The construction industry has been on a boom since 2005 when the government announced favorable policies to boost the real estate sector. More recently, the government of PTI showed their proper support to diminish the housing crisis in Pakistan.
So, if you also want to be a part of the construction industry and want to earn higher returns, you must continue reading this blog. In this article, we will explain to you the construction industry in Pakistan, how it works, and the essentials to consider while stepping into this profitable business. So, let’s start!
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The construction industry in Pakistan
In 2021, the construction industry constituted 2.53% of Pakistan’s Gross Domestic Product (GDP), with 7.61% of the total labor employed in this sector. Since then, it has been continuously in an upward trend without indication of slowing down.
The construction industry consists of different types of projects. For example, residential projects, commercial building, and mixed-use buildings. The construction sector has gained momentum, and every government is introducing new reforms and regulations to help grow this sector and boost the economy.
On the other hand, the government’s favorable policies have encouraged overseas Pakistanis to invest their money in this sector to increase the foreign exchange reserves. Let’s learn how to construction industry works in Pakistan!
Plan a Construction Project
The construction project planning begins when a property developer, government organization, business person, or an individual hires a consultant. The consultant provides the services in the plan and design of the construction project.
A contractor can itself embark on construction projects to sell out later to earn handsome profits.
The primary step of initiating a construction project is planning the construction project. You need to select the project’s location as the location is at the heart of the construction project. For example, if you develop a housing society away from a place where necessities of life are hard to find, you cannot succeed in this business.
Secondly, decide on projects like residential, commercial, mixed-use, or apartments. The location and the project type together will determine your construction project. Next, plan on the ultra-modern amenities available in that location, and your construction will accompany you to increase the chances of success of your real estate project.
Lastly, you can plan on the developers and construction contractors you will hire and determine whether you will rent out the project or want to sell the project.
Design a Construction Project
After the project’s planning, the work on the design of the construction project begins. The design is crucial for the real estate venture as it must meet the ultra-modern requirements. The design of the architecture and amenities must meet the exceptional construction standards with precision.
A perfect blend of modernity and functionality can only ensure the success of your business. To design a remarkable construction, you can hire the services of a design consultancy. The qualified engineers, architects, and interior designers will make your project more alluring for the clients and the investors alike.
Responsibilities of a Consultant
A consultant in property projects might help you complete the project within a given timeframe. On the other hand, he is responsible for the architectural design and hiring the contractors and subcontractors. The expert and experienced consultancy firms make complete technical analyses of the complete projects and give insights into the risk factors associated with the projects.
Project management, administration, Inspection, and advising on the project’s development. On the other hand, the role and responsibilities of consultants can be performed by the project managers, architects, and service engineers. Or the consultant may be an independent person or firm that provides consultancy services for construction projects.
Moreover, the consultants help estimate the total project and provide a holistic guide on lowering the project cost as they have sound market knowledge. They can complete the project within a record time and at the minimum cost.
Construction of the Project
After the planning and designing phase of the property development, the construction begins by hiring contractors and subcontractors. They start working on the architectural development and design of the building.
The constructors are responsible for the overview of the on-site construction projects. They ensure the safety of the labor, equipment, and the building during the project’s building. On the other hand, they ensure the work progresses without any damage or waste of resources. The timely completion of the project is also a part of their duties. The management of materials, equipment, construction machinery, and labor for constructing the buildings are the primary responsibilities of the contractors.
Finally, the project owners can start selling or making contracts with their clients and earn a high return on their investments. You can sell different apartments, shops, and houses to different clients or rent them out.
Many mega projects have been recently launched, like AAA Octa, by the largest property developers in the mesmerizing capital of Pakistan. Launching the remarkable real estate projects in the heart of Bahria town Rawalpindi, AAAA Associates has transformed the real estate fads and construction industry in Islamabad. Now, they are making headway in other megacities of Pakistan.
Are you looking for the best property developers in Pakistan? Look no further as AAA Associates is undoubtedly the first choice in property development. Reach out to us and start a project with us!