Pakistan Housing Authority (PHA), working under the Ministry of Housing and Works, is the face behind various housing projects across the country. Now, it is set to launch another project that is likely to catch your attention for investment. Read on to find out what the PHA Foundation has in the pipeline.
The authority has planned to offer flats in Sector I-12/1. In this vein, it has opened membership and only members will be allowed to purchase these flats. Interested candidates will be required to submit membership fee of PKR 25,000 to recommended banks such as Habib Metropolitan Bank, Silk Bank and Standard Chartered Bank. The authority will not accept membership forms sent by a courier.
Flats, allotted through a lucky draw, will be offered on easy instalments of 2 to 3 years. According to a PHA Foundation official, the draw will be conducted within two months.
And what if you fail to make the cut? Obviously, the membership fee will be refunded, but there is a catch – a 20% deduction will be made in the refund. This does seem a little awkward, but for now, you can be hopeful about the draw.
Click here to view and download the membership form.
Who is eligible to apply?
All citizens of Pakistan, including people from Azad Kashmir and Gilgit Baltistan, are eligible to apply. Furthermore, Pakistanis living overseas who have Nadra-issued national identification cards may apply as well.
Please don’t forget that only registered members will be able to apply for booking, so the membership must not be taken lightly. So, if you plan to own a flat in the sector, you need to make the move before November 11, the last date to apply for membership.
Current status of Sector I-12/1
Our sources tell us that development work in Sector I-12/1 is underway at the moment. The ground has been leveled, but road infrastructure is still incomplete, which is why plot holders cannot trace the physical location of their plots just yet. They still need to refer to the society map for that purpose.
Please see the table below to get an idea of the current market price of plots in the locality:
|Plot size (Square foot)||Price Range|
|25x60||PKR 3500,000 to PKR 4,000,000|
|30x60||PKR 4,200,000 to PKR 4,500,000|
|35x60||PKR 4,500,000 to PKR 5,000,000|
*The market prices for different categories of plots have been provided to us by Mr Tahir of Mehran Enterprises. You may contact Mr Tahir at 0331-5843530 for more information on sale-purchase of properties in Sector I-12.
Now that the PHA Foundation has planned to offer flats in the Sector I-12/1, investors should expect to see sale-purchase activity and prices rise in the locality in the near future.
That’s all about the sector for now. Rest assured, I will keep you updated about the major developments in the sector in future as well. If you have any queries about the development in mind, please feel free to have a conversation with me in the comments section below.