KARACHI: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday called for greater investment in housing, capital formation and private-sector-led development as Naya Nazimabad Apartments REIT (NNAR) was listed on the Pakistan Stock Exchange (PSX).
Addressing the listing ceremony Finance Minister Muhammad Aurangzeb said the NNAR offering demonstrated investor interest in well-structured and transparent investment opportunities. He said around Rs60 billion had been financed under the Prime Minister’s Apna Ghar Programme, while banks had approved an additional financing pipeline of approximately Rs340 billion awaiting disbursement.
Aurangzeb said the banking sector had taken the lead on housing finance, but the supply side needed to accelerate housing development. He highlighted REITs as an important mechanism for mobilising investment into housing and real estate.
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The finance minister also said the broader objective of the capital market was capital formation rather than merely an increase in the stock index. He said market confidence should translate into capital for businesses, infrastructure, housing, innovation and job creation.
Referring specifically to NNAR, Aurangzeb said the offering was subscribed around eight times during book-building and about 4.3 times in the general public offering.
The listing ceremony was hosted by Arif Habib, Chairman of Arif Habib Group, and attended by the Governor of the State Bank of Pakistan, Securities and Exchange Commission of Pakistan leadership, PSX officials, bankers, fund managers and business leaders.
NNAR represents the fourth REIT listing of Arif Habib Group on the PSX, according to the company. The group said the book-building portion was oversubscribed approximately eight times, while the general public offer was subscribed 4.28 times, with more than 8,000 investors participating.
PSX Managing Director and Chief Executive Officer Farrukh H. Sabzwari said the listing demonstrated the stock exchange’s role in connecting investors with Pakistan’s real estate sector and mobilising capital for development.
The ceremony also marked Pakistan’s recent USD3 billion Eurobond issuance, which, according to the release, attracted nearly USD6 billion in orders. The event featured a cake-cutting ceremony to mark the issuance.
NNAR is a limited-life REIT established to develop and sell residential apartments under the Naya Nazimabad Apartment project. PSX documents state that the scheme has a fund size of Rs8.9 billion, a project cost of Rs70 billion and a seven-year lifecycle. The project covers 46,597 square yards across seven commercial plots and envisages 10 residential towers.
The listing comes amid increased activity in Pakistan’s capital market. The finance minister said 11 companies came to the market during FY26, while another five IPOs had been completed in the first quarter of FY27. He also said the PSX investor base reached 656,218 after 25,281 new investors were added in September 2026.
Arif Habib said the group’s fourth REIT listing reflected its efforts to broaden investment opportunities and connect the capital market with housing development and employment generation.
Copyright Business Recorder, 2026