Real estate market has proven to be the backbone of developed countries economy, more importantly hundreds of industries are depending upon it. However, it has to be evolved in Pakistan to uphill its economy. In Pakistan real estate has its share of only 2% in GDP, with the second largest industries for employers after agriculture.
According to a survey, Pakistan spends about 5 billion dollars on construction every year. In recent years, the city has witnessed the development of numerous real estate projects in different parts, mostly suburbs, causing its realty sector to expand at an unbelievable scale.
There are number of people out there making millions of money in the property business, however property business will only be successful if you show your utmost interest in the market trends that is, being up to date with latest properties and ultimately investing and fetching profit that might run along short term or long term pathways.
Real estate investors make money through rental income and by the business activities occurring in the place and much of it becomes a source of passive income. Given the lucrative benefits and return on investments on property and real estate, many developers have earned a fortune out of this industry.
Here is a list of the top 5 millionaires in property business which have earned money and fame out of this industry are providing housing facility to many;
1. ASIF ALI ZARDARI:
On the top of the list is Asif Ali Zardari, chairman of Pakistan Peoples Party founded by his father in law, having a total worth of $1.8 billion. He was born on 26 July, 1955 and is the only son of Hakim Ali Zardari who was a politician too. He was also elected as the 11th President of Pakistan from 2008 to 2013 and is the first President who completed his constitutional tenure.
Zardari is a politician and a real estate business man, having many properties all over Pakistan, whose lion’s share is in Nawab shah. Some of his properties are mentioned in the next few lines.
He has two properties in Clifton worth of 11.15 million rupees and a 2 thousand square yards in Defense housing authority, likewise a house worth of 22.56 million rupees in Nawab shah.
His properties in Islamabad include two one-kanal residential plots in D12 AND G14, a two- kanal residential plot in Bahria enclave and two apartments valued at 79.76 million rupees. Additionally, he also has properties in Larkana, Tando Allahyar, Peshawar, Swat.
His properties are not only confined to Pakistan but extended over multiple foreign countries. Besides, Zardari has also inherited 5 properties from his martyred wife Benazir Bhutto (former Prime Minister of Pakistan).
His assets, investments helped him make it to the top of the list of Richest real estate millionaires. Being this rich he has everything that a rich man would desire, from expensive bulletproof cars, horses and cattle to the arms and ammunition.
2. MALIK RIAZ:
Malik Riaz Hussain, a Pakistani business tycoon who is the founder of Bahria town, largest privately held real estate development company in Asia.
He was born on 8 February, 1954.He belonged to a lower middle-class family but he made his way up and now has a fortune of around 1.2 billion dollars and became the 2nd richest real estate millionaire of Pakistan.
He started off his career as a clerk in 1980s and then climbed up the tree as a contractor. In 1995, Riaz construction company Hussain global signed an agreement with Pakistan Navy’s charitable trust known as Bahria foundation to establish a gated community acknowledged by Bahria city and then in the upcoming decade (in 2000s), the entire share holding was transferred to Malik Riaz.
The first gated community was developed in Islamabad but with all the dedication and hard work, he remarkably expanded his real estate company giving off branches to Karachi and Lahore as well, setting out a total land of 45 thousand square acres.
This real estate company is among one of the largest private sector employers, having a total of around 75 thousand employees, thus providing jobs to an immense number of people.
Malik Riaz has always been the hallmark of many controversies and allegations, which specifically point to the bribe he offers to get his work done. Nevertheless, he is known for his charities and things he does for the welfare of mankind.
3. Sadruddin Hashwani:
Hashwani, born on 19th February, 1940, is founder and chairman of Hashoo group, founded in 1960. Hashoo group is a global company, comprising of more than 20 independent businesses. This led him to become the third richest real estate millionaire, having a total worth of $1.1 billion.
He began his career as a trader with his brother and within a decade he was known to be the biggest trader of cotton in Pakistan.
Hashwani has infiltrated his roots in hospitality industry, owning famous five-star hotels namely, Marriott hotel and Pearl Continental hotel. They came into existence as follows:
- He launched Holiday inn hotel in Karachi and Islamabad, both of them were converted into Marriot brand in 1990s.
- In 1995, he successfully bid for majority shares in Pakistan Service Limited, which then owned four intercontinental hotels all across Pakistan and rebranded as Pearl Continental hotels.
Hashwani is world’s leading figure in hospitality industry and has received many awards. He has become the first business man to receive Tamgha-e-Imtiaz which is considered to be the top civilian award given to any civilian to acknowledge their achievements and services for the country.
4. Nasir Schon:
Syed Nasir Hussain Schon, a well-known business man, owner and Chief Executive of Schon group, founded in 1971. He was born on 28th November 1957. He is son of captain Ather Hussain Schon, an ex-pilot of PIA.
Nasir Schon has a net worth of $1 billion, ranked at number fourth in the list of Richest real estate millionaire.
Nasir started his real estate business in Singapore, afterwards it was run in Pakistan. His dedication and devotion paved his way to the sky and the success of his company was at its peak in 1995, but due to political crises in Pakistan he had to shift his business to UAE. The company was a big success when it launched UAE real estate projects and for that he received many appreciation awards including CNBC Arabian Property Award and Bestway Office Design Award.
Nasir Schon is among the first few people to own a luxurious car, Rolls Royce which is a testament of his love for cars.
5. Mr. Rafiq M. Habib:
Finally, ranked 5th in the list of richest real estate millionaire is Rafiq.M.Habib, with a net worth of $0.95 billion.
He is running the House of Habib which is conglomerate company based in Karachi, Pakistan, founded by Habib Esmail in 1841.
House of Habib owns the following companies
· Indus Motors Company
· Thal Limited
· Shabbir Tiles
· Habib insurance company
· Habib Metropolitan Bank subsidiary of Habib Bank AG Zurich
· Habib Public School and Habib University etc.
Mr. Rafiq has breadth of experience in managing and building successful businesses, especially in the insurance and banking industries. He has also received multiple awards for his leadership and for his innovative approach to solving industry problems.
Besides everything, he is also a trustee of multiple welfare projects linking education, healthcare etc.
Thus, real estate is actually a lucrative and profitable sector producing many millionaires and is possibly a way to touch the sky and becoming the wealthiest person in the society while helping the state to grow. For more updates, follow LandTrack.pk.