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Javedan Corporation Limited, doing business as Naya Nazimabad (Urdu: نیا ناظم آباد), is a housing project that is being developed, built around the Manghopir Lake.[2]
 | |
| Formerly | Valika Cement Limited |
|---|---|
| Company type | Public |
| PSX: JVDC | |
| Industry | Cement Real estate |
| Founded | 1961 |
| Headquarters | , Pakistan |
Area served | Karachi |
Key people | Samad A. Habib (CEO) Arif Habib (chairperson) |
| Revenue |  Rs. 11.187 billion (US$39 million) (2023) |
| Rs. 8.007 billion (US$28 million) (2023) | |
| Total assets | Rs. 43.711 billion (US$150 million) (2023) |
| Total equity | Rs. 25.978 billion (US$90 million) (2023) |
| Owner | Arif Habib Equity (28.68%) Abdul Ghani (11.87%) Arif Habib (10.04%) |
Number of employees | 234 (2023) |
| Subsidiaries | NN Maintenance Company Sapphire Bay Development Company |
| Website | jcl |
| Footnotes / references Financials as of 30 June 2023[update] [1] | |
A couple years back, the heavy rain in Karachi caused some blocks of the housing project to be flooded because of inadequate sewage and water disposal lines, however the management has now taken adequate measures to prevent a similar situation in the future. Residents of some blocks claimed that they had difficulties once the flooding began that remained for over a week. However, allegedly some media houses blew the actual problem out of proportion.[3]
History
editJavedan Cement Limited was originally incorporated in Pakistan as Valika Cement Limited on June 8, 1961 and was originally owned by Valika family until 1972 when it was nationalized by the government of Pakistan.[4] Later, it was renamed as Javedan Cement Limited.[4]
The Javedan Cement Limited (JCL) was privatized and sold at very low prices of Rs. 4.3 billion ($43 million) to Haji Ghani and Shunaid Qureshi. The new owners almost immediately stopped production, dismantled the cement factory and converted the 1,300 acres JCL land into a housing project worth over Rs. 100 billion ($1 billion). Experts believe the cost of total JCL land including mining land could easily cross Rs. 200 billion ($2 billion).[5] The developers of Naya Nazimabad project includes owner of Arif Habib Equity. According to experts, the closing of Javedan Cement and establishment of Naya Nazimabad will cost Pakistan government $ 6 million annually.[6]
Land was given initially for mining to the Javedan corporation for a mining lease only. Later, Arif Habib Ghani and Aqeel Karim Dhedhi, a business cartel, bought it with the help of government authorities and launched a housing project.
In 2020, Arif Habib proposed fresh investment of Rs 750 million into Naya Nazimabad.[7]
Naya Nazimabad
editNaya Nazimabad
نیا ناظم آباد | |
|---|---|
| Naya Nazimabad | |
 | |
 | |
 | |
| Area | |
• Total | 500 ha (1,300 acres) |
| Website | nayanazimabad |
The total area of Naya Nazimabad is 1,300 acres.[7]
Javedan Corporation Limited
editJavedan Corporation Limited, a builder of Naya Nazimabad Housing Scheme, owned 928 acres 99-year leasehold land allotted in 1960/61; 310 acres freehold land, and 128 acres leasehold land allotted in 2011.[9]
Controversies
editChemical dump
editA case was filed in the Sindh High Court (SHC) against the Naya Nazimabad residential scheme near Manghopir that has allegedly been launched despite a report claiming that the area has been used dumping ground for factory waste. These chemicals are hazardous substances which could harm human health and/or the environment.[10] A study commissioned on the directives of the Supreme Court of Pakistan has found that the populations residing in Gadap Town and nearby areas may be affected by chemicals as it is air-borne.[11][10]
Shunaid Qureshi, developer of Naya Nazimabad, CEO Al Abbas Sugar Mills and former chairman of Pakistan Sugar Mills Association (PASMA) was arrested in January 2014.[12] Shunaid Qureshi is a son of Hum TV director Sultana Siddiqui, nephew of businessman Jahangir Siddiqui, brother-in-law of Television producer Momina Duraid and the cousin of actor Sheheryar Munawar Siddiqui. Jahangir Siddiqui son Ali is married to the daughter of Mir Shakil-ur-Rahman, owner of Jang Group of Newspapers.[13]
Naya Nazimabad Flyover
editNaya Nazimabad Flyover has been developed to provide a convenient thoroughfare to the residents of an upper-class residential area viz Naya Nazmiabad by flying over the low-income community (Nusrat Bhutto Colony) that falls in between.[14]
See also
editReferences
edit- ^ "Javedan Corporation Limited Annual Report 2023". Retrieved 23 September 2024.
- ^ "Karachi rains: Scores displaced from Naya Nazimabad". The Express Tribune. 2020-09-05. Retrieved 2020-09-29.
- ^ Jajja, Sumaira (2020-09-08). "Changes in Sindh LG law demanded to make KMC city's chief civic authority". DAWN.COM. Retrieved 2020-09-29.
- ^ a b "Cement: JAVEDAN CEMENT LIMITED - Analysis of Financial Performance June 2003- June 2006". Brecorder. November 28, 2007.
- ^ "CITY LHR". www.thenews.com.pk.
- ^ "Non-payment of compensation: Owners close down filling stations in North Waziristan". www.thenews.com.pk.
- ^ a b Profit (2020-09-05). "Arif Habib to pump in additional Rs750 million into Naya Nazimabad". Profit by Pakistan Today. Retrieved 2020-09-26.
- ^ "Naya Nazimabad City: Big business group launches gated housing society near Sakhi Hasan". 19 November 2011.
- ^ News Desk (17 February 2020). "Javedan Corporation refutes all allegations on Naya Nazimabad Housing Scheme". Mettis Global News. Retrieved 2020-10-13.
- ^ a b "Naya Nazimabad: Construction continues despite 'dangerous' report". The Express Tribune. April 16, 2014.
- ^ "Mining leases, polluted land converted into housing society".
- ^ "Court orders arrest of Shunaid Qureshi". Archived from the original on August 8, 2014.
- ^ "The illegal activities of Jang Group and Jahangir Siddiqui". Charity-charities.org. 2014-06-20. Retrieved 2014-06-24.
- ^ Khalid, Bilal (2023-04-27). "Flying over Karachi's traffic issues". DAWN.COM. Retrieved 2023-05-01.