Pakistan Property

Affordable Housing Societies in Islamabad – What options do you have?

Given the chance, many of us might prefer to live in Islamabad due to its green, planned and well-facilitated bounds. But can we afford to do so is a question that many of you might have been pondering over for a while. Recently, many new societies were launched in the Islamabad Capital Territory (ICT), which spans over 1165.5 square kilometers. Many of these societies are essentially low cost, catering to the housing needs of buyers on a budget. Would investing in one of these new housing societies be wise? Not exactly!

The problem

According to stats shared by the Capital Development Authority (CDA)’s Housing Societies Department in 2015, Islamabad had a total of 107 illegal housing societies. These societies are essentially ones for which the developers didn’t get an NOC from the civic authority.

According to the CDA, marketing housing societies that don’t have an NOC issued by the authority is illegal. The civic body also restrains marketing agencies from launching misleading campaigns for these schemes. In addition to this, the CDA directs developers to refrain from marketing and initiating development work in these project without procuring an NOC.

We have often seen that the societies declared illegal by a development authority often face serious issues, which later makes the concerned departments launch an investigation. So if you are also looking at some budget-friendly options to buy residential plots in Islamabad, I recommend you only choose from the societies that have been cleared by the CDA.

Here are my recommendations for the genuine buyers.

PECHS

Located in Islamabad’s Zone 2, it is one of the few housing societies where property possession and connections for utility services are available. Enjoying the immediate vicinity of the under-construction New Islamabad International Airport, the main entrance to Pakistan Employees Cooperative Housing Societies (PECHS) is from Fateh Jang Road. The development work here is 95% complete and the developer is looking to grant 100% possession in the next four months.

Following is the price range of residential plots in PECHS. Please note that the possession for all 5-marla residential plots has been granted.

Plot size Price range
5-Marla PKR 1,700,000 – PKR 2,500,000
7-Marla PKR 2,000,000 – PKR 2,200,000
10-Marla PKR 2,300,000 – PKR 2,800,000
1-Kanal PKR 3,500,000 – PKR 5,000,000
2-Kanal PKR 7,500,000 – PKR 9,000,000

MCECHS

This is another secure option to consider in Zone 2. The Ministry of Commerce Employees Cooperative Housing Society (MCECHS) is also known as E-17. It has been 65% developed while property possession is available in over 35% of the project. Connections for water and electricity are readily available here, while Sui Gas connections are not.

The genuine buyers looking to construct their homes right away should consider Block B, because 100% property possession is available in this block. Please note that Block C is still undeveloped. Following is the rate of residential plots.

Plot size Price range
5-Marla PKR 1,200,000 – PKR 1,600,000
10-Marla PKR 1,700,000 – PKR 2,400,000
1-Kanal PKR 2,100,000 – PKR 6,500,000

Gulberg Residencia

Located on Islamabad Expressway, the society is posh in many ways. However, property rates here are quite reasonable right now because property possession is available in only eight of its blocks. With development work going on and the fact that its neighboring Gulberg Greens – an exclusive farmhouse community – is seeing a robust addition of many grand and high-rise mixed-use developments, Gulberg Residencia holds great future.

Property possession is available in Gulberg Residencia’s Blocks C, E, F, G, I, J, L and V. Here is the rate of residential plots in developed blocks.

Plot size Price range
7-Marla PKR 2,500,000 – PKR 4,100,000
10-Marla PKR 3,500,000 – PKR 5,500,000
12-Marla PKR 4,000,000 – PKR 4,500,000
1-Kanal PKR 7,500,000 – PKR 10,000,000

There you have it, readers. If you have any other options that you think are worth talking about, you should share them by commenting below.

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