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One other day, one other fraudulent housing society



Our readers would possibly really feel at this level that each week, come hell or excessive water, it doesn’t matter what else is occurring on this planet of Pakistani enterprise, economics, and finance there’s all the time a minimum of one story a couple of huge actual property challenge that could be a fraud. 

Belief us after we say that we’re a bit uninterested in it as nicely at this level. Notably as a result of it looks like all of those initiatives use the identical basic methods to defraud folks. This week, we’re bringing to you the case of the Grand Avenue Mission on Lahore’s major Ferozpur street. Many issues shall be acquainted – the overselling of information, the paying off of actual property brokers, the grabbing of land, and customarily shady actions. All of those methods of the commerce we level out almost each week advert nauseum. 

However what can we do as nicely? Each week there’s a new challenge getting as much as the identical outdated issues with some twist of their very own – that’s how prevalent actual property fraud is in Pakistan. It preys on folks with desires of investing or making a home of their very own at some point. And that, maybe, essentially the most sinister a part of this continuously repeated vicious cycle.

Growth extravaganza 

Between 2008 and 2010, when Mian Shehbaz Sharif returned to the Punjab Chief Minister’s workplace, regardless that his get together had misplaced the election on the middle, they have been in a superb place for the following 5 years. With democracy lastly returned, the PML-N would silently enable the PPP to blunder their approach by operating the federal authorities, declaring their international coverage mishaps and all different little issues they have been getting unsuitable. And whereas the PPP confronted the warmth, Shehbaz Sharif would go on a flashy glow-up challenge on Punjab – principally Lahore. 

Roads have been remade, overhead bridges have been constructed, and underpasses have been being constructed each different day. It was an infrastructural lollapalooza in Lahore and voters cherished it. Thus, it was a superb place to be. However what this additionally did was warmth up the actual property market in Punjab, and with none eye to regulating these privately led initiatives, it’s one thing Punjab continues to be affected by right this moment. Take Lahore’s Ferozepur Street for instance. 

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It was developed and Shehbaz Sharif had made plans to construct a variety of overhead bridges right here, and even earlier than it had occurred the actual property enterprise started to flourish. With the event of roads, there began the event of enterprise and building. A variety of housing schemes have been launched within the surrounding of Ferozepur street as a result of its significance and accessibility. You see, builders want to search out new, engaging areas to develop their actual property on. Typically, they should construct malls or restore street or make different central places to get folks to return in the direction of their initiatives. Nonetheless, as quickly as the federal government begins growing an space, it turns into engaging to potential actual property clients with out the actual property builders having to do a lot about it. They discover a good space to begin their new initiatives on utilizing the federal government’s dime – which is why when a street like Ferozpur is renovated, builders and builders swarm their like flies to fallen ice cream on a sizzling summer time day. 

Many famend builders received into the enterprise with the housing scheme. However the distinctive factor that’s widespread in all of the schemes on this street is that they’re present in corrupt fees, specifically deceiving common folks and looting their cash. There have been some larger builders and a few small builders concerned on this actual property enterprise. However regardless of their dimension and the quantity of pores and skin that they had within the recreation, all of them have been discovering modern and a few not so modern methods to fleece folks out of their cash –  all constructed on false hope and empty guarantees. 

Grand Avenue 

In 2012, when Ferozpur street was recent and had gone by its makeover, a developer named Riaz Chauhan began the Grand Avenue Housing Scheme. The Ferozepur Street space was a sensible choice for Chuhan for 2 causes. The primary one we’ve defined intimately above (the event of the street by the Punjab authorities). The second motive was simply the cherry on prime of the cake – apparently it is rather straightforward to seize authorities and agricultural land on this space. Patwaris of this space are extremely highly effective and so they do as they want with official data with little to no accountability. 

Now, these builders had additionally began one other challenge referred to as the Central Park Housing Scheme. Nonetheless, it was claimed that this [Grand Avenue Scheme] could be a mega housing challenge the place all of the housing services could be out there. That is the standard a part of how these tales go. Advertising and marketing was began even earlier than the challenge began and a superb fee was additionally supplied to all of the property sellers within the space. Historically, whereas the builders have been making an attempt to promote the challenge, giant property sellers within the space have been additionally promoting information of the scheme to folks in droves. Nonetheless, these information belonged to Block A and Block B of this challenge and people who received the information right here had additionally received plots. However the form of improvement claimed by the developer for the fantastic thing about the society was left incomplete. For instance, whenever you have a look at the Fundamental Boulevard from the doorway of this society, the plots together with it are empty and there’s nonetheless quite a lot of building to be carried out. Nonetheless, because the plot file was getting cheaper and folks have been getting possession of the plots, folks didn’t complain a lot concerning the stalled works from the builders. 

That is the place the methods utilized by Chauhan and Grand Avenue get a little bit totally different and a little bit extra fascinating. The builders had additionally improved their place out there by capturing the information of two blocks after which the plots and had additionally gained the belief of the folks. Throughout this time the success of the challenge was publicized by giant land portals and vloggers. The announcement was made as a result of the developer now meant to defraud the general public. Now, an fascinating and noteworthy factor right here was that this society was doing enterprise with out the approval of the Lahore Growth Authority (LDA) i.e. the society was unlawful. In the meantime, the developer made a robust assertion out there and stated that the society’s section one, which included the A and B blocks, didn’t fall throughout the limits of the LDA. Due to this fact, the developer obtained approval from the City Municipal Administration (TMA) Nishtar City. The developer had obtained approval from TMA for Grand Avenue society on land close to 62 kanals and 18 marlas. Now one other factor to think about is that the approval for the Grand Avenue Housing Society was obtained from the TMA, however this approval was for a small piece of land. It’s unattainable to kind a society on a land space of ​​62 kanals and 18 marlas.

Sources within the district administration even advised Revenue that previously, approval of any housing society, plaza, or home map from the TMA was not a troublesome process. “Fastened bribes are taken for each job within the TMA workplace and since then on a month-to-month foundation the sector workers of this workplace has been taking bribes and approving quite a few societies. As the placement of this society was Ferozepur Street to Kasur Street, the developer contacted TMA. If a little bit investigation is finished, then throughout the limits of Kasur, lots of the housing societies which have been given approval by TMA are both defrauding the folks or grabbing the land of the widespread man and promoting it illegally,” they stated.

Following the normal method, the administration of the Grand Avenue Housing scheme additionally launched residential and industrial plots of 5 marlas  10 marlas and of 1 kanal. The administration of the society set the charges of the plot information cheaper than the precise market value. The plots of 5 Marlas residential plots of Block A&B have been being offered from 2 million to 2.7 million at first whereas now the identical plot file is being offered from 1.5 million to three.9 million. The file of 10 Marlas residential plots of the identical blocks have been being offered from 3.5 million to 4.7 million at first whereas now the identical file is being offered from 4.1 million to five.8 million in open market. The worth tag for 1 kanal plot was set by administration at 6 million approx. Whereas now the identical plot is being supplied at 7 million approx. Because the matter of economic plot is anxious, the 4 Marla industrial plot was set to promote at 8-9 million by the administration of Grand Avenue Housing Scheme.

A senior LDA official knowledgeable Revenue that some land of the society have been probably not included within the LDA boundaries at the moment, however a lot of the world that was included within the society was throughout the LDA boundaries.

“In case you open a magnificence parlor inside your house and begin a enterprise, LDA and PRA (Punjab Income Authority) workers shall be at your door the very subsequent day. Not solely that, however the district administration, the police and the officers of unknown authorities departments try to close down your enterprise. Since you are doing this enterprise with out the approval of the related authorities. Now suppose for your self whether or not the officers of all of the establishments won’t attain such an enormous housing challenge. Completely, however these folks take bribes and stay silent and don’t take any motion,” stated the official. 

“The identical factor occurred with Grand Avenue. The challenge, which started in 2012, was declared unlawful by the LDA in 2015 and had offered land illegally in these three years. In these three years, even the highest officers slept soundly due to a superb amount of cash from the developer as a bribe was coming to them each month. To this present day, the society has not been capable of get approval from the LDA as a result of it has many technical flaws. Requests from the developer have been obtained by the LDA a number of instances, however its approval continues to be a thriller that has not but been resolved,” they lamented.

The official added that the federal government and the involved businesses ought to first establish the corrupt parts within the LDA in order to forestall fraud within the title of housing societies. “Have a look at the case of Ferozepur Metropolis by which two LDA workers members have been discovered responsible. I don’t know what number of instances by which the LDA workers is the principle offender. Folks spend their complete lives making an attempt to purchase their home and LDA workers enable fraudsters to loot such folks. No unlawful housing society can idiot the general public if well timed motion is taken,” he steered.

Technique of fraud 

The true recreation began after the society had offered the information of Block A and B and had additionally given possession of the plots to the folks. Though all these gross sales have been unlawful as a result of the society was not authorized by the LDA. Throughout this time all types of promoting instruments have been used to win the belief of the folks and it was now a lot simpler for the developer to defraud the general public.

The developer step by step started advertising and marketing the C block of Grand Avenue out there. The one drawback for the developer throughout this time was that the society was not authorized by the LDA. Chauhan employed a lot of property sellers from the market who may fulfill the folks to purchase information regardless of there being no LDA approval. One factor is evident, the position of the property seller has all the time been vital in each actual property fraud and the seller is as responsible because the developer.

An affectee of Grand Avenue official advised Revenue {that a} good friend of his had not solely acquired a plot within the B block of the society, however his home was additionally below building there. “I received some cash from my inherited property and I used to be making an attempt to purchase a home for my household. In the meantime, my good friend launched me to a property seller named Arshad, and he was additionally claiming offers to purchase and promote plots and homes of most housing societies on Ferozepur Street. Arshad insisted that I also needs to purchase a plot in Grand Avenue as a result of the stated society has introduced its C block and the information of this block are additionally being offered out there. The satisfying factor for me was that society was effective and in spite of everything, my good friend can be constructing a home there, so what’s unsuitable with me shopping for a plot right here?” he defined. 

“I consulted my brother about this and he suggested me to see if the society is authorized by LDA. Once I checked a little bit, I discovered that the society isn’t authorized by the LDA. I requested the property seller [Arshad] if the society is prohibited then would it not be proper to speculate right here. The seller reassured me that the society didn’t fall below the purview of the LDA and the officers of LDA are blackmailing builders just for their bribes. The seller stated that this society is throughout the limits of TMA Nishtar City and can be authorized from there. He (the seller) even advised me that he’s prepared to offer any form of assure. It was my stupidity that I purchased the C-block file and later discovered that there was nothing there,” he knowledgeable.

That is the way it goes for therefore many individuals that find yourself spending their life financial savings or their inheritance on a totally fraudulent challenge. The developer had offered solely plot information to naive folks regardless that he had no land for them. When folks began demanding plots, quarrels began. Every single day, the victims started to encompass Chauhan’s workplace and Chauhan stored on avoiding the folks along with his crafty however when nothing was carried out, he began threatening the folks. Folks had nothing however information and so they had sunk their cash.

The developer had skillfully defrauded the folks and the poor folks have been knowingly hoping that their sunken cash is likely to be recovered. This follow of actual property builders is nothing new, however it’s astonishing why the general public is so deceived.

Fraudsters get NABd 

Revenue additionally contacted a Nationwide Accountability Bureau’s (NAB) spokesman since NAB had arrested the builders at one level. Nonetheless, the spokesperson knowledgeable that in 2016, the administration of Vesta Builders launched a mega housing challenge named Grand Avenue Housing Scheme and began reserving plots.The spokesperson added that the developer lured most of the people to purchase plots on installments however possession of the plots had not been given to the affectees.

“Accused individuals, the proprietor of the challenge together with the opposite concerned market sellers had cheated a variety of public at giant by accumulating big quantities from them. In pursuant to the a number of complaints pertaining to the offence of dishonest common public at giant, an inquiry was approved by NAB Lahore towards house owners and builders of Grand Avenue Housing Scheme, Lahore & others dated sixth of January 2020. Fast after scrutinizing of knowledge collected in bulk, the NAB staff investigating this rip-off requested their high-ups for upgrading stated inquiry into investigation degree towards house owners and builders of Grand Avenue Housing Scheme as quickly as realizing the magnitude of the matter the Director Normal (DG) NAB Lahore Shehzad Saleem, subsequently approved to improve it in September 2020. That the proprietor of the Grand Avenue Housing Scheme received sanction of the land subdivision referred to as Grand Avenue measuring merely 62 kanals and 18 marlas positioned at Mouza Jhulkey of Ferozepur Street from City Municipal Administration Nishtar City, Lahore and prolonged their housing scheme illegally as much as 4000 kanals with none approval and in sheer violation of legal guidelines intact,” the spokesperson knowledgeable.

They added that as per LDA, an utility floated on seventeenth august 2016 by the society administration was obtained in LDA looking for preliminary planning permission of Grand Avenue Housing Scheme comprising an space measuring 5300 kanals land falling in Mouza Jhulkey and Shaahzada, Ferozpur Street, Lahore.

“Amazingly, the administration of society forwarded one other utility dated March 26, 2018 to LDA about revision of the world for preliminary planning permission by decreasing it from 5300 kanal to 2022 kanal. Afterwards one other request was forwarded for incorporation of further space of 1978 kanals. In the course of the course of Investigation, it was unearthed that the accused individuals had offered 2818 information of Blocks A&B and 2582 information / plots of Block C, which full land required for offered out Block C of Grand Avenue Society was not out there with them. Going deep into the case it was additional established that the accused proprietor and builders have been discovered deeply concerned within the fee of offence with malafidely and ulterior motives of grabbing public cash,” he knowledgeable including that into the discount, it was additionally revealed that the prime accused even didn’t spare his co accused individuals within the sale of information/plots.

“As per file confiscated from society, it had supplied possession in Block-A and Block-B, nonetheless possession was not given to the members of Block-C and Society admin had been lingering on the matter of handing over precise possession to the general public. Thus far, NAB Lahore has obtained 1434 complaints of the affectees towards the administration of Grand Avenue Housing Scheme alleging therein that that they had been proven smoke screens and vehemently cheated by the house owners of the stated scheme on the pretext of promoting plots in society. Even after the lapse of appreciable time, neither possession of the plots was given to them nor was society authorized by LDA. Equally, there was no improvement work in Block-C of the society, whereas, improvement work of Block A & B remained incomplete, until time,” he added.

The spokesperson knowledgeable that through the course of topic investigation proceedings the proprietor accused Riaz Ahmad Chuhan together with land sellers particularly accused Majid Nazir, accused Ashfaq Ahmad, accused Muhammad Irshad and accused Muhammad Yousaf have been arrested by NAB.

“They consequently supplied to return the crime proceeds / functions together with affidavits. DG NAB Lahore after thorough deliberation, beneficial the plea discount presents of the accused Chohan value RS 2,207.457 Million, accused Majid Nazir value RS 12.1 Million, accused Ashfaq Ahmad woth RS 7.5 Million, accused Muhammad Irshad value RS 22.7 Million and accused Muhammad Yousaf value RS 11.7 million and the identical have been verified by Chairman NAB, Justice Javed qbal and subsequently authorized by the Accountability Courtroom, Lahore. Whole decided Legal responsibility was RS 2,261,751,458. First installment of stated legal responsibility has been disbursed on twelfth August 2021 amongst 1431 affectees amounting to RS730 million. This was a case by which not solely the developer but in addition the property sellers have been arrested. Nonetheless, a second installment for affectees is deliberate for late September or early October.”

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Personal Finance

Tarin urges PVMA to slash home edible oil costs



Islamabad: Federal Minister for Finance and Income, Shaukat Tarin, on Monday urged Pakistan Vanaspati Producers Affiliation (PVMA) to convey down costs within the home market in keeping with the worldwide value development.

This was mentioned throughout a gathering with a delegation of PVMA. Federal Minister for Industries and Manufacturing Makhdoom Khusro Bakhtiar, Particular Assistant to Prime Minister (SAPM) on Finance and Income Dr Waqar Masood, Secretary M/o Industries and Manufacturing, FBR chairman and different senior officers participated within the assembly.

Whereas welcoming the PVMA chairman, the finance minister expressed his concern over the rise within the costs of edible oil and ghee in home markets over the time period.

The PVMA chairman briefed the finance minister concerning the worldwide hike in costs of palm and soybean oils, significantly through the ongoing Covid-19 pandemic. The worldwide costs saved fluctuating between the vary of $1100 – 1257 per tonne and the home market drove charges from the prevailing worldwide costs and the greenback worth.

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“The change price additionally has a big impression on edible oil costs within the nation,” he added.

Whereas taking inventory of the scenario, the finance minister urged PVMA to undertake market-based options and produce down costs within the home market in keeping with the worldwide value development. If there’s a slight dip within the worldwide market, it should be mirrored within the home costs in order that the shoppers get reduction amid the extremely fluctuating edible oil market.

The finance minister burdened the necessity to consider the entire scenario rationally and urged PVMA to give you a sustainable pricing mechanism in collaboration with the Ministry of Industries & Manufacturing and FBR.

Tarin directed FBR chairman to guarantee expeditious disbursement of refunds to the importers of vegetable ghee/oil to make sure the provision of funds. Furthermore, he constituted a committee comprising representatives of PVMA, Secretary M/o Industries and Manufacturing and FBR chairman to work out an association for streamlining the gathering of gross sales tax and a predictable pricing formulation.

The PVMA chairman assured full cooperation in offering most reduction to the home shoppers by absorbing worldwide strain on costs within the edible oil sector.


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Personal Finance

HBL, DIBPL be part of palms to turn into lead advisors, arrangers for Eighteen



Karachi: HBL and Dubai Islamic Financial institution Pakistan Restricted (DIBPL) joined palms as mandated lead advisors and arrangers for Eighteen (Elite Estates Pvt. Restricted), a luxurious housing improvement positioned within the twin cities of Islamabad and Rawalpindi.

The initiative is likely one of the largest syndicated finance initiatives in the true property sector with a funding of Rs7.5 billion by a banking consortium in Pakistan. HBL and DIBPL are additionally performing as agent and funding agent respectively. Different members of the consortium embody Financial institution Alfalah, Financial institution of Punjab, Habib Metro Financial institution, Industrial and Business Financial institution of China and Soneri Financial institution.

The agreements had been signed by senior members of the consortium together with HBL Company Head North Uzair Naveed Rabbani, Eighteen Chief Monetary Officer (CFO) Aymen Ismail and DIBPL Chief Government Officer (CEO) Junaid Ahmed. HBL President and CEO Muhammad Aurangzeb was additionally current on the ceremony.

This four-year partnership will facilitate within the improvement of Eighteen, an unique joint actual property enterprise of Egypt-based Ora Builders, Saif Group and Kohistan Builders & Builders (KBD) of Pakistan. Positioned simply 10 minutes from the New Islamabad Worldwide Airport, the grand mission occupies a focal place within the twin cities. With an purpose to attach sophistication with comfort, Eighteen turns your dream of a lavish way of life into actuality.

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Eighteen CEO Tarek Hamdy mentioned, “We’re grateful to the taking part banks, particularly the lead arrangers HBL and Dubai Islamic Financial institution, for efficiently structuring and shutting this landmark transaction. We imagine that it’ll open new avenues of funding for actual property builders and assist in attracting extra overseas funding on this sector. We’re additionally grateful to the Authorities of Pakistan and the State Financial institution of Pakistan for serving to create a conducive setting that has actually helped the true property builders like Eighteen to entry the native banking marketplace for their funding wants. We stay dedicated to delivering excessive class premium residing, first of its form in Pakistan.”

Commenting on the partnership, HBL President and CEO Muhammad Aurangzeb, mentioned, “The actual property trade in Pakistan has numerous potential and has seen vital development over the current years. HBL is dedicated to growing the true property sector of the nation by advising the federal government regulators and coverage makers and aiding in bringing collectively a structured framework to enhance the event of this trade. According to the financial institution’s technique to extend its footprint within the developer financing house, HBL because the lead advisor and arranger for Eighteen will assist facilitate channeling of each native and worldwide investments in Pakistan.”

DIBPL CEO Junaid Ahmed mentioned, “We take pleasure in a powerful relationship with Eighteen which dates again to 2018 after we had solely organized a syndicated mission finance facility for the primary section of the mission. With this transaction, we now have additional prolonged our belief and dedication to the mission. Our mum or dad, Dubai Islamic Financial institution PJSC has performed a pivotal position in the true property improvement of UAE. In Pakistan, we’re enjoying our half in serving to unlock the true potential of actual property improvement which can be in keeping with the imaginative and prescient of the present authorities.”

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Personal Finance

What’s going with Naya Nazimabad?



Shopping for a home isn’t any small matter, for any particular person. One thinks about worth, location, match, distance from work, wants of the household – the checklist goes on. However one factor that must be paramount in all that is that the home – the bodily constructing itself – has some worth, some longevity. That it isn’t going to break down or flood or a myriad different worst case eventualities. 

Sadly, within the nation’s largest metropolis, these are respectable questions to fret about. And nothing kills client confidence like just a few freak accidents right here or there. Such is the case of Naya Nazimabad, which was meant to be a stellar new housing mission, grew to become entangled within the horrifics monsoon rains that flooded town in 2020. And evidently that has had an affect on gross sales and so forth. In the latest annual report launched to the Pakistan Inventory Change (PSX), Javedan Company, the corporate that owns Naya Nazomabad, recorded its lowest consolidated income determine since 2013 – when the corporate previously kickstarted – and its second lowest consolidated internet earnings. 

What occurred? To know, it helps to have context. Naya Nazimabad was meant to echo the unique Nazimabad, a center class suburban neighbourhood in Karachi established in 1952. As they housed principally refugees and immigrants from India, these neighbourhoods got here to embody the promise of ‘Pakistan’ – prosperity for the center class. To today, they command among the highest per-square-foot costs in Pakistan actual property.

Now, Arif Habib Group, the conglomerate began in 1970, owns majority shares in Javedan Company, which was integrated in 1961 and began off as a cement manufacturing unit. Javedan owns round 1,300 acres of land at Manghopir, close to SITE in Karachi. The realm used to deal with Javedan’s cement plant, dilapidated by years of neglect, which within the final decade was transformed in 2012 to a housing mission, or Naya Nazimabad. 

As a mission, Naya Nazimabad was conceived to “accommodate the housing demand of the center earnings group and to offer a top quality way of life for the progressive center class,” in keeping with its web site. The land is split up into eight blocks (A, B, C, D, Ok, L, M, N), with every block designed to have its personal industrial space, mosque, and park. The homes are divided up into 120, 160, 240 and 400 sq. yards residential plots. As soon as absolutely made, the mission may have as much as 30,000 properties, accommodating a inhabitants of over 100,000 folks.

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Initially, the corporate recorded a constant loss between 2009 to 2012, the previous couple of years it was nonetheless a cement manufacturing unit, earlier than recording a revenue yearly since then (after having transformed to an actual property developer), hovering across the Rs800 million mark. In 2017, it recorded its highest revenue, at Rs990 million. Equally, income streams additionally appeared good, specifically in 2017 and 2018, the place the corporate introduced in income larger than Rs2 billion.

After which, in 2019 and 2020, the slippery slope started. The corporate’s revenue after tax greater than halved, from Rs580 million within the yr ending June 2019, to Rs209 million in fiscal yr 2020. That’s the lowest revenue after tax because the firm started. Most of it is because of income from contracts reducing, from Rs1,899 million in 2019, to Rs 1,678 million in 2020. And issues simply received worse in 2021, with income falling to Rs1,117 million, and revenue after tax standing at Rs262 million (the distinction between the 2 revenue figures for 2020 and 2021 is solely completely different taxation charges). 

By means of rationalization the corporate’s official standpoint was: “The monetary efficiency for the yr declined as in comparison with the corresponding interval on account of no new developments being launched in the course of the interval. Going ahead, the administration expects gross sales and profitability to enhance as many new initiatives are set to be launched available in the market.” As well as, the corporate administrative bills for the interval grew by 9% to Rs420 million. 

Why is income falling? Effectively it could have one thing to do with the unfavorable press not simply of the rains, but in addition the very fact that there have been a number of petitions to cancel Naya Nazimabad altogether. The Deputy Commissioner (DC) Manghopir District West Karachi despatched two letters in December 2019 and January 2020 to Director Common (DG) Sindh Constructing Management Authority to scrap the mission totally. Javedan then needed to file a petition within the Sindh Excessive Courtroom in February 2020. Lastly in April 2021, the DC withdrew his earlier letters. This was famous by the courtroom in September 2021. 

When not arguing for the existence of the mission within the first place, the corporate can be attempting to verify the errors of 2020 don’t occur once more. To that finish, it has emphasised the event of an exterior storm water drain earlier than the monsoon season. The exterior drain measuring 7700 ft has been laid from Haji Fazal City, whereas  bund has been constructed between block B, C, D to manage circulation of stormwater. Whereas a technical guide has been employed, there’s little else data offered. Not that’s stopping the corporate from constructing extra: it simply obtained a mortgage of Rs1 billion at a 0% markup from HBL to create the Naya Nazimabad Hospital. However will folks transfer there to start with? 


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