Punjab Food Authority’s (PFA) latest grading system of restaurants has important implications for owners of commercial properties, according to Lamudi.pk, Pakistan’s best real estate website.
The new grading system has five categories to measure health risks. They are labeled A (no risk) through D (medium risk) and a final “Failed” category for high risk restaurants, which will be temporarily closed down until rectification of health risks and re-inspection.
The mission of the PFA is to “to ensure availability of safe and wholesome food for human consumption.” Although its work is worthy of praise as it helps citizens to be informed about food standards, it also presents problems for commercial property owners.
Saad Arshed, Country Director of Lamudi Pakistan, has said that the new system is important for the health of the province, and that investors and property owners need to stay informed to diminish financial risks associated with closures.
“Owners of commercial real estate and those interested in investing must stay on top of new regulations and policies of important institutions like the Punjab Food Authority,” Arshed said. “Property owners who rent their spaces out to eateries, restaurants and other gastronomic businesses are especially affected by the PFA’s grading system. There is a potential that they can lose major rental income if they are not prepared.”
Arshed further commented that Lamudi is dedicated to keeping commercial real estate owners and investors apprised of the latest news and updates concerning PFA policies and others that may affect real estate.
The important work done by the Punjab Food Authority sets a good example for the rest of the country. Other provinces, like Sindh, home of the nation’s largest city, Karachi, might follow suit, making restaurant closures an issue for commercial real estate owners and investors nationwide.