Dear forum members,
I am looking to buy own house in islamabad, my budget is 2 crores.
Major things i am considering are;
-proximity to all basic amenities, schools, colleges, hospitals, shops etc.
-able to accommodate family of upto 6 in one portion, 3bed
-able to generate rental income from other portion(s) to cover basic living costs, kitchen expenses, utility bills etc.
-good development, parha likha middle class comparatively less crowded neighborhood etc.
I am returning from overseas in a few months. Previously, i have spent most of my life in g sectors which i really liked, but i am open to consider other options as well.
Your feedback and suggestions are highly appreciated.
Thanks
Keep in mind that building your own house will save you at least 3-6 million rupees.
People who construct houses are asking very high profit margins these days because interest rates have climbed. Now they can deposit their money in savings and make similar or more money now instead of building a house and waiting to find the buyer for it.
So I suggest, you should consider building it yourself.
Assuming the Option is 'Buying' and not going into 'Construction'. Later option, may need more efforts and can be a hassle for an overseas return. However, some honest developers (an If here) can help constructing a quality unit, customised with cost effective solution and brand new unit. Trick is to provide material to them and avail-of only construction services, effective supervision is required. Rest are other details, only relevant, if only one likes to go ahead with personal constructions.
- Considering: Basic Amenities + Accessibility + Rental Value and Demand + Educated Neighbourhood.
1. Size Approximation: Ideal 7 Marla. Possibly 5 Marla is more realistic in that range but may get too packed with that number of family members. As a personal view G series could be better then I-9, I-10. I-8 can be an exception and a good one but needing a good search for reasonable unit/location.
G-11, G-13, I-8 (5 - 7 Marla) in range 1.6 to 2.3+
Monthly rent could go upto 80 - 100 k and in a few case slightly beyond 100k/month for the 5 Marla unit, depending on corner/location/construction quality. One can do the math for lower or upper portion. Generally speaking that may be 60/40 or 55/45 of 100% upper/lower portion rent
Accessibility is good, rental demand is good but with an exception of I-8, I and G-series sectors have deteriorated infrastructures and decreasing amenities/facilities, albeit good accessibility to Downtown locations.
2. Alternative in this context can be Bahria Enclave. Not as populated and accessible at those G and I series but for sure much better environment, among the best localities in ISB and high-end facilities. Going for developed part, e.g., Sector B may not be as lucrative in terms of price appreciation (comparatively) but for sure good enough for living and better rental demand.
Rest there can be too many other options but considering the above factors, these are a few of the options at the top of my head. I believe, other valuable members will have equally or better options to share here. Any decision must be made after personal visits, at times multiple of them.
** Figures above are approximations and may have some deviations that may be subject to factual corrections, welcomingly!
@JDM, thanks for providing your valuable suggestion. Since I have time till end of the year, I would appreciate if you can throw some light on the best options available in this budget for house construction, including Rawalpindi
@Imtiaz, appreciate your detailed feedback. I agree with you on the deteriorated condition of these sectors, with good location to downtown, but sometimes now I have another opinion that one does not need to go very often to downtown, also there is no real CBD. Offices are being shifted to places with less rents etc.
Middle class does not have that much money, there are less genuine buyers in the market, but prices are still high.
Any society with all basic amenities nearby can also be a good alternative, becasue it provides you comparatively bigger houses.
Appreciate if you can suggest places in rwp also for purchasing house, and construction option in both isb/rwp.
You can get a nice 10 marla house in your budget in bahria phase 8 sector E or F infect it will cost you around 170-180 (your own construction with A class construction) you can get builder built cheap houses in the same area around 160 lac as well.
But in 10 marla with 3 bedroom,on ground floor will be congested keeping in view that u want drawing and dining room separately however you can modify the design as well. I would also suggest that you should consider constructing your own house. if you have time and reliable person who can see things 24 hrs then you should hire contractor without material but if you don't have time then hire a full time contractor with material he will save you money in many ways and no hardship to deal with the materials and labor. but this decision is yours based on your personal situation and reliable and reputed contractor must be hired.
this is the other option which i have told you other then the options given by the above members which are also good.
if you need further assistance then you can contact me and will guide you further.
Agree with Abbasi sb, if one has to go to RWP, Phase 7 and Phase 8 one of the best available options in terms of value for the money and quality of development. Phase 8 prefeence 1. However, to me the slight turn off could be
- Location that is improving but even during slight rush hours, on the GT road to BT from ISB isn't pleasant. Moreover, rental yield and demand, as of now may be a bit lesser comparatively. Some pending legal litigations (Takhth Pari etc.) could results in some minor hiccups for Phase 8. These are my views and of-course, other valued members can add further to them, whatever I may be missing.
- Other reasonable mentions can be one of the DHAs, I-14 and alike.
- Importantly, considering your earlier requirements, I believe Bahria Enclave and Gulberg Residencia (possession parts), both fit the bill.
* Bahria Enclave: Sector B due to location, development and pricing sounds more relevant.
- Quality and standard of life is quite good and among the best available in ISB. Units are almost brand new.
- Pricing (approximate figures): 5 Marla double: 14 million, 8 Marla double in range 20 to 22 million. Cash payments always puts one in a stronger footing to negotiate the price.
- Rental value: 5 Marla single: Approximate Range 25k to 28k/month and seem to improve over time. 8 Marla Single: 35 to 40k/month.
- Location is quite reasonable with neighbouring projects Park View, CDA Park Enclave etc. Quite greener too.
* Gulberg Residencia
- Not as populated and developed as Bahria Enclave and others but best is its location (to me one of the best out of the lot). Will require 2+ yrs to be more liveable and in demand.
- One of the best block is I with 7 Marla unity in range of 17 to 18 million. Nothing much for rental demand as of now, as its just started to get into shape now.
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Re: Buy vs Construct
Construction can much better option and allows customization + cost saving. Bahria Construction can be a little bit expensive then many others so that adds up in the price tag. For example, in Enclave Section B a good, category plot can cost upto 5.5 to 6 million and double story unit with quality built on top of that can save lots of money.
Meet in the middle is to buy grey structure and finish that with interior as per one's choice.
Conclusion: in RWP BT Phase 8 for me, great value for money but accessibility and ROI are on downside. In ISB, Bahria Enclave with good access, quality of life and increasing demand.
At the end of the day, to me purchase plot of 8 Marla in B1 or C Sector (newly launched and prime location) with own construction seem ideal, based on preferences and criteria in the original question.
These are of course personal views, and may not be biased free but market trends reflect the same!
One of the best option may be, buying a 5 marla in G-14/4 and make 3 stories: a full open basement, a ground and 1st floor.
Put full open basement on rent and accommodate your family in 1st & ground floor.
I have seen these arrangement in F-11 of 20*40 (very small plot). All levels with separate entrances.
Due to being closer to H education sector, rents are lucrative and renters prefer to rent full basement portions on less energy Bill's, both in summer and winter.
Your budget can make it happen, In Shaa Allah
@all, thanks a million, really appreciate your feedbacks.
I have decided to send someone from my family to bahria enclave and g-14/4, to do an on-ground research.
One of my fofriend has purchased 7 marla plot in I-11/2 recently, what are the future prospects of this sector?
Another is selling his 5 marla house with basement in G11, old construction, but liveable, appreciate if you can share pros and cons of this option.
Thanks
I negotiated a 5 marla basement house in G-11 sometime before. The basement washrooms having forced discharge. The owner was working in Saudia and was migrating to Canada.
If this is the same house, refrain from buying as there was seepage in basement.
If you make your own, draftmen are amazing to design 3 stories with fully separated entrances.
The full open basement rent can afford all of your kitchen expenses plus a big chunk of car petrol expense.
As other members have suggested with your budget you can construct a 5 marla in g13 or g14, alternatively if you prefer a slightly bigger house then i14 or Bahria enclave(better development) are decent options so you should visit each area to see what you like better
I-11/2 & 11/4 are ok, as far as any litigations in those sectors. Not sure about 11/1.
Plus/Minus for I-11 is the location. Prime on one hand and being at the intersection of some Bus Adda and Sabzi Mandi, never the feel of a peaceful, quieter living and not sure about rental demand.
I-14 is good and somehow economical at this stage with CDA pouting money for development but no better then a typical I-series sector and a bit less developed then those even. Future as far as price appreciation for sure looks good.
Ad
Yes good balanced analysis no doubt bahria enclave and bahria phase 8 quality of living is much better i would prefer these area then any other area for kids . Rest imtiaz sahib has explained in detail about the pros and cons which i agree.
What about Bahria ph 4 or 3
Where are the prices nowadays over there
Too saturated with compromised future progression. Good for one with a peaceful lifestyle but I think less attractive compared to the likes of Enclave and alike projects.
I am not sure if you have any ground experience or not but it still is better than the rest of Bahrias
If access is issue then u haven’t seen Enckave access, that’s even pathetic
Yes Enclave access is pathetic and will get worse with passage of time!
Plus it is 22 km from faizabad junction. A deserted drive in late night hours!
But inside enclave, all is second to none!
If ground experience means visit, buy/sell, that qualifies me to type a YES :)
I never mentioned access (or location), I just said 'for me' "saturated with compromised future" (keeping in view the criteria being mentioned in the original question by AI). I believe, Enclave seems to hold more potential but of-course that's a personal view and not the definitive one!
Sale/Purchase trends (liquidity) supports that believe with relative growth pre Jun 2018. Combination of Developed & Non-developed and the rising neighbour (PVC, PE) - my vote on that!
AQ sb is right with Night time Access. Allah forbid, if some unfortunate happens, MR, Aleem Khan and CDA would not be able to sell there even at 1 lakh/marla in their respective project at that location. If I am not wrong, PVC has CDA approval and support for building a multi-lane access/road from Park Road. I would prefer, any day, 22 KM from Faizabad to BE then 20 KM from Faizabad to Phase 4 (on a broken GT road with heavy, smoky traffic)
Thank you @all. I will certainly look into the valuable feedback you all have provided.
It seems to me that 2Cr budget is not enough to purchase a medium size house in Islamabad sustaining on its own by renting out a portion of it to cover all expenses i.e. Utility bills, usual maintenance, etc.
Edited: By Islamabad, I meant established g sectors. I am gravitated towards Bahrias/DHA options, recognizing cons about distance/travelling etc.
Yes if your job is close to faizabad then that matters but it doesnot if you don’t have to visit Islamabad very often. but as a personal experience people who are purchasing houses in bahria phase 1-8 or DHA are mostly have the jobs or businessed in Rawalpindi however i know lot of families whose jobs are in Islamabad and living in bahria it all depend upon your personal choice.