en.ppostnews.com: Faisal Hills is known to create ripples in the real estate market of Islamabad from time to time with the launch of a new inventory. One of the reasons is that the project is backed by a reliable developer, Zedem International. In addition to that, it also has a strong dealership of happy real estate agents who believe that their clients will not regret investing in the project on their recommendation.
Lately, some interesting rumours are being circulated about Faisal Hills, making it about time for us to cover it for our readers. For this purpose, we have spoken to Saqib Javed of Al Rehman Associates, who deals exclusively in Faisal Hills.
Faisal Hills is located in Taxila, at the back of Margalla Hills, which falls under the jurisdiction of the Rawalpindi Development Authority (RDA). According to Javed, the RDA has granted approval for the preliminary planning of the project.
The project was launched in March 2016, and the developer conducted the ballot to determine the successful applicants a few months later in September. Back then, the developer launched 9,000 files offered on a payment plan of 3.5 years. The plot files on offer were for 5-marla (25 x 50), 8-marla (30 x 60), 10-marla (35 x 70), 14-marla (40 x 80), 1-kanal (50 x 90) and 2-kanal (75x 120) residential plots.
A look at the premium
According to Javed, soon after the ballot, file owners started asking for premium and since there existed demand in the market, the premium kept on increasing. About two months ago, just when strong rumours about the expected plot number ballot for Faisal Hills started to make rounds, the premium also increased. Back then, the premium was noticed higher for smaller plots, he told us.
With the plot file ballot delayed, the premium started to drop. At the moment, the premium on 5-marla, 8-marla and 10-marla plots is PKR 50,000 and 30,000 and PKR 20,000 respectively, while the bigger plots are sold on level (no profit, no loss).
Just recently, the developer has launched 2,500 new files for the project at higher rate. Due to having a higher price tag than older files, the demand for these files is currently low. As per the information shared by Javed, these files are being traded at a minus rate – a phenomenon fairly common in a project where new deals are launched with smaller gaps. However, this doesn’t mean that the new files had trouble finding buyers, because the 5- and 8-marla residential plot files have already been sold out.
Here is the payment plan for the new booking:
Javed has told us that Faisal Hills will have an interchange on Islamabad-Peshawar Motorway M-2, for which talks are going on among the society’s management and the National Highway Authority (NHA). The interchange is expected to add value to the society in terms of direct and uninterrupted approach, making it more easily accessible from other parts of Islamabad and Rawalpindi.
We have also learnt from Javed that the society management is currently busy finalising the project plan, and it will soon be in a position to hold the ballot soon. Javed has told us that the developer might share the project map with the stakeholders by the end of November and hold the ballot in December. December might also be the month when development work begins in Faisal Hills.
What to expect?
If investment activity can be triggered by rumours, than the actual development should bring about an even stronger response. We believe that as soon as the developer confirms the news about the final map being ready, both the old and the new files will be faired at a lucrative premium in the market.