Citi Housing Gujranwala needs no introduction.
Being one of Citi Housing’s earliest residential projects, the scheme is also widely hailed as a top-notch gated community in Gujranwala city.
Phases of Citi Housing Gujranwala
The project comprises three phases: I, II and WAFI Citi (Phase III).
The first two phases are fully developed and sold out, and currently feature a lot of resale activity taking place. WAFI Citi, in contrast, is undergoing development work, and is expected to be completed in the near future.
This blog provides an update on the overall buying trends and prices that have been recorded for the society – as of April, 2019. As mentioned earlier, the first two phases have reached a saturation level in terms of development and habitation.
Phase III, however, still continues to attract genuine buyers (people interested in taking up residence over the long haul). It consists of blocks EE, FF, GG, and HH.
Citi Housing Gujranwala on the Map
Citi Housing Gujranwala is situated along the city’s Upper Chenab Canal area. It is accessible by two major highway routes: GT Road and Canal Road.
WAFI Citi sits adjacent to Phase I, and can only be reached by passing through the said project section.
What’s in Store for Investors and Genuine Buyers?
The recent property slump in the country has also affected Gujranwala’s real estate market adversely – among a host of other cities’ localized property domains. Citi Housing is one of those residential schemes that have witnessed a noticeable decline in property prices.
Other than through bearing the brunt of this national market dynamic, the project’s slow pricing trend has also been caused by the recent introduction of a customer registration process. All potential residents now have to pay a CVT and Stamp Duty fee on their chosen properties.
But to ease some of the pressure of property purchases, the management has also – simultaneously – introduced a new timeframe policy to facilitate buyers and sellers. Buyers are now allowed to complete the property-transfer process within a three-month period.
Not surprisingly, this administrative provision has attracted a number of new customers to the project.
According to Hassan Basra of King’s Real Estate, a Citi Housing residential plot measuring 5-marla can be acquired at a price ranging from PKR 1.8 million to PKR 3.6 million. Similarly, the price of a 10-marla plot in the society goes from PKR 3.8 million to PKR 7.5 million.
A 1-kanal plot, on the other hand, can be purchased for a price figure between PKR 9 million and PKR 13.5 million.
Below is a tabled representation of the project’s plot sizes and their current prices.
|Plot Size (in marla)||Plot Prices (in PKR)|
|5||1,00,000 – 3,600,000|
|10||3,800,000 – 7,500,000|
|20||9,000,000 – 13,500,000|
As of the writing of this piece, the project developer has not communicated any official Citi Housing Gujranwala payment plan.
At present, most sections of the society have been declared liveable.
The older blocks, as indicated above, have already achieved full completion status – with possessions granted. Also, almost 85% of the development work in WAFI Citi has been finalised. Construction work on residential properties is taking place at an unprecedented pace.
As of now, very few houses remain that are still undergoing construction.
In terms of project features, the residential scheme comes inundated with several state-of-the-art facilities; such as a theme park (inaugurated in April 2018), commercial centres, and an efficient underground electrification system. Additionally, the society’s acclaimed Citi Housing Gujranwala cinema attraction (built within the commercial zone), entrance sculptures (of Hellenistic inspiration), and world-class restaurants have proven to be hugely popular with resident families.
The project’s inhabitants are also particularly fond of visiting the Citi Housing Gujranwala zoo, as well as the Citi Housing Gujranwala theme park.
Available Investment Options
Basra sees WAFI Citi as the most preferable property purchasing option within the society from an investor’s point of view. He bases his assessment on the observation that this particular phase has yet to achieve full development status.
Currently, the prices in WAFI Citi are moving at a snail’s pace. In some blocks, several property market gurus have even reported a decline in Citi Housing Gujranwala plot rates. They believe that this pricing trend will persist for some time.
In the project’s already developed phases, resale activity is on an all-time upswing. Residents are actively negotiating their house costs with potential buyers.
Basra further says that all the hype, which previously characterised the society’s open market profile, is fading slowly. He associates this popularity shift with the development status of the project; now converted into a largely habitable location (following a strenuous period of 12 years).
So are you ready to invest in Citi Housing Gujranwala? If you’ve got any queries related to the project that require urgent answering, please reach out to us through the Zameen Forum.