Sindh Real Estate News and Land Insights

Karachi | ReNews Pakistan
Bank Makramah Limited has completed the sale of Cullinan Tower, formerly known as Summit Tower, in Clifton, Karachi, for a total consideration of Rs 12 billion.
The bank disclosed the completion of the transaction as material information to the Pakistan Stock Exchange on September 2, 2026. The transaction was initially announced on August 1, 2025, and has now been finalized following receipt of the full sale consideration.
The property is located at Plot No. G 2, Block 2, Scheme 5, Clifton, Karachi. The receipt of the full Rs12 billion consideration marks the completion of the significant corporate real estate transaction.
Bank Makramah has indicated that the proceeds from the sale will contribute to strengthening its financial position, making the transaction notable not only for its scale but also for its potential impact on the bank’s capital and asset management strategy.
The Rs 12 billion transaction represents a substantial disposal of corporate real estate in Karachi’s prime Clifton market. Large transactions of this nature can provide an indication of activity, liquidity and capital deployment in the commercial property sector.
However, the Rs 12 billion consideration relates specifically to this transaction and should not be treated as a universal valuation benchmark for other properties in Clifton or Karachi. Property values can vary significantly depending on location, size, construction quality, permitted use, occupancy and other market factors.
The transaction also highlights how financial institutions can use the disposal of significant real estate assets as part of a broader balance sheet and capital management strategies, particularly when proceeds are directed towards strengthening the institution’s financial position.

Karachi : ReNews Pakistan
Karachi Mayor Barrister Murtaza Wahab has inaugurated a Rs 360 million rehabilitation and improvement project on Jahangir Road, covering the section between Guru Mandir and Teen Hatti, with the initiative aimed at improving traffic flow, road infrastructure and rainwater drainage in one of the city’s busy corridors.
According to a statement issued by the Karachi Metropolitan Corporation (KMC), the completed project covers approximately 1.4 kilometres of the two-way Jahangir Road. As part of the rehabilitation, the road has been widened from 26 feet to 32 feet to provide additional space for traffic and facilitate smoother movement of vehicles.
The project involved extensive pavement and asphalt works. Contractors installed around 252,000 square feet of 80 millimetre paving blocks and 70,000 square feet of 60 millimetre paving blocks. In addition, approximately 50,000 square feet each of asphalt base course and asphalt concrete were completed as part of the road reconstruction.
A major component of the project was the rehabilitation and upgrading of the drainage and sewerage infrastructure along the road. Damaged sewerage lines were repaired, while more than 11,800 running feet of trenching was completed for the installation of a 36 inch diameter stormwater drainage line.
The upgraded drainage network has also been connected to the Lyari River to improve the disposal of rainwater and reduce the risk of water accumulation on the road during heavy rainfall. The project included the construction of 45 manholes to support the drainage system and facilitate future maintenance and access.
The rehabilitation work also focused on improving road safety and pedestrian facilities. Lane markings, kerb blocks and footpaths were completed on both sides of Jahangir Road, providing improved facilities for pedestrians while giving the rehabilitated corridor a more organized layout.
To enhance visibility and improve the overall environment of the road, 80 new solar powered streetlights have been installed. Six damaged light poles were also replaced during the project.
Speaking at the inauguration, Mayor Murtaza Wahab said the rehabilitation of Jahangir Road would help improve traffic movement in the area while also strengthening the drainage system to ensure more effective rainwater disposal.
The project is expected to provide a combination of improved road capacity, upgraded drainage and sewerage infrastructure, better pedestrian facilities and enhanced street lighting for residents and commuters using the Jahangir Road corridor.

Karachi | ReNews Pakistan
The Sindh High Court (SHC) has directed the Evacuee Trust Property Board (ETPB) to immediately unseal the historic Karachi Cotton Exchange building, intensifying a long-running dispute over the ownership and possession of the strategically located property.
A two-member constitutional bench headed by Justice Mohammad Saleem Jessar expressed serious displeasure with ETPB officials for allegedly disregarding an earlier court order concerning possession of the property. The court directed the concerned ETPB officials to de-seal the building and submit a compliance report at the next hearing scheduled for September 9.
The dispute centres on the legal status and ownership of the Karachi Cotton Exchange building, which was sealed in December during a joint raid by the ETPB and the Federal Investigation Agency (FIA). The authorities had claimed that the building constituted federal evacuee trust property.
The Karachi Cotton Association (KCA) and other petitioners subsequently approached the SHC, challenging the actions concerning the property and seeking enforcement of the court's directions.
In its earlier judgment issued on June 18, the SHC had referred the ownership dispute to the ETPB chairman for determination within 90 days after providing a fair opportunity of hearing to all concerned parties. At the same time, the court specifically allowed the Karachi Cotton Association to continue enjoying possession of the property until the legal status of the building was determined.
However, the ETPB later informed the court that its chairman had decided the ownership dispute on July 30 and declared the Karachi Cotton Exchange building to be federal evacuee trust property.
The development triggered further legal proceedings, with the petitioners accusing ETPB officials of failing to comply with the SHC's directions. They argued that important documents relating to the property were still inside the sealed building and that they had neither been given access to the premises nor restored possession despite the court's explicit order.
The petitioners also sought contempt proceedings against ETPB Chairman Qamar-uz-Zaman, ETPB Karachi Administrator/Zonal Head Asif Khan and Deputy Administrator Shahid Ali, alleging that the officials had wilfully disregarded the court's judgment.
During Wednesday's hearing, counsel for the ETPB officials argued that contempt proceedings were not maintainable because the ETPB chairman had already determined the ownership issue in accordance with the court's directions. The lawyer maintained that public notices had been published in newspapers and notices had also been issued to the concerned parties before the ownership proceedings.
The ETPB counsel further pointed out that the petitioners had obtained an interim restraining order from the SHC against the chairman's decision declaring the building evacuee trust property.
However, lawyers representing the applicants maintained that the ETPB's decision could not justify keeping the building sealed because the SHC had specifically permitted the petitioners to remain in possession pending determination of the property's status.
The constitutional bench observed that the respondents had passed an order declaring the property as evacuee trust property without complying with the court's earlier directions. The bench held that such conduct appeared to constitute clear defiance of the court's order and could amount to an offence under Article 204 of the Constitution of Pakistan relating to contempt of court.
The court rejected the ETPB's explanation and ordered the alleged contemnors to de-seal the Karachi Cotton Exchange building and submit a compliance report before the next hearing.
The case carries significant implications for the legal status, ownership and possession of the historic commercial property. While the ETPB maintains that the building is federal evacuee trust property, the ownership determination remains under judicial scrutiny following the SHC's interim proceedings.
The SHC has adjourned further proceedings until September 9, when the ETPB's compliance with the order to unseal the property is expected to be reviewed.