Ever wondered why Scheme 33, Karachi is the first option to pop up when people talk about lucrative investments in the city of lights? Well, there are a number of reasons why the project is nothing short of ideal for residential use and investment. And, affordability, hands-down, ranks at the top!
Being the country’s most reliable portal for everything real estate, we have taken this opportunity to source and compile all the latest updates about Scheme 33, Karachi, along with taking a closer look at the locality, and some reasons why the project boasts a better ROI among the plethora of the investment avenues in Karachi.
So, wear your investor’s binoculars, and let’s get investing!
Project Details – Scheme 33, Karachi
Scheme 33 was proposed as a regulated housing scheme in 1971 – under the dual flagship and control of the Board of Revenue (BOR) and the Karachi Development Authority (KDA). The scheme was planned, designed, and developed with an aim to provide affordable housing to low and middle-income groups of people, especially salaried individuals. The KDA was tasked with the responsibility of planning and development work, while the BOR was set to look after the cost of land, zoning, and other regulations.
However, the project was put on hold for an extended time for different reasons. Positive movements and developments once again started to appear on the map when the project was transferred to the City District Government of Karachi (CDGK) in 2004. This was the time when the megaproject recorded some remarkable progress and astounding developments that are continuing till now. According to popular folklore, the project owes its name to the period during which it was stalled — 33 years to be exact.
The project is located in close proximity to Gulshan-e-Iqbal and is surrounded by various significant developments, including none other than Gulistan-e-Jauhar, Gulshan-e-Maymar, and Malir Cantonment.
Sitting on the edges of the Karachi-Hyderabad Motorway, the project spans over an area of 26,026 and is expected to become home to around 137 housing schemes – out of which a few are already completely developed and populated, while more schemes have been announced. Furthermore, out of all the residential projects being said to occupy a “prime location in Scheme 33”, some were earmarked as “safe-for-investment” by the Sindh Building Control Authority (SBCA), quite recently. This step by the authority was welcomed far and wide since some bad actors were abusing the reputation and investment potential of Scheme 33 and robbing people of their hard-earned money. We will discuss the clean projects in the latter section of this blog, after first exploring some reasons as to why you should consider investing in Scheme 33, Karachi.
Investing in Scheme 33, Karachi – Is it a Good Idea?
It is no secret that Scheme 33 boasts a vivid spectrum, whether it is about location, pricing, or investment options. Here’re some solid reasons why you should consider investing in Scheme 33, Karachi:
- The Tax Perspective: In the valuation tables issued by the Federal Board of Revenue (FBR), the fair market value of Scheme 33 is quite reasonable. This makes the payable tax ratio fall within the range of property buyers and sellers – one of the major reasons why the property transaction volume here has picked up after the last fiscal budget.
- Affordability: As mentioned earlier, Scheme 33 is specially designed to provide affordable housing to salaried individuals. And, more than half the population of the city functions on either wages, commission, or salaries. Hence, it shouldn’t come as a surprise to see the housing scheme becoming word of mouth for many due to its extremely affordable payment plans.
- Litigation Issues: In 2017, the Sindh High Court had placed a ban on the construction of portions on residential units. The decision was taken to curb the city’s illegal and unapproved expansion, which had created a major imbalance in the distribution of resources and utility services. However, the ban was lifted in 2018. So, it is only natural to see new buyers, who are in genuine need of property, now heading to areas and societies that feature affordable houses and residential plots. It is yet another reason why the demand for property in Scheme 33, Karachi, has skyrocketed over the last few years.
Safe Investment Options in Scheme 33, Karachi
In comparison to the rest of the options for residential or investment purposes in Karachi – property prices in Scheme 33 fall within the budget of many buyers. Not to mention, there’s a variation in rates seen among different projects – some may come off as extremely affordable while others a little exclusive, depending on area size and location.
The criteria to pick a promising project in Scheme 33 is the same i.e., a society where property rates can potentially increase in the future with the addition of infrastructure and provision of top-class facilities. Meanwhile, the absence of litigation issues is another great factor that attracts both buyers and investors.
If you’re interested in investing in Scheme 33, Karachi, here’s a list of the societies that are marked safe for investment by the SBCA:
- Diamond City CHS, Scheme 33, Karachi
- Karachi Bar CHS, Scheme 33, Karachi
- Karachi Rajput CHS, Scheme 33, Karachi
- KMC United Workers CHS, Scheme 33, Karachi
- New Lyari CHS, Scheme 33, Karachi
- State Bank of Pakistan CHS, Scheme 33, Karachi
Plot Prices Scheme 33, Karachi
We have mentioned the average plot prices in the table below to give you a better idea about the market prices of residential plots for sale in Scheme 33 that are available for possession in different societies:
|Plot Size in Square Yards||Price Range in PKR|
|120||23 lakh – 1.2 crore|
|200||45 lakh – 1.75 crore|
|240||55 lakh – 1.71 crore|
|400||85 lakh – 2.25 crore|
|600||1.2 crore – 3 crore|
|1,000||3 crore – 16 crore|
This brings us to the end of our post. We have given you an overview of the area along with a list of safe investment options. We’ll keep this page updated with more information as soon as it comes in, so bookmark this page to stay updated with the progress.
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