The first two phases of Wapda Town Multan dominated the market when they were launched – and they still continue holding the interest and imagination of genuine buyers and renters in the city. To quote Usman Sayam of QKP Real Estate Developers & Builders, it is difficult to find a house on rent in these phases. Phase III hasn’t achieved this level of transaction volume yet. There were land acquisition issues and then the development was awaited. There is, however, good news on that front: the latest from Wapda Town Multan is that development is set to begin in Phase III.
Phase III is located right next to DHA Multan and the property options on offer include 5-marla, 7-marla, 10-marla, and 1-kanal residential plots.
Development and Balloting
Development and balloting are two of the most anticipated events, particularly for people who have already invested in Phase III. According to Ch. Adnan Akram of Clean & Clear Property Marketing, development is set to begin in Shakh e Madina Block of Phase III for residential plots.
Adnan explained that a contract has been signed with NESPAK and development can be expected to begin soon.
In our last update on Wapda Town Phase III in May, the on-ground sources had mentioned that balloting is expected in about four to five months – around October. According to the latest from Adnan, balloting can only take place after the map has been approved and steps are being taken to have the map approved. The timeframe for balloting, he estimated, will remain the same.
Market situation and prices
According to Yahya Ahmad of QKP Real Estate Developers & Builders, the market still remains slow. Indeed, the prices have dipped slightly since our last update as well. It has been reported, he said, that NAB itself is buying plots in the housing scheme. However, at least for now there hasn’t been concrete information on that matter either. In any case, how the market will react to the matter still remains unclear. As it is, the prices in Shakh e Madina stand at around PKR 170,000 per marla.
Notwithstanding the current situation, it looks like the situation is sorting itself out in Wapda Town Multan Phase III and we may possibly see the volume of activity and prices increase soon.
What should the investors do?
According to Yahya, if you have already invested in the housing scheme, then the best option for you – if you have the holding power – is to hold on. He explained that when he bought the plot in Wapda Town Phase III, the prices were around PKR 250,000 per marla. Now they are PKR 170,000 per marla, it will be a loss to sell, so he is holding and hopeful that eventually things will come through.
Indeed, considering the circumstances, as explained above, things may be set to improve for Wapda Town Phase III, particularly in the medium term and for Shakh e Madina, when the development may progress, and balloting held in 6 to 12 months. Once these events happen, decent profits may be expected.
For those looking to invest now, the experts advised that they should consider it a medium- to long-term investment, if anyone invests.
Have you invested in Wapda Town Phase III? Do you have any questions about it? You can talk to us in the comments section. You can also head to the Zameen Forum for an extensive discussion.