With the timely commencement of development work, it seems that DHA’s plan to carry out fast track development in Prism 9 is well on its way. It appears to me that the current streak of price rise seen in this phase is more than just mere hype created by investors and agents. The present activity in the largest phase of DHA Lahore rests on the developer’s commitment to make Prism 9 a model phase.
I came to know of a few unique features of Phase IX just after it was balloted in May 2015. Those features were so intriguing that I had decided that I will one day move to Phase IX from my place in Phase I. Considering the size of this phase which according to official sources is 40,000 kanals, many agents believed that investment in Phase IX would not mature before at least a decade. Fortunately, this estimated timeframe has come down to 6 years. Meanwhile, trade volume also refuses to simmer down and rates have gone up by 100% in prime locations since the balloting.
Another major development that took place recently is the groundbreaking held on February 8, 2016. During this ceremony, DHA Lahore Administrator Brig Zafar Yasin Babar made an important announcement about the completion of initial development work. According Brig Yasin, Prism 9 will be developed in just four years. This news has left the plot owners excited as they anticipate their investment to gain greatly in value in years to come. The effect of groundbreaking is already seen as property demand is constantly on the rise along with rates of prime properties.
It is, however, important to note that agents operating in DHA are somewhat unhappy as they do not understand why property rates in this phase are already at par with those witnessed in Phase VII. Because of this, they are often seen advocating in favour of other DHA phases and have a list of reasons why Phase VII or Shauhada Town are better. Still, this phase supersedes all others in terms of demand and trade activity. I am compelled to think that if this price rise continues, there’s a slight chance that it might become the most expensive DHA Lahore phase even before it offers possession.
Prism 9 is by far the largest DHA phase in Pakistan and it will set the standards for all other DHA developments in the time to come. It will be walled and have a total of eight monitored entrances and, of course, underground electrification. Moreover, there will be Wifi access on the streets, a huge drive-in cinema, theme parks, a golf course, a polo club, a school or a college in almost all blocks and a grand central sports complex.
Prism 9 will have a total of 16 blocks featuring 25,600 residential plots and 1,900 commercial plots. Furthermore, I am sure that new files or plots will be launched as and when DHA acquires more land in the surrounding area. It is interesting to note that rates in private housing societies located in the vicinity of Prism 9 are also going up, perhaps in anticipation of eventually becoming part of this phase.
Currently, DHA is looking to award contracts to companies for the construction of smaller roads and related developments. There is no concrete update available in this regard yet, but Brig Yasin’s announcement suggests that we will soon hear more. Any such activity will bring along a decent rise in rates, while the steady growth in property prices is bound to continue any way.
With this timeline in place, genuine property buyers looking to construct their houses in the upcoming years should consider buying in a plot in Phase IX. According to the agents I have talked to, this phase may be able to offer property possession in the next 5 to 6 years.
So, if you own property in Prism IX, you should hold onto your investment to reap higher rewards in the years to come. For those planning to invest here, it is still not too late. Act now!