Dear Waqas, I haven't reached any conclusion. However, the decision is always dependent on your own preferences. If you work in Islamabad and don't like to commute, you can think about living in Rawalpindi Bahria. Moreover, its low risk and low return as the chances of appreciation are low compared to high risk and high return locality like BE. Bahria Rwp is now a matured society and hence i don't see any major increase in prices in the short term. In the long term, however it will show appreciation unless there are any good alternative societies offering the high life style like Bahria.
On the other hand, BE is in its infancy. Bahria is not paying it the kind of attention it deserves as they are busy in establishing their name and reputation in Karachi. However i visit BE on annual basis and i think the rate of construction is slow compared to Bahria standards but it is much faster compared to any other societies in Pakistan. For comparison look at Park Enclave next door to Bahria and you will realize the difference. It is still risky in terms that the project will take sometime to develop but in the long term it may prove to change fortune of the early investors all together. You can't get a plot so close towards the center of Islamabad at this rate. If bahria manage to create something like Rawalpindi, the rates will surely touch the sky since its Islamabad and the location is really beautiful.
Its PML-N in the government in center and we all know about Ch. Nisar speial relationship with Malik Riaz and hence i can also understand his decision to stay away from Isb for the time being to let it get a bit populated as well before he can shift his attention back to it. Lastly, i believe the buyback option may also be taking place in the market to ensure supply of plots meets the numbers of real owners. Anyways, i wont speculate as the last two points are based on assumptions and not information or facts.
In the end i would say its my analysis and please don't base your judgement on it. Please do your own calculations before making any decision. I am new here and trying to learn from the much learned gurus sitting out there who understand the market dynamics way better than us.