Fazaia Housing Scheme Karachi is currently looking to be one of the more attractive investment projects in the city. Situated near Nothern Bypass, not far from Gulshan-e-Maymar, the housing scheme is being developed as a joint venture between Pakistan Air Force and a private party. The project is appealing because it offers relatively affordable, but still highly luxurious, bungalows & apartments. This feature has lured in both genuine buyers and investors.
The good news is that the development work for the project has finally begun in Fazaia Housing Scheme, Site 2. The construction of both apartments and bungalows is in progress. This breakthrough has been much anticipated in property circles, and here’s all you need to know about it.
Significant construction work has begun
According to AARCO Real Investment Builder co-owner Bilal Lodhi, the best news to come out of Fazaia Housing Scheme is that the construction of more than 650 bungalows in Site 2 has begun. Presently, the foundations of these housing structures are being laid.
Meanwhile, work on the apartments’ project has started, and according to Lodhi, the third floor is being completed. Lodhi estimates that this part of the construction work will be completed by 2020; with this being the time when the possession of the apartments will be handed over.
Development of society facilities is also being completed. So far, the roads have been carpeted, and water lines have been laid. Site 2 is going to have its own electricity grid, though work on that is yet to begin.
Prices and general market dynamics
The market, according to Lodhi, is performing well. A reasonable volume of trade is taking place on a daily basis. However, the asking premium has been relatively stable over the past year, and currently stands as follows:
|Bungalow Size||Asking Premium in PKR|
|125 sq. yd. (double storey)||700,000—900,000|
|275 sq. yd. (single storey)||1,700,000—1,900,000|
|275 sq. yd. (double storey)||1,000,000—1,200,000|
Should you consider investing?
Lodhi felt that bungalows in Site 2 of Fazaia Housing Scheme offer a fantastic investment opportunity. He explained that this is the location where all housing facilities, including schools, gyms, a hospital, mosque, and an Air University campus, are being built. All of these amenities will significantly boost the value of property there. Moreover, Northern Bypass is going to be upgraded, which will also contribute its own share of value.
Lodhi was of the opinion that any investment in Fazaia Karachi will have to be medium-ranged, because the possession for bungalows is going to be granted in 2021. It is also around that time when we will see some significant development in commercial properties in the locality. So if you are looking to invest there, you should have sufficient holding power for a medium term.
Are you interested in investing in Fazaia Housing Scheme Karachi? Do you have any questions or concerns? You can discuss them with us here in the comments section below. Alternatively, you can head to the Zameen Forum to engage in an extensive discussion on the topic.