ISLAMABAD: Interactive digital mapping packs immense potential to transform Pakistan’s real estate sector by enhancing transparency, accessibility, and convenience.
Talking to WealthPK, Director General Ministry of Science and Technology Khan Muhammad Wazir said, “Pakistan’s real estate sector has immense potential for growth and development. It is one of the most promising sectors in the country, with a significant contribution to the GDP. However, the sector is facing several challenges, including lack of transparency and accessibility of information, which has hindered its growth.”
Wazir said the advent of digital mapping had revolutionized the way information was presented and accessed. With digital mapping, he said, the real estate sector in Pakistan was set to benefit significantly.
“I believe that interactive digital mapping will transform the real estate sector in Pakistan by enhancing transparency, accessibility, and convenience.”
He said, “One of the primary benefits is that it enhances transparency in the real estate sector. With interactive maps, potential buyers and investors can access information about the available properties, their locations, and prices.”
“This information is presented in a user-friendly format, allowing the users to compare different properties and make informed decisions. This increased transparency will also help curb fraudulent activities in the sector, thereby boosting investor confidence.”
“In addition to transparency, it also improves accessibility to information. Previously, the buyers and investors had to rely on the real estate agents and brokers for information on available properties,” he said.
“However, with digital mapping, the users can access information from the comfort of their homes. This accessibility will save potential buyers and investors’ time and money that they would have spent visiting multiple locations physically.”
“Moreover, interactive digital mapping also allows for more efficient use of resources. With digital maps, real estate developers can plan and design their projects more effectively. They can use the maps to analyze factors such as land topography, soil quality, and environmental concerns before starting their projects. This analysis can help them make informed decisions, reducing the likelihood of project failure and increasing efficiency in the sector,” Wazir added.
“As a result of this capability, the GIS system can provide the users with a deeper understanding of location data, identify patterns, establish relationships and assist them in making better decisions in planning for the future.
He said the banks and financial institutions in the developed world heavily relied on the mapping data for risk assessment and credit approvals. It is difficult to find proper documentation of land records in Pakistan’s real estate sector. Registries are still maintained using manual registers, which are prone to tampering and damage.”
“Since multiple parties may occasionally lay claim to the same piece of land, no system can resolve this conflict. Digital maps can therefore be useful in this situation by providing transparent information about the rightful owner.”
He suggested that the government and stakeholders in the real estate sector must invest in digital mapping technology to unlock the sector’s full potential.