Home » Gulberg Residencia – The State of Development and Possession
Gulberg Residencia has been a popular option for both genuine buyers and potential investors in Islamabad for a while now. There are several reasons behind this, affordability and proximity to both the new Islamabad Expressway and the new Islamabad Airport being the top ones. Our last comprehensive update on Gulberg Residencia was in March; let’s take a look at the current situation.
State of development
CEO Gemini Developers Husnain Abbas explained that none of the 21 blocks in Gulberg Residencia are fully developed. However, about a third of the blocks have seen partial development – in some cases going as high as 90%, in other cases as low as 20%.
Block E, for example, is only 90% developed, while Block A is partially developed with some plots that are completely developed and others that are partially done. The area also has plots that have seen no development whatsoever.
The 1-kanal plots in Block C are developed – the rest of the block is being developed right now and there is a high possibility that this development will be completed in around six months. The society has been facing land acquisition issues in many of its blocks but all land has been acquired for Blocks E, I, J, B, F, Q, R and S.
A new entrance has also been constructed, which connects Block V of Gulberg Residencia with Naval Anchorage II (Extension).
Where’s the possession
Abbas also explained that none of the blocks are entirely ready for possession. About 90% of Block E is up for possession. Possession in Block A has not been granted yet, but it will become partially available in the next six months. The 1-kanal plots in Block C are up for possession, while possession for 7- and 10-marla plots will be available in the next six to eight months. The 1-kanal plots and some 7-marla plots in Block J are available for possession too.
70% of the 7- and 10-marla plots in Block I have been granted possession. However, the rest haven’t. Block V has 7-, 10- and 12-marla plots which are up for possession. Meanwhile, Block P, which is the largest block in the society, has around 100 plots ready for possession.
Prices of the Plots
The prices of the plots ready for possession in the developed area are as follows.
|Plot size||Price range|
|7-Marla||PKR 2,500,000 – PKR 4,100,000|
|10-Marla||PKR 3,500,000 – PKR 5,500,000|
|1-Kanal||PKR 7,500,000 – PKR 10,000,000|
Commercial plots in Block D Markaz
The auction for commercial plots in Block D Markaz was first expected in March this year, and later in June. However, both these months have passed and there is no news yet on when the auction will take place.
Tips for Investors
Considering all the details explained above, with the added difficulty of land acquisition that the society is facing at the moment, Abbas believed short-term investment is not really much of an option in Gulberg Residencia. There are too many factors involved, which might affect the prices in the short term. However, if you are looking to make a medium or long-term investment in the society, it will be a good option, particularly in the blocks that have possession. This might slightly reduce the profit margin but it will be a reliable shot.
Abbas elaborated that Blocks C and J may be the best options, at the moment, because development here has improved a lot, the roads are almost completely developed and street lights are being installed. Similarly, the development for Block A has picked up pace as well. Possession will be available in some parts within the next six months, which makes it an option worth consideration.
That’s all we have to share on this locality. Please share your thoughts in the comments section.