The previous year was a robust one for the property market in Ahsan Garden and Ahsan Grand City. Prices saw an appreciable ascent, and investors correspondingly saw their returns increase. This all happened in spite of the relatively dull performance of Karachi’s real estate market. The metropolis itself experienced a complete turnaround in property prices in 2018’s last quarter.
Presently, buyer interest in the two housing schemes is mediocre. Purchasing activity exists, but remains subdued for the most part. Property prices are stable.
So how will this year fare for the Ahsan Garden and Ahsan Grand City housing projects?
Read on to find out in detail.
Market activity and prices – as they stand
As already mentioned, all market activity related to the project currently borders on being average. Muhammad Imran Saleem of JAN International Estate Advisors agrees with this assessment. In a recent verbal exchange, he anticipated this state of affairs to continue for the next few months.
Genuine buyers are ready and willing to construct their homes. But since possession is not presently available, matters have sufficiently remained on hold in this respect. Prices are expected to remain stable.
As of now, plot prices for both societies stand as follows:
|Blocks B and 5|
|Blocks C and D|
|Block 1, 2, 3, 4|
This dynamic, however, can change easily.
Ahsan Garden’s outstanding issue, concerned with acquiring an approval for the revised map of the project from the cantonment board, still looms in the background.
According to Amir Hussain of Mahenti Estate, the problem arose almost two years ago when both of these schemes were merged and rebranded as Ahsan Town. This required a re-approval certificate for the revised map from the mentioned authority; reflecting the new developments on the ground. The matter has remained stuck in the official pipeline since.
As soon as the housing scheme attains the awaited sanction, plots-possession will be made available. As a result, buyer interest will increase – leading to significant price appreciations.
What should buyers and investors do (in the meantime)?
The key point of interest for genuine buyers regarding Ahsan Garden’s property options is their stellar affordability. Additionally, the scheme is a well-designed, gated community. Saleem believes that it can easily match the development of Saadi Garden, in every respect. Once completed, the residents will be provided access to all the standard varieties of desired living and recreational amenities which are expected of modern housing developments.
The stumbling block, however, is the wait.
Possession is still not available, and home constructions are not possible (at present). And in all likelihood, the waiting period will extend between six and twelve months – at the very least. So, as a genuine buyer, you should consider putting your money here if you are interested in building your home within the next 1-2 years.
Our advice for investors is not much different.
An investment made in Ahsan Garden will mature in a medium-term period – spanning 12 to 18 months. Saleem expects that the project’s property prices will rise to the level of Saadi Garden. The granting of possessions, of course, will lead to further hikes in demand for land in the development.
In real terms, this means that the prices of Block B and Block 5, which currently hover between PKR 2.5 million and PKR 3 million, respectively, will rise to attain an average figure of PKR 4 million. If anything, this consideration alone makes the housing scheme worthy of investment.
Have you bought property in Ahsan Garden or Ahsan Grand City? Do you have any questions or concerns regarding your investment? You can discuss them with us in the comments section below. Alternatively, you can head to the Zameen Forum to start a detailed conversation on the topic.