Wahaaj Nauman Qureshi

former banker in real estate

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Wahaaj Nauman Qureshi is a former banker who works in real estate marketing and development. He started his banking career at Bank Alfalah in 2014 and resigned in 2019.

Early life and background

Qureshi was born and brought up in Islamabad. [1]

Education

Qureshi completed his schooling from kindergarten through O and A levels. He opted for accountancy and pursued the ACCA professional certification. He said he saved a lot of money during his chartered accountancy studies. After he completed chartered accountancy, his father advised him to step into a more concrete career. [1]

Banking career

Qureshi moved from sales to relationship management and then to investment banking. He described relationship management as portfolio management of clients' investments, and investment banking as covering products such as mutual funds and securities. He said he rose to various senior positions at the bank in a short span of time, and that his mentors were industry leaders in banking. [1]

Qureshi said he had three or four strong banking opportunities when he decided to resign. His family did not speak to him for one month. He said most of his banking clients were in real estate. [1]

Business ventures

Qureshi said his first venture was an event management business, and he collaborated with an event management company. He also partnered with a customer who ran a tuition centre, where he said he would teach accounts and mathematics. The tuition venture reached 250 to 300 students. He said he started his ventures on his own, without involving his family. [1]

Restaurant

Qureshi started a restaurant with his wife. He said the restaurant still has a good following on Facebook. He and his wife put the restaurant on hold, and he said he plans to reopen it once his daughter is older. He said he loves the food business and expects his retirement plan to be a restaurant. [1]

Real estate

Qureshi said a childhood friend whose family business is real estate urged him to join the sector. He said his firm works only with developers who have been duly vetted, is in talks with many banks about its projects, and is bringing escrow arrangements into projects to secure end users' interests. [1]

Views on regulation and the market

Qureshi said Pakistan has no proper real estate regulator. He said developers should pledge 70 to 80 percent of a project's value with the government, and that only approved projects should be allowed to advertise. He said that once regulation arrives, nobody will need favours and everything will be done by the book. [1]

Qureshi identifies developers, dealers and end users as the three most important stakeholders in real estate. He said few developers focused on end users during the market boom, which he said ran from July 2020 to April 2022. He said an amnesty scheme let people invest as much as they liked without being accounted for, and that the pandemic caused a major change in the real estate industry. [1]

Qureshi said real estate is among the most attractive industries, giving everyone an easy way to make money. He said residential accommodation in a project in Blue Area is being sold at 40,000 rupees per square foot, and that steel prices rose from 70,000 rupees per ton to above 200,000. He said about 80 percent of the market is holding back construction and sales until it stabilises, and that very limited players are left in the market. He said there is an impending real estate collapse that nobody is talking about. He said about 33 million people were displaced by recent floods. [1]

Qureshi said buyers often do not check a developer's history or delivered projects, and that marketing games and cosmetics quickly win over buyers. He said individuals, not banks, are financing the industry, and that bank financing is a high-cost option that developers avoid. In his view, a developer without its own funds would price projects too low to be commercially feasible. [1]

Qureshi said second-tier cities are basically affordable housing. He said the PTI government had estimated Pakistan needed 5 million housing units, and that about 30,000 to 35,000 units were built under the Naya Pakistan housing scheme in the last four years. He said Eighteen is premium living and not aimed at the middle class. [1]

Views on Pakistan

Qureshi said he believes Pakistan is a blessed country. He said Pakistan's access to warm waters plays a crucial diplomatic and economic role, and that Pakistan has the largest proportion of young people in its population. He said young people are standing up for their rights and want a different Pakistan. [1]

Qureshi said people can earn a decent income from home through a laptop, and that freelancing did not exist as a concept five or ten years ago. He believes CPEC will support Pakistan's infrastructure development. [1]

Timeline

2014
Started his banking career.[1]
2019
Resigned from banking.[1]
2020
Start of the real estate boom, which he says ran from July 2020 to April 2022.[1]

Appearances

DateTitleWhere
2022-09-28 Pakistan's houses are built to be resold, not to be lived in Thought Behind Things

Frequently asked questions

Who is Wahaaj Nauman Qureshi?

Wahaaj Nauman Qureshi is a former banker who works in real estate marketing and development. He started his banking career in 2014 and resigned in 2019. He describes his firm as a real estate marketing firm that has also become a development firm.[1]

What does Wahaaj Nauman Qureshi do?

Wahaaj Nauman Qureshi works in real estate through a firm that he describes as a real estate marketing firm and a development firm with its own projects. He said the firm works only with developers who have been duly vetted. He also said the firm is bringing escrow arrangements into projects to secure end users' interests.[1]

Where did Wahaaj Nauman Qureshi study?

Wahaaj Nauman Qureshi completed his schooling from kindergarten through O and A levels. He then opted for accountancy and pursued the ACCA professional certification.[1]

Where is Wahaaj Nauman Qureshi from?

Wahaaj Nauman Qureshi was born and brought up in Islamabad.[1]

Did Wahaaj Nauman Qureshi work in banking?

Yes. Wahaaj Nauman Qureshi started his banking career at Bank Alfalah in the sales department in 2014 and resigned in 2019. He moved from sales to relationship management and then to investment banking.[1]

What are Wahaaj Nauman Qureshi's views on real estate regulation in Pakistan?

Wahaaj Nauman Qureshi said Pakistan has no proper real estate regulator. He said developers should pledge 70 to 80 percent of a project's value with the government, and that only approved projects should be allowed to advertise.[1]

References

  1. Pakistan's houses are built to be resold, not to be lived in . Thought Behind Things , 2022-09-28.
Show the source passages (67 statements)
  1. He was born and brought up in Islamabad. born and brought up in Islamabad
  2. He completed his schooling from kindergarten through O and A levels. I did my schooling from Beacon House, primary, kindergarten, primary, O, A levels
  3. He opted for accountancy and pursued the ACCA professional certification. I opted for accountancy. I pursued uh a professional certification called ACCA.
  4. He started his banking career at Bank Alfalah in the sales department. I started with Bank Alfalah in the sales department.
  5. He moved from sales to relationship management and then to investment banking. Ji maine sales se start kiya tha moving on to relationship management and then investment banking
  6. He said he rose to various senior positions at the bank in a short span of time. I grew uh to various senior positions in in a very short span of time.
  7. He said his mentors were industry leaders in banking. mere mentors mashallah were industry leaders in banking
  8. He described investment banking as covering products such as mutual funds and securities. investment banking jis ke andar different products hote hain, mutual funds ke hote hain, uh securities ke hote hain
  9. He described relationship management as portfolio management of clients' investments. Relationship management is more of like a portfolio manager jo apne clients ki investments
  10. His sales work involved going door to door to offices to promote the bank. I used to go door to door to different offices. Wahan pe apne bank ko promote karta tha.
  11. His banking work brought him into contact with restaurant owners, industrialists and government officials. Mujhe restaurant owners se mulaqat hoti thi, mujhe industrialists se mulaqat hoti thi, mujhe government officials se mulaqat hoti thi.
  12. He said he met around 500 to 600 people a day in banking. I used to meet around 500 to 600 people daily in banking na.
  13. He started his banking career in 2014 and resigned in 2019. I started my career in banking back in 2014 aur main I resigned in 2019.
  14. He said his first venture was an event management business. Uske baad this was my first venture event management.
  15. He collaborated with an event management company. Toh phir maine collaboration kari ek achhi event management company ke saath.
  16. He said he saved a lot of money during his chartered accountancy studies. During my university, during my chartered accountancy. Toh woh bhi maine alhamdulillah I saved a lot of money.
  17. After completing chartered accountancy, his father advised him to step into a more concrete career. as soon as I completed my chartered accountancy toh phir my father told me ke yes now you have done your journey toh there's not a suitable business to do. You must step into something you know more concrete.
  18. He partnered with a customer who ran a tuition centre. I partnered with one of my customer and he was doing this he was running a tuition center.
  19. He said he would teach accounts and mathematics at the tuition centre. main accounts padha dunga. Main unko mathematics padha dunga
  20. The tuition venture reached 250 to 300 students. we ended up with 250 to 300 students alhamdulillah.
  21. He said he started his ventures on his own, without involving his family. Toh ghar se kisi ko maine involve kiya hua nahi tha. I was shuru se ke jo karunga khud karunga, apne dum pe karunga.
  22. He started a restaurant with his wife. I started a restaurant with my wife.
  23. He said the restaurant still has a good following on Facebook. We have a very good following on Facebook. We still get calls aur abhi bhi woh bade parents phone karte hain hamare bacche woh keh rahe hain they want that crazy shake please
  24. He and his wife put the restaurant on hold. usko humne phir on hold kar diya
  25. He said he plans to reopen the restaurant once his daughter is older. We plan to do it. Hum ab wait kar rahe hain ke hamari jo beti hai woh badi ho jaye toh we'll do it again
  26. He said he loves the food business and expects his retirement plan to be a restaurant. Yani I love food business. Yani agar if you talk about my retirement plan it is definitely going to be a restaurant.
  27. He said a childhood friend whose family business is real estate urged him to join the sector. Samama Randhawa is my childhood friend he motivated me a lot. He was their family business is real estate. Toh woh he used to always tell me ke yaar aa jao real estate mein
  28. He said he had three or four strong banking opportunities when he decided to resign. mere haath mein us time teen char bahut achhi opportunities thi banking opportunities.
  29. His family did not speak to him for one month. Toh my family did not talk to me for one month.
  30. He said most of his banking clients were in real estate. apne clients ko dekhta tha mostly saw real estate people
  31. He said the firm is a real estate marketing firm that has also become a development firm with its own projects. We were a real estate marketing firm, we still are a real estate marketing firm but we are now we have evolved into a development firm as well.
  32. He said his firm works only with developers who have been duly vetted. we are only working with those projects with those developers who are duly vetted
  33. He said his firm is in talks with many banks about its projects. We are in talks with a lot of banks right now
  34. He said his firm is bringing escrow arrangements into projects to secure end users' interests. Hum escrow relationships ko beech mein la rahe hain to secure the interest of end user.
  35. He said Pakistan has no proper real estate regulator. Unfortunately hamare paas proper regulator hai hi nahi.
  36. He said developers should pledge 70 to 80 percent of a project's value with the government. Unko bhi us project ke equivalent amount ya at least 70 to 80% pledge karani chahiye with the government.
  37. He said only approved projects should be allowed to advertise. Only approved projects should be allowed to advertise.
  38. He said real estate is among the most attractive industries, giving everyone an easy way to make money. yeh sab se attractive industry hai. Theek hai? Is ke it gives everyone a very easy opportunity to make money.
  39. He said once regulation arrives, nobody will need favours and everything will be done by the book. agar regulation aa jayegi tab to kisi ko koi favor nahi chahiye. Haan. Haan. Tab to sab kuch by the book hoga.
  40. He said residential accommodation in a project in Blue Area is being sold at 40,000 rupees per square foot. jo blue area mein hai that is selling for about residential accommodation is being sold for 40,000 rupees per square foot.
  41. He said steel prices rose from 70,000 rupees per ton to above 200,000. Us time pe steel ki cost thi woh 70,000 rupees per ton. Right. Today it's above 200,000.
  42. He said about 80 percent of the market is holding back construction and sales until it stabilises. ya to bahut se logon ne yeh kiya ke hold kar diya ke abhi construction activity no selling, no construction to hold karo apni property ko jab market stable ho jayegi us ke baad karenge. Aisa 80% market mein ho raha hai abhi.
  43. He said a developer without its own funds would price projects too low to be commercially feasible. jis ke paas apna paisa nahi hai, jis ne market se paisa ikatha karna hai, se karna hai, jis ki aur kyun ke us ka risk involve nahi hai, kyun ke us ke funds involved nahi hain, us ki jo pricing hai woh bahut neeche hogi. Right. To it does not become commercially feasible.
  44. He said Eighteen is premium living and not aimed at the middle class. 18 is not for the middle class. It is a premium living.
  45. He said he believes Pakistan is a blessed country. I believe Pakistan is a blessed country.
  46. He said Pakistan's access to warm waters plays a crucial diplomatic and economic role. Our access to warm waters plays a very crucial role diplomatically, economically
  47. He said Pakistan has the largest proportion of young people in its population. We have the largest proportion of young people's population
  48. He said young people are standing up for their rights and want a different Pakistan. Young people are coming forward aur achi baat yeh hai ke they are standing up for their rights. They want to see a different Pakistan.
  49. He said people can earn a decent income from home through a laptop. Woh apne ghar baith ke laptop ke through bhi he can have a decent amount of earning.
  50. He said freelancing did not exist as a concept five or ten years ago. Yani agar main 5 saal, 10 saal pehle ki baat karoon to five year ka concept hi nahi tha. Freelancing ka concept hi nahi tha.
  51. He identifies developers, dealers and end users as the three most important stakeholders in real estate. Real estate industry ke andar teen stakeholders I believe sabse zyada important hain. Uh number one developer, number two dealer jo us developer ke saare aur number three end user.
  52. He said few developers focused on end users during the market boom. Bahut kam aise develop bahut kam aise log the jinhone end users pe focus kiya.
  53. He said the real estate boom ran from July 2020 to April 2022. I believe 2 July 2020 till uh till April 2022, it was boom of real estate
  54. He said an amnesty scheme let people invest as much as they liked without being accounted for. amnesty scheme aa gayi thi ke you can invest as much as you like and you won't be accounted for.
  55. He said the pandemic caused a major change in the real estate industry. Covid ke andar uh ek bahut paradigm change aaya tha real estate industry ke andar.
  56. He said buyers often do not check a developer's history or delivered projects. Hum background check nahi karte. Hum history, hum legacy nahi check karte ke kya koi delivered projects hain
  57. He said marketing games and cosmetics quickly win over buyers. Hum woh marketing games aur in cheezon mein aur cosmetics mein aa ke bari jaldi believe kar lete hain.
  58. He said individuals, not banks, are financing the industry. The problem is is industry ko bhi banking finance nahi kar rahi, individuals finance kar rahe hain.
  59. He said bank financing is a high-cost option that developers avoid. Ab bank ki taraf developer kyun opt nahi karta kyunke bank is a high cost financing.
  60. He said second-tier cities are basically affordable housing. Second tier cities are basically affordable affordable housing.
  61. He believes CPEC will support Pakistan's infrastructure development. which I believe will be a bit supported by this CPEC initiative. Jis ke through hamari infrastructure development bari fast pace pe ho rahi hai.
  62. He said the PTI government had estimated Pakistan needed 5 million housing units. PTI government jab aayi thi ki 5 million units on estimate chahiye humein.
  63. He said about 30,000 to 35,000 units were built under the Naya Pakistan housing scheme in the last four years. aap pichle chaar saal PTI ke nikalein, naya Pakistan housing mein maine dekha tha pichle dino 30 se 35,000 units bane hain.
  64. He said there is an impending real estate collapse that nobody is talking about. this we are looking at an impending collapse that nobody is talking about.
  65. He said about 33 million people were displaced by recent floods. Jo abhi floods ki displacement hui hai. 33 million people.
  66. He said very limited players are left in the market. There are very limited players left in the market.
  67. Wahaaj Nauman Qureshi was the special guest on this episode. our special guest, Wahaaj Nauman Qureshi