The society has been in news for a while now, but on the 6th of December, we received good news about it. According to a news report, the Rawalpindi Development Authority (RDA) cleared the society by approving its town plan.
University Town is located on Kashmir Highway Link Road near Islamabad Toll Plaza on Motorway M-2. Its location is deemed to be prime, as it is fairly close to Islamabad’s soon to be inaugurated new international airport. The society falls in the Rawalpindi region and has been approved by the RDA but it lies closer to Islamabad proper than many other housing societies of the neighbourhood which are believed to be hot among investors.
Lately, the society has seen addition of some new board members who are keen to develop and deliver it, according to Irfan Niazi of Bhakkar Property Point. In addition to that, some high housing projects with fancy price tags for properties on offer are soon to be launched next to University Town, he added.
The society comprises six blocks; Blocks A, B, C, D, E, and F, and features residential plots in size of 5 marla, 10 marla, and 1 kanal.
The developer has so far completed development work in Blocks A, B, and D, and also granted possession, according Muhammad Usman of Marvat & Associate. A few families are already living in Block A, while some houses are also under construction in Blocks B and D. Usman said that connections for electricity, water, and Sui Gas are available in Blocks A and B throughout while Block D is yet to get connections for Sui Gas.
In Blocks C and E and their Extensions, development work is underway but the developer is yet to acquire possession of land it purchased for Block F, where development work has only been initiated for the commercial plots, Chaudhary Asif of Al-Barkat Properties said. The developer has committed to grant property possession in the main areas of Blocks C and E by June this year, while development work in Extensions of Block C and F will take at least one more year to complete, said Asif.
The developer is also currently busy acquiring more land along Blocks A and D, which will allow society to have direct access from the twin cities, via Kashmir Highway, said Niazi.
A look at rates
Being a project that took a while to offer property possession in half of its blocks, property rates here remained low for a while but this could change, most agents believe.
As development work is being carried out in many sectors and extensions of these sectors, variation in rates is high. So the lower rates quoted in the following table are for the plots where development work is yet to be initiated and higher for those for which possession has been granted. Have a look;
|Block||Plot Size||Price Range|
|Block A||5-Marla||PKR 1,500,000 – PKR 2,200,000|
|10-Marla||PKR 2,800,000 – PKR 3,600,000|
|1-Kanal||PKR 4,500,000 – PKR 5,000,000|
|Block B||5-Marla||PKR 1,150,000 – PKR 1,650,000|
|10-Marla||PKR 2,500,000 – PKR 3,200,000|
|1-Kanal||PKR 4,500,000 – PKR 5,000,000|
|Block C||5-Marla||PKR 1,350,000 – PKR 1,700,000|
|10-Marla||PKR 2,200,000 – PKR 2,600,000|
|1-Kanal||PKR 4,000,000 – PKR 4,200,000|
|Block D||5-Marla||PKR 1,400,000 – PKR 1,800,000|
|10-Marla||PKR 2,500,000 – PKR 2,900,000|
|1-Kanal||PKR 4,200,000 – PKR 4,800,000|
|Block E||5-Marla||PKR 1,500,000 – PKR 1,700,000|
|10-Marla||PKR 1,800,000 – PKR 1,900,000|
|1-Kanal||PKR 3,000,000 – PKR 4,500,000|
|Block F||5-Marla||PKR 1,400,000 – PKR 1,600,000|
|10-Marla||PKR 2,100,000 – PKR 2,200,000|
Where to invest?
The real estate agents contacted are all of the view that interested buyers looking to construct their home right away should stick to Blocks A, B, and D. The investors should stick to main areas in Blocks C and E where the developer is looking to granted possession by June this year.
According to Asif, some plots in University Town are very deep, and purchasing such a plot could be unwise. In addition to that, one should be cautious about buying a plot in a block or parts of blocks which are not developed yet.
So that was our update on University Town, if you have any feedback or questions for us, let us know through your comments. You should also get the take of our property experts on Zameen Forum.