As we’ve seen time and time again, circulating rumours often set market trends in the real estate industry. I come across such information all the time and in this ‘rumours making rounds’ series, I will share it with you. However, please note that these rumours are just that – mere rumours. I will not disclose the sources and I will not stand behind the authenticity of any of these. What you do with the reports is entirely up to you.
This week, I have decided to set my rumour radar on DHA Multan.
DHA Multan has been awaiting its official launch for almost a year now. As a blog writer trying to present the accurate picture, this delay has left me frustrated many times. Once again, I have come across rumours regarding the official launch of DHA Multan and before an official statement is disseminated in this regard, I am also going to take it this way – a mere rumour.
Per my sources, DHA investors in Multan are currently busy acquiring land pockets that fall in the first phase of this project. DHA has also given a deadline in this regard – December 31, 2015. It is widely believed that the speedy process of land acquisition is due to the fact that DHA Multan is preparing for its official launch in the first quarter of 2016. As a consequence of this news that has spread like wildfire in the property market of Multan, rates of DHA files have gone up.
Although the low year-end activity often casts a shadow over the property sphere in Multan, the situation is different this time around as expected official launch of DHA has heated up the market. The circulating rumours also have people excited about the official rates of these files which, according to different sources, can range between PKR 4,500,000 and PKR 5,500,000. The mentioned rates do not include development charges. In the case of 1-kanal residential plot files, the development charges are expected to be more or less PKR 1,700,000.
My sources have also revealed that during a meeting with official investors, DHA gave some serious deadlines and shared details on repercussions the stubborn landowners might face. Landowners (of the property falling in DHA Phase I) who refuse to sell their property to DHA Multan’s official investors at the rate currently being offered, which is PKR 6,000,000 per acre, will face the wrath of Section-4.
Per Section-4, if landowners don’t sell their property by the deadline, the constitution allows DHA to acquire their land by offering them the DC rate, which ranges between PKR 1,600,000 and PKR 2,600,000 for each acre if land. Please note that current rate of DHA Multan’s 1-kanal residential file (as of December 15, 2015) is PKR 2,865,000, while the offered rate per acre is PKR 6,000,000.
Moreover, DHA Multan now officially has two entrances, one from Boson Road and the other one from Mattital Road. The streak of new developments suggests that perhaps the official launch of DHA Multan is actually looming up ahead. Now, I am eager to hear it from the DHA officials.
The absence of smaller plot files on offer is believed to be the major reason why a lot of investors looking to invest in 5-, 7- and 10-marla plots files were directed to Wapda City. Rumour has it that soon after the official launch of DHA Multan, the authority will also launch plot files in smaller sizes. In that case, a fresh wave of investors will hit DHA Multan, making it the city’s most attractive real estate development of 2016.
It is widely believed that launch and balloting of DHA Bahawalpur was the main reason why DHA Multan was delayed. This makes sense to me too because if I were to choose between DHA projects in Multan and Bahawalpur, I would pick the former.
Let’s see if rumours about the expected launch of DHA Multan actually materialise this time around. If you have a say in this, please use the comments section below.