Islamabad Cooperative Housing Society (ICHS) generates a significant amount of attention for its affordability, particularly because of its relative proximity to Islamabad International Airport, even though it is located outside Islamabad. Recently, a publication announced the launch of new plots in ICHS Town Phase I-Extension, which may be a perfect opportunity for long-term investors looking for affordable plots on instalments. Here are all the details you need to know about them:
According to Pearl Marketing representative, new plots have been launched in Quaid Block. The launched plots include 5-marla, 7-marla, 10-marla, and 1-kanal residential plots, along with 4-marla commercial plots. The amount payable is divided into two parts, with almost half the amount payable as down payment, and can be considered as the price of the land, while the approximate remaining half is payable in instalments over the next two and a half years, and can be counted as development charges.
Here’s the detailed payment plan for residential plots:
|Plot Size||Down Payment (PKR)||Development Charges (PKR) (Paid in Instalments)|
There are different categories in the 4-marla commercial plots that have been launched, according to Pearl Marketing representative. He explained that these are available on cash payment only, and there are three categories:
One is the “Front Commercial” which is located on the main road and is priced around PKR 2.8 million. The second category is corner plots, which are priced around PKR 2.5 million, while the other plots are priced between PKR 1.8 million and PKR 2.2 million.
Prices for old plots
The prices for old plots stand as follows:
In Phase I, the 5-marla plots are priced between PKR 800,000 and PKR 1.1 million, while 1-kanal plots are priced around PKR 2.2 million to PKR 3.5 million.
In the Extension, the 5-marla plots are priced between PKR 300,000 and PKR 400,000; and, 1-kanal plots are available for around PKR 1.2-1.3 million.
According to Waqas Asghar of Tahir Associates, the market has been kept active by long-term investors as it is indeed a perfect opportunity for long-term investors to invest in Islamabad near Islamabad International Airport. While the investment will have to be held for around three to five years, depending on where you are investing, the margin for returns will be high.
Development in the housing scheme itself is taking place a great pace, the development in Phase I has already been completed 70%, sewerage lines have been laid, roads have been completed and grid station is being installed. Similarly in Phase I-Extension, significant development has been taking place which is a good sign for investors!
Another good thing from location perspective is that infrastructure is being developed around ICHS: CPEC road is nearby, so is Kashmir Highway, and more roads are being constructed. Moreover, Islamabad International Airport has been inaugurated and it will continue adding value to the housing scheme.
What is your opinion on ICHS? 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.