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INVESTMENT IN REAL ESTATE TODAY,
Rafi Group is one of the most distinguished names in real estate development. A pioneer and trendsetter, it has given Lahore some splendid buildings, which have lent grace and beauty to the city. Imtiaz Rafi Butt, the Chairman of Rafi Group, is a man with rich professional experience, innovative outlook and a passion for excellence. He is the Honorary Consul for Malaysia in Lahore and Chairman of the Jinnah-Rafi Foundation. In an interview with the writer, Imtiaz Rafi Butt spoke about the Rafi Group, the post 9/11 trends in real estate business and the Defence Shopping Mall, his pet project nearing completion.
I established the Rafi Group in 1978. Since then real estate business has seen many ups and downs. It was, in fact, at its peak in the eighties. This was chiefly because of the United States’ war against the Soviet Union, which was being fought in Afghanistan by the Jihadis and Pakistan fully supporting it. American money was being liberally poured into Pakistan and the remittances sent home by expatriate Pakistanis. Houses, shops and offices were quickly snapped up. It was a time when, compared to other enterprises, real estate was paying the highest dividends. But then in the late eighties there came the huge cooperative scandal. This gave a great blow to real estate business. Billions of rupees got blocked. It shook the confidence of the people who turned away from this sector. Secondly, banks started offering higher rates of interest on deposits. Moreover, the constant steep rise in the value of the dollar also induced people to convert their rupees into dollar and place them in banks. Consequently, real estate business came to a standstill. The exodus of Pakistanis to other countries and the erratic policies of the Nawaz government and the resulting uncertainty also took their toll. When, thereafter, General Pervez Musharraf assumed power, the first step that he took was to set up the NAB to eliminate corruption. At the same time, he announced the imposition of sales
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