There is nothing wrong with making a remake if it is done the proper way. Yes most of our old movies are all formula films. Most of them look exactly the same and sound exactly the same but then, why were they so successful? Because formula made the proper way can be a huge success.
The biggest example of a well-done formula film is DDLJ. It is not a new concept, it is not a new story. But the screenplay, the dialogue and the music make the difference for that movie.
And if you need examples of successful remakes, look at Don and Devdas. And for bollywood to make those remakes was extremely risky because of the countless comparisons of Shahrukh to Dilip and Amitabh.
Old Pakistani movies are rarely even shown on television these days so they are not even a part of our new generation. A remake would already have the credibility to get people to come to the theatres. At least there will be some guarantee of a story than just a "maar dhaar se bharpoor shahkaar"!