Every time technology disrupts an exploitative business sector, the crying, wailing, and frothing at the mouth by Whatsapp uncles is inevitable. We saw this in 2016, shortly after Savaree, Careem, and Tripda went mainstream. We saw this recently in 2020 when the All Pakistan Restaurant Association announced the suspension of business with Foodpanda, citing unfair business practices.
That is not to say that these tech forward start-ups do not then become exploitative entities in and of themselves, but for a brief glowing moment they offer respite. And for every one of those brief moments there is panic and outrage. And now, the start-ups are coming for something that is perhaps and nearest and dearest to the hearts of the Pakistani Whatsapp uncle – real estate.
Having a ‘plot’ (pronounced pee-lat) in Pakistan, particularly in Lahore and Punjab, is a concept that both boggles the mind and makes a person sad. There is such little investment opportunity in the country and markets and financial institutions are so far removed from the middle and upper middle class that most people find themselves investing in things like real estate and gold. And because people park outrageous sums of money in these properties, the market maintains a self fulfilling prophecy of prices remaining high.
Now, the start-ups are planning on tapping into the same obsessions and offering small term investments in real estate, in a bid to offer the true middle class of Pakistan a chance to own and flip...
Read Full Story: https://profit.pakistantoday.com.pk/2021/11/14/is-pakistan-ready-for-real-estate-tokenization/
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