I am thinking to invest in PECHS as they seem to be the only society being developed at a rapid pace and delivering on their promises!
My friend bought a plot there 4-5 months back in K-block and they announced yesterday that they will give possession to that area in the next month as promised. What are your experiences regarding this society and the ones being developed near it ? Please share.
PECHS is over priced, i would rather consider Top City.
Pechs have been making a lot of noise recently mainly because its the only society out the 3 closest places near new airport which has given possession. There infrastructure is questionable and not the best I have seen, however, if prices are increasing then who am I to complain? in terms of investment point of view it appears to be good and prices will increase mainly because its a co-operative society that has handed over possession to most of their blocks, however, prices may be on a stand still or may decline once mc and tc give possession as they have better road access. I would have personally invested in pechs but the thing that always puts me off is the restricted road access as its mainly off fateh jang road. I would prefer more clearer route. Therefore, for me mc and tc tick the boxes but risk is slightly higher since they are single person ownerships similar to bahria town. Also a lot of money has been plowed into pechs this past year or so, mainly by foreign investors due to the first reason I mentioned above abou giving possession. I guess its upto you really, im still pondering whether to buy a possession 5 marla plot there but it seems over priced and may wait and see what happens with mc as they supposed to hand over possession towards December this year but they say will do before airport becomes operational so it wont be later than early next year.
Sir you need to consider development factors as well. PECHS is being developed rapidly. Top City is nowhere near PECHS in terms of development. Price comes with some assurance of return as well
I agree that top city took along to start development. But its in full swing now…hence prices took a big jump this year and once possession is given, prices will increase further more…plus construction of Kashmir highway will help also.
We all know how things go about in Pakistan. Companies come in with a lot of promises but deliver none. Same is the case with Top City. My only reason for investing in PECHS would be the assurance that it will get developed on time and they will deliver on promises and not be a GHOST society as we have seen in most of the cases. They are not just out there to mint money but to invest it as well. Your thoughts ?
Let me correct you sir, the reason for this was top city had a lot of behind the scene politics hence development started late as once these issues were resolved i.e looking for new development company etc…like I said before, its your money so its your choice. I have listed my analysis above and whether you agree or disagree is upto you. Whats your investment plan…are you buying particularly for investment to sell plot later or building a house for rental income?
Top City has given possession in B block , people have started building houses there, development is in full swing, Ehsan Iqbal visited New Airport before 3 days, FIA team has also started inquiring about the new airport issues and delay in construction, Supreme Court is after this mess. In Today News Paper, it's clearly mentioned that PM Nawaz Sharif will visit new airport site early next month as soon as he comes back from NY. Above all that, PECHS can not be compared with PECHS at any cost, road access, network, group is strong, plus development can not be ignored. Access and location are the main things in current scenario.
I will definitely check out top city in detail as I want the best return t. My investment. I want to buy it for investment purpose only.
Can somebody tell me the difference between cooperative and private housing society ?
Ok Tahir saab. Shahid saab - Private society is single person ownership, so risk is higher as its one man show an example is what happened to top city in the first place hence whole project got delayed. As co operative housing is co operative so its more favoured due to ran by multiple people. But in terms of pechs - they don’t have a clue between the difference between the two if im honest!
@Ch Shahid. There are several differences between the two. However, the key differences are:
A Cooperative society is jointly owned by all its members, usually with limited liability, and its affairs are managed by a mangement Committee duly elected under law from amongst the members. In a private society, the investor is the owner and he runs the show.
The registrar for cooperative societies, appointed by the govt is responsible for ensuring that the elected management committees of cooperative societies adhere to their society bye-laws, which in most cases cannot even be changed without the registrar's approval. The registrar is also responsible for ensuring that elections are held as per the rules. So through registrar, govt has a significant oversight over cooperative societies. No such supervision mechanism exists for private societies and if God forbid something starts to go wrong, the only govt office you can go to is NAB.
I agree with Amjad sahab. But just one small point. The word 'society' is used generally for 'cooperative' type structures. For company-owned or one-man owned private residential localities, the words generally used are 'town' or 'scheme' etc.
Thankyou for pointing that out Pk1, its a valid point.
PECHS cannot be compared to PECHS ?? Didnt get your point Nasir sb
Dear Tahir,
I have invested in K block last year in residential and Commercial Plot. As per promise, Possession has been given with in due time infact 2 months earlier..
They have started giving possession 3 days back when infact it was meant to be in November.
The prices are on higher side. I have bought plot of 10 Marla for 13k last year and i have been given offer of 23k few days back. Whereas commerical the property price was 75 Lac and now cross 1.4 Crore.
I believe once the Airport will be functional the prices will go further up and right now the only route to the new Airport.
In my personal opinion its the right time to invest over here. Though project is bit slow compared to Bahria but it will provide benefits in a longer term.
Lol, pechs cannot be compared to pechs?? maybe referring to top city. But how can top city give possession in b block when they have not given possession to block a and block a appears to be complete more than block b? they are building the houses themselves as they are trying to build the society up before giving possession as far as I know. They started development really late but its in full swing at the moment hence building houses and commercial areas themselves to get investors in the society, which is smart move considering they started development very late. So don’t know what your talking about… Can you elaborate further… Nasir saab about the possession business with top city.
I have seen top city. I dont like its outlook and how it has been managed thus far. Totally unprofessional !
What do you mean tahir about them being unprofessional? can you elaborate further?
Now it seems new airport near Rawat was just a “shosha”. Which was aired to increase prices of zone-5 property :-).