Is it worth to buy a 30 x 70 plot in cbr phase 2 costing 25 lacs ? I have found a seller who is willing to sell his plot whose all dues are clear and possession is ready. Basic utilities are available. Purpose of buying is to hold it inshallah for 3 to 4 years and when i-15 i-16 are on peak with rrr i may sell or construct for living purposes maybe leave it for 5 to 7 years not sure yet.
Yes brother it sounds good in future. Buy near to main road or category plot in developed and possession areas. If you ask about 5 plus years to come it will be a good investment. Also consider options to buy commercials on main boulevard which are dirt cheap around 55 to 60 lacs bracket. One of my friend got 10 marla in sector B in 24 lacs approx 2 months back. The key is to buy a good location and level plot.
Yes the prices are like 24 to 27 lacs for 10 marla like 30 x 70.
The problem is there are plots of 5 marla with possession but in the price of 7.5 lacs to 8 lacs all dues clear but when you go for new booking CBR sells them for 15 lacs thats quite strange and if price of 5 marla is 7.5 to 8 lacs than why are 30 x 70 plots asking 24 lacs?
On some investigation and research a guy told me that those 5 marla options are those plots which were located to agriculture farmers who handed off there land to CBR and CBR in return gave them those 5 marla plots that is why they are cheap.
Still dont understand the logic.
Here is the deal with the CBR thing:
==> Possession Blocks A - E ready to construct with Power/Gas range:
- 05 Marla 16 to 18 lac,
- 10 Marla 24 to 28 lac,
- 01 Kanal 38 - 45 lac,
==> Under-developed Ballotted Blocks J, Employees, Prime etc. in range:
- 05 Marla 10 to 13 lac
==> CBR Residencia (Joint Venture between CBR and Private Party)
As par land acquisition formula, when the land bought from owners they are given the option for 1 Kanal Developed if they hand over 4 Kanal of their underdeveloped land to the society. The same formula in ISB/RWP used by BT/DHA and Gulberg etc.
-- Owners handover 4x under developed land and society gives them certificate/letter for 1x developed land.
-- The Letter/Certificate indicates Against Land, means even if society goes bankrupt that piece of land will be handed over to the bearer of that letter/certificate that has Against Land mentioned on that as its being reserved against the name on that letter.
-- There are no development charges on Against Land Files
-- When CBR Residencia bought land it issued lots of those files to land owners who sold them to get the cash and hence the price difference.
-- These against land files in 8+ lac upwards are only available in 5 Marla Category.
-- Generally these against land plots are alloted backend locations while prime location goes to those who booked from society on installments but price gap is big!
Dear Imtiaz,
Thank you so much for the detailed and kind reply. This explained me so many things which the agents and dealers were reluctant to explain or even tell.
Now I understand why those 5 marla plots are priced at 8+ lacs.
I understand they are far away and not on the prime location. Just one question here is it wise to go with 24 lacs for 10 marla plot or its better to buy 3 plots worth 8 lacs each of 5 marla if we see things from investment point of view. I am planning to hold for at least 4 to 5 years InshALLAH.
Please suggest.
Its all a personal preference, I in most cases would go for 1 Bird in the Hand than 3 in the Bushes ...
-- I would say, possession is better and with construction it will escalate as its on the doorstep of I-16.
-- Those files suit those who like to invest and have less than a million in a file that has Plot Number and Against Land with ongoing development but slow. It will be closer to Thalian and best among 4 blocks of Residencia are Umer and Abu Bakar Block.
A possible combination, 1x 5 Marla Possession (A to D block) and 1x 5 Marla File (with Plot Number) that fits the bill in 24 - 25 lac.