Citi Housing Developments are known best for upping the investment game every time the developer hits a new city. Such projects are always popular among property dealers who like to feel the rush of seeing rates go up and down with new and more buyers queued up to take their share from the brewing market conditions. So how soon should be expect to see Citi Housing trying to take Multan by storm? Let’s find out!
The developer has been busy acquiring land for their Multan project from the last couple of years. The details have been kept from leaking about the society’s planned location but many could sense that it would be on Bosan Road. So yes, Citi Housing Multan is located on Bosan Road and according to Sayam Ahmed of QKP properties, the site is one kilometer ahead of DHA Multan’s main entrance.
The project is currently in its initial phase, and waiting for approval of its NOC. In the meanwhile, the developer has been engaged in selling the available units to their registered dealers (read investors).
According to Mohsin Khawaja of Citi Investments, the developer has acquired 5,000 kanals of land but the project will be launched in phases. Under Phase I, the developer is all set to roll out plots in sizes of 5 marlas, 10 marlas, 1 kanal and 2 kanals via its registered dealers.
Khawaja has revealed that development work at the site has been going on for a while where the developer has completed work on the two-kilometre long Main Boulevard. While work on the society’s main entrance and Main Office is in the final stages.
For initiating development work on rest of Phase I, the issuance of NOC is awaited. Khawaja is hopeful that it will be issued sooner than many anticipate, he also has a timeline in mind; two weeks.
It is almost always easier for a developer to operate through a set of registered estate dealers who work as the marketing and sales staff for the developer. And Citi Housing is known for establishing strong ties with local estate dealers who further ensures that the circle of investment goes on for as long as it’s deemed profitable.
According to Ahmed, the available inventory for Phase I has been sold out and just and when the developer launches the project, the files will be sold via the authorised agents. Selling these files shouldn’t be a problem as the launching rates are kept reasonable while the payment plan is also convenient, he added.
The developer is currently waiting for the issuance of NOC to formally launch the project and invite public to invest. In the meanwhile, the development work carried out so far will act as a catalyst to keep their hopes high and interests intact.
A look at the market rates
Shared in the table are the rates introduced by the developer some time ago. The payment is to be completed of in 10 quarterly instalments by booking a plot at 15% down payment.
|Plot size||Price in PKR|
What to expect?
It is highly likely that plots in Citi Housing Multan will flip hands before the end users will finally make an entry in the medium term. Khawaja is, however, sure of one thing; the developer will ensure that overselling doesn’t take place and the process is kept transparent to help the buyers stay at bay from any inconvenience.
If you think Citi Housing Multan is all set to change the way how real estate market was treated in the past, let us know through your comments. And those of you looking to seek further consultation can give Mohisn Khawaja of Citi Investment a call on +92-321-666-3400.