ASF Housing Scheme Karachi is one of the most sought out properties in Karachi these days. The scheme was announced in 2016 and since then has been the centre of attention for many people. This is primarily because of the society’s location.
This project is for Airport Security Force (ASF) Employees, as well as the general public. It is a joint venture between ASF and Kings’ Group and is expected to be a magnificent addition to the country’s ever-growing real estate industry.
ASF Housing Scheme Karachi is located on Karachi-Hyderabad Motorway, inevitably making it a little too far to be easily accessible to the rest of the city. But on the other hand, the most attractive feature of the housing scheme is also its location; allowing the residents a chance to live in peaceful seclusion, away from the hustle and bustle of the city.
The project isn’t all secluded, it is still close to other notable housing projects such as DHA City and Bahria Town Karachi. A host of other societies are expected to be built here soon enough as well. The prospects for the society are bright, but significantly dependent on the scale of internal and external development. It is thus important to see how soon its full potential can be realised, which will then subsequently determine the investment potential of this area as well.
A real estate agent from ASF Housing Scheme said that the speed of development here is slow. He further added that although the main roads have been constructed, little work is being done for the overall layout of the society where no connections for water, gas and electricity have been laid down as of yet and little can be said about paving of streets, and any plans for the overall societal development in the area.
When the project was launched, a lot of people wanted to invest in it; many even bought property in the project, but the recent trends in the real estate market as well as the overall slowing of economy has dampened the investment potential here – making it suitable for long term only.
Another real estate agent added that it will take about four plus years for any prospects of this scheme to be realised. He added that this is largely because of the location that is too far away, which means that unless Bahria Town and DHA City Karachi are completed, no work on this would ensue. He, along with the other agent we talked to, added that because of low infrastructural development, distance from main city centres, and low development in the area it is situated in, most of the buyers and investors here are trying to sell their properties.
Property listings of ASF Housing Society can be found here. Most of the 5-marla plots are up for sale, which means most people bought them. This is an indication that in terms of price competitiveness 5-marla plots were the ideal choice for most people, and still present an ideal investment opportunity.
Sellers’ Point of View
Ghazanfar Farooq, a buyer and now a seller at ASF Housing Scheme, labelled investment here viable only for long term. He is of the view that this is a good venture for investors, but not for genuine buyers, who might want to build a house in a few years’ time, or even to sell their plot of land. Farooq bought his plot here a year ago and now wants to sell it so he can situate somewhere else – in a location that is close to the main city centres of Karachi, and in areas where the pace of development is high.
Another buyer from ASF Housing Scheme Arshad Baig also shared Ghazanfar’s views that investment here is of good potential only if it is long term. He also bought his property 1.5 years ago, and is eager to now sell it off, owing to very low development in the area. He believes that it will be years before his property in ASF Housing Scheme will be profitable for him, and so like Farooq, he wants to relocate his plot, albeit for a lower value than what he purchased it for.
ASF Housing Scheme is a good addition to Karachi’s real estate market, only if you are a long-term investor. This is primarily because it will take some years for the real estate market of this area to grow and become an attractive investment hotspot.
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