessary, although the total loan period cannot exceed 30 years.
The SBP has further directed banks and DFIs to introduce simplified and standardised housing finance application forms for salaried individuals, formal business owners and applicants earning income through informal sources.
These forms will be made available in both Urdu and English, in paper as well as digital formats, with the aim of making the housing finance application process more accessible and consistent for borrowers across different income groups.