While most people in Pakistan are not looking forward to the scorching heat and humidity that summer brings along with it, Faisal Town (F-18) investors are definitely on the edge of their seats waiting for July. This is because the developer has plans of granting possession of Block A!
Hence, while the July sun torments us, there will also be a warm glow in the hearts of Block A investors as they gain possession of their property and, consecutively, enjoy price hikes.
Although the future prospects of the society still need to be analysed in detail, precedents suggest that possession is definitely good news. That said, it is about time we explore what the society offers, how it is currently faring, and where it is going in the future.
Faisal Town (F-18) Islamabad is located near the M-2 Motorway on Fateh Jang Road, providing not just direct access to key areas of the federal capital, but also a direct route to travel to other cities in the country.
This location definitely acts as a competitive advantage. Needless to say, a good address is crucial.
Options and development
The society is divided into two blocks: Block A and Block B. Block A features 7-marla,10-marla, 14-marla, and 1-kanal residential plots. As possession for this block is to be granted by July, development work is nearly complete.
The markaz has been constructed, roads have been carpeted, and all utilities including electricity, water, and Sui gas are present. The society’s management is currently busy adding the final touches before possession is granted.
Current prices and future prospects
Right now, the society is faring well. Prices have remained relatively stable, or increased slightly, as development work progressed. The current rate for a 7-marla residential plot stands at approximately PKR 2,200,000 – PKR 3,000,000, while that of a 10-marla plot falls between PKR 3,200,000 and PKR 4,500,000. A 14-marla plot is priced at approximately PKR 4,000,000- PKR 5,500,000 and the 1-kanal plot falls in the PKR 5,500,000- PKR 8,000,000 range.
According to sources, prices are likely to increase by approximately PKR 400,000 (and may even increase up to PKR 700,000) after possession. These are just estimates, and prices may surge even higher after construction begins.
Real estate activity
According to agents I conversed with, real estate activity in the society was previously slow as the property business went through a bit of a recessionary period. However, things have changed now, and investment activity has picked up, especially in anticipation of possession.
Possession for Block B is due by the end of next year according to Sheraz Manzoor of Pak Associates. If you are sulking because you missed out on the opportunity to invest in Faisal Town F-18, don’t! A new block, E-17, is opening bookings soon and we will fill you in as soon as details are released.