Why Commercial Projects in Pakistan are Delayed?

Feb 26, 2022 by Naukhez Arshad Qadir

With time, we have seen an increase in construction of commercial projects in Pakistan and many other countries worldwide. With time the industry has been revolutionized, and so have consumer needs and demands.
The materialistic needs of mankind have been completely changed with advancements in technology, and trends are changing. Now people are attracted to the residential facilities where they can be available nearby.

Therefore, the trend to live in vertical buildings is increasing. Commercial vertical buildings are multi-storey constructions where one can live, work and go shopping less than one roof. Vertical buildings present a beautiful blend of commercial and residential facilities and amenities.

The increase in construction of commercial buildings in Pakistan has increased for all good reasons. But still, people think twice before investing in commercial projects in-country. There are numerous reasons, for instance; people need some authenticity and reliability before investing in real estate, and unfortunately, there are very few projects which provide that kind of guarantee.

Let’s have a closer look at the reasons for slow construction in real estate:


Delay in approval of construction plans:


The development and progress of the real estate industry in Pakistan is remarkable. There are only a few examples where the property industry has made fast progress. Investment in foreign currency and gold has been ended since real estate has emerged as a lucrative opportunity for investors.

Undoubtedly, the property industry provides a versatile opportunity to investors. Now you can invest with an affordable amount in the real estate sector and generate revenue in the long-term and short term. Investment in the property industry means investment in a safe and secure future without the risk of losing your hard-earned money.

Therefore, we have seen an evident increase in investment in housing societies. No matter the housing society is a mega project spread over acres of the land or an average size of 500 to 1500 Kanals, commercial projects are everywhere to be seen.

The delay in completion of buildings is a bitter reality of mega commercial projects in Pakistan. One of the significant reasons is unnecessary delay in the approval of development plans and map of the project—the halt results from unprofessional ways of working of the relevant approving bodies and laziness of the staff.

That is why constructors or builders often announce the project completion date, but due to approval of the master plan, the project’s launching faces delay. Therefore, the investors often lose their confidence in investment in commercial projects. Investors think twice before buying an office or shop in mega commercial projects.


Lack of human resources:


Human resources are the first thing required for the completion of any project. Usually, it has been observed that the team of constructors and developers decreases after a few weeks. The laborers are always looking for better opportunities and more daily wages, and once they find it, they quickly move to that place. The constructor has to rebuild the team and search for competent laborers for the project in the entire process. Therefore, the whole process slows down the project’s construction, facing delays in completion.


Economic destabilization and rapid increase of construction material cost:


Economic destabilization, inflation and rapid increase of construction material cost are the primary reason for the delay in construction of commercial projects in the country. It often happens that the initial estimate for the cost for construction is proven wrong after the constant increase in prices.

With a rapid increase in construction material cost, contractors are forced to leave the work until resources are arranged to provide them accordingly. Hence, the project’s construction is delayed for an extended period.


Delay in clearing dues of constructors and developers:


It has been observed that the project owner does not clear the dues of contractors on time. Therefore, the constructors often stop working on the project. Sometimes, the constructers quit working on the project due to constant delays in the payments, and the project faces a halt for a long.


Incompetent Contractors and project team:


Usually, new developers and owners of commercial projects try to save money while constructing projects. For this reason, they often hire a project team and team of contractors who are not competent to do such a massive project. As a result, the project is often delayed and work stops from time to time. As a result, the project is not completed on time.


Inaccurate project completion time:


Inaccurate project completion time is attached to the incompetent project team. When your team is not reliable and qualified enough to do the project, there are chances they will not provide the accurate completion time or cost of the project. A reliable construction company offers the estimate with their skills and forecasted future fluctuations. On the other hand, an incompetent person does not cover the overall factors, and a wrong or inaccurate schedule is presented.


Let’s conclude:


It is a need of time to bring changes in the construction process of buildings. Commercial projects can be a significant reason to generate revenue for the country. Therefore, reforms in relevant bodies and better facilities for contractors can help avoid such an irresponsible halt in the development.

So that’s all for now! Reasons for delay in construction of commercial projects are a vast topic, and here we have compiled a few of the significant points. We hope that it provides a better picture of the industry. You can always find safe investment options in the listing of Reall.Pk.

Feel free to share your feedback and queries at info@reall.pk. For the latest news and information on real estate, please stay tuned to our blog page. Keep Reading stay Informed!
 
 

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