Pakistan Employees Cooperatively Housing Society (PECHS) is an old society. However, the launch of Islamabad International Airport and the expansion of Islamabad towards Zone II has brought the focus of the public to PECHS only recently. Currently what makes PECHS attractive for the genuine buyers or long term investors is its affordability. It is among the few housing schemes in the area that are located very near the new airport, and as compared to others, its prices are significantly lower. To know all about PECHS, read on:
Development and possession
All the basic utilities – water, gas, electricity – are available in the housing scheme. Development has been relatively slow over the years, but over the past year as the area became popular, thanks to the airport, the administration of PECHS developed Blocks K and M. Possession is available there. According to Mian Yasin of Mian Brothers Real Estate, a couple of commercial areas have also been constructed in the housing scheme.
Market and price trends
According to the various experts interviewed, the market has been relatively slow in the housing scheme for a while but things are expected to get better. According to Yasin, prices are expected to increase in the near future as the link onto Kashmir Highway Extension is established. For PECHS, this link is to pass through Mumtaz City. It will not only provide greater connectivity to PECHS residents, it will also propel the prices of PECHS upwards. However, when the link road is established is uncertain at the moment. Mubasshir Attari of 4M Enterprises expected the market situation to improve after Ashura.
The prices, particularly in the newly developed Blocks K and M, stand as follows:
|Plot Size||Prices in PKR|
Yasin was confident that prices in PECHS are not going to fall, no matter what the market conditions, that because PECHS market has, in some ways, attained the state of mature, developed societies. He said that the only way the prices are going to go is upwards and soon. He expected the prices to increase significantly within a year.
Others experts interviewed agreed with the fact that the prices have been stable for a while. However, they expected the state to continue for a while. They felt that significant development has been done in the project. However, there are several factors that will have to be aligned correctly for PECHS before the project achieves its true potential – prices are almost double in its surroundings.
The most primary of these factors is the link road to Kashmir Highway through Mumtaz City. There is no concrete news on when the link will be established, so things are uncertain. The other factor is the improvement of market situation in general and the appearance of investors. In view of these factors, their opinion was less optimistic than Yasin. They felt that any investment in the housing scheme will have to be long-term but it will eventually bring good returns.
Have you invested in PECHS? Do you have any questions about it? You can talk to us in the comments section. You can also head to the Zameen Forum for a detailed conversation.