The recession has hit the Pakistani Economy quite hard and a majority of housing schemes have had investors pull out as the real estate bubble implodes in light of recent tax reforms. However, despite this recession Park Avenue Housing Society is still going strong. One of the key reasons for this is that a major chunk of buyers in PAHS is comprised of individuals and families who are genuine end-users i.e. they are looking to build homes and or commercial centers of business as opposed to making short term gains from market fluctuations in price. The remaining segment of buyers who are there purely for investment purposes also views it as a long term investment, hence any capital gains incurred in PAHS reflect genuine market value.
Secondly, as PAHS is a developing society rapidly hitting developmental benchmarks it is seeing organic growth in its market value as opposed to artificial growth brought about by short term trading. BTN Marketing Consultants along with the full support of PAHS management have managed to achieve this by both; controlling and regulating the flow and engagement of specific dealerships, who maintain a high standard of business practices and by implementing careful marketing and sales strategies to ensure that the best of the client market invest in PAHS.
The recession is also affecting housing projects with no developmental work as it is the responsibility of the sponsor to execute the development of the society in the time mentioned by monitoring bodies after getting the approval of the LDA. If the developer fails to complete the development of the society within the given time then he is obligated to pay Rs.10, 000 per Kanal every year as per the by-laws of the LDA.