ASF City, formerly known as ASF Housing Scheme has seen some massive changes in the last couple of years. Initially located on Karachi-Hyderabad Motorway, the project has recently been relocated next to DHA City.
The project was previously located on M-9 Super Highway, on the route towards Hyderabad. This is the same area where Bahria Town Karachi is also located. However, owing to distance and delays by the administration, it has now been relocated next to DHA City. The real estate experts dealing in this area believe that this will brighten the prospects of the city and make it a profitable venture.
This housing project has been established for Airport Security Force (ASF) Employees, and was initially a joint venture between ASF and Kings’ Group. However, with a change in location, the project has now been placed under the administration of ASF Foundation.
In Karachi, there are two projects by ASF, ASF City now located on M-9 Super Highway, whereas, another project of ASF, ASF Towers is located in Scheme 33 Karachi. This blog specifically focuses on ASF City and what its relocation means to both buyers and sellers.
Development and balloting
According to Hammad Khatri from The DK Investments, the close proximity of the project to DHA City has brightened the prospects for the project and allowed it to emerge as a prominent addition to the real estate market of Karachi. He also believes that the recent change in the administration will also allow for a better developmental planning of the project as he has already witnessed the administration going forward with planning the overall layout of the scheme and finalising the development procedures.
On offer here are residential and commercial plots and constructed houses. The residential plots and houses are sized at 135-, 250-, and 500- sq. yd. The sizes for commercial properties haven’t been announced yet, but with the fast-paced development, it’s only a matter of months till all these are announced.
However, he adds that the dates for balloting haven’t been finalised yet, and it might take up to a year, after which prices are expected to increase. Balloting is in progress for this newly relocated area, as some plots had been previously balloted to the buyers. There is some confusion because of the recent developments and buyers are waiting for things to settle before they can start trading.
Khatri, however adds that the overall buying in the economy is slow-paced and it won’t be before 2-3 months that something can be properly deduced. He believes that investment here is good for the long term, however, because of the sudden changes and development, he has added that nothing can be said about this properly and with changes in the economy, tax reforms and elections, it won’t be before the end of this year that something can be properly calculated.
Mubarik Farooq, a seller, is of the view that investment here is good for the long term. He has observed that overseas Pakistanis are particularly interested in this area, however, with the complicated systems pertaining to transfer of property, Farooq has put his sale on hold.
After getting in touch with the new administration, the ASF Foundation, Farooq has been thoroughly impressed and believes that eventually his property would yield him good value for money soon.
ASF City is a good venture if you are looking for long term investment. However, with economic changes and the forth-coming elections the overall market activity has slowed down, and it is only after a matter of 2-3 months that something can be said.
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