Faisal Margalla City (FMC) is the latest project by Margalla City (pvt) limited, a joint venture between Chaudhry Majeed of Zedem International and a private party. Previously Faisal Margalla City was set to be launched on 23rd September 2018, however, due to the long weekend following the 10th of Muharram, the administration has decided to shift the launch date to 30th September 2018.
Faisal Margalla City is located right next to Block A of MPCHS Multi-Gardens B-17 and stretches off to the Margalla Hills. On other sides, it is surrounded by other blocks of MPCHS. On one side, it will have access to the GT Road through Multi-Gardens while on the other hand, it is planned to have access to the Motorway M-1 from MPCHS Block G through the proposed interchange onto the motorway: Multi-Faisal Interchange.
This location is absolutely fantastic in that the proximity to MPCHS Multi-Gardens B-17 means that all of the development, population and commercial activity there would directly benefit property and people living in Faisal Margalla City.
Land Acquisition, Possession and NOCs
According to the several of the on-ground sources interviewed, all of the land for the project has been acquired. Indeed, it was already owned by Zedem International’s Chaudhary Majeed. So the understanding is that society has all the land it needs for the project, which means that possession is not going to be an issue either.
Indeed, according to Malik Javed of Awan Associates, it is expected that possession will be granted to the lump-sum buyers within four to six months. However, on the downside, it has been decided by the administration too no longer book plots on instalments. Previously, an instalment plan spanning four years was launched during the pre-booking phase. At the same time, this does mean that now you can book plots on 21% discount.
Faisal Margalla City offers 5-, 8-, 10-, 14-, and 20-marla plots and prices of these plots as follows:
|Plot Size||Prices in PKR||Lump sum Payment||Possession|
The sources were not particularly sure about if or when the instalment plots are going to be launched. However, the understanding is that after the launch, at some point in time, instalment plots with revised rates may become available. So if lump sum does not suit you, you can always decide to wait and as soon as they become available, we will inform you here on the blogs, so keep following the blog to stay updated!
The question of NOC becomes a lot simpler if the land has already been acquired, however, according to Farooq of Sibro Properties B-17 Islamabad, some requirements for the NOC are yet to be met and things are under process so it will be acquired soon without much hassle. Some degree of development has, indeed, already begun in the housing scheme as the ground has been levelled and streets and roads are being cut.
There are several reasons why one can consider investment in Faisal Margalla City: reliability of the developers, the fantastic location of the project, and good pace of development and possession that is expected, among other things.
Malik was of the view that it will certainly make for a good long-term investment, but even in the short-term these 21% discounted prices are great as compared to the plots in Block C of MPCHS, for example, located right alongside it. Once development takes place here, the prices can increase by as much as PKR 500,000 for the 5-marla plot. The best strategy, however, will be to consider it for long-term investment.
Are you interested in Faisal Margalla City B-17? Do you have any questions about it? You can talk to us in the comments section. You can also head to Zameen Forum for a detailed discussion.