KDA to Launch Four New Housing Schemes in Karachi
Karachi is the largest city and financial hub of Pakistan. The last decade witnessed abnormal property price rise in Karachi. This has decreased the home ownership in Karachi as people can’t afford to buy a home. Since the introduction of Pakistan Budget 2019-20, property prices are in constant decline in Karachi and across Pakistan but still owning a home is a distant dream for the lower middle class people. Therefore government has decided to provide the long waited relief for lower middle class people of Karachi. The Karachi Development Authority KDA to launch four new housing schemes in Karachi next week. The new housing schemes will be low-cost and very affordable as compared to the market prices.
The Director General of Karachi Development Authority (KDA) Mr. Badar Jamil Mandhro has made it clear that notification of four new housing schemes has been issued by the local government authority. It is expected that new housing schemes will be launched during the next week. Another interesting fact is that KDA will launch these housing schemes after 20 years. KDA launched its last housing scheme in 1999 on Five Star Chowrangi North Nazimabad Karachi. The affordable housing schemes are need of the hour to provide affordable housing for the general public of Karachi.
Locations of the New Housing Schemes
Federal B Area Block 1
KDA Scheme 1
Korangi
Surjani Town
Sizes of Flats & Plots in New Housing Schemes
The 4 new housing schemes in Karachi will provide flats and plots of the sizes 80, 120, 200 and 240 Square Yards.
Launching Date
It is expected that four new housing schemes by KDA will be launched during the next week. These schemes will also be advertised in local newspapers for the information of the general public.
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New Projects in Karachi
Muhammad azeem uddin
on said
We are seeing historic lower level tax collection during last 50 years.
I mean 2018- 2019 total tax collected 3800 billion rupees and if convert usd it was usd 36 billion .
Now year 2019- 2020 expected tax collection 3400 billion rupees and in terms of USD 22 billion dollar.
My question from you:
What will impact on real estate prices ?
ANWAAR UL ISLAM
on said
Muhammad Azeem uddin
Declining economy means low purchasing power and less real estate transactions.
Low demand leads to low property prices.
Andil Khan
on said
Ive been searching for a plot near Islamabad for over a week……plenty of plots are available but no plot owners are decreasing their rates….infact all are increasing rates. Plot which was 50 lakh 2 years ago is now 1 crore asking price
Jashed
on said
Very strange and unbelievable
rizwan
on said
https://propakistani.pk/2019/10/24/fbr-goes-after-13000-property-buyers-in-karachi/?fbclid=IwAR19gsxiT2jTqmJfnULkX4EfhuqLb8no4dz-EV_-7_IBXVQYT1qNooQNDYs
PROPERTY BUYERS ARE BEING SENT NOTICES BY FBR
ANWAAR UL ISLAM
on said
RIZWAN
This is everywhere,
DHA, BAHRIA other societies and localities.
The only issue is the SOURCE OF INCOME.
ZERO TOLERANCE FOR BLACK MONEY.
People have money but its black.
So property prices are adjusting as per the purchasing power of the people with white money.
IM
on said
Why its so quite these days? What the latest on Karachi property market guys?
Jashed
on said
Very bad situation in KHI real estate market
ANWAAR UL ISLAM
on said
Jashed
Pakistan Real Estate Property Price Trends November 2019:
The situation is same across Pakistan.
Yesterday I met many realtors to inquire about the price trends.
One dealer told me that 8 Marla or 200 SQ YARDS Commercial Plot Price in DHA Broadway Commercial just opposite to Lahore Airport was 12 Crore. Now asking price is 6 Crore but no serious buyers.
Houses under 1 crore and plots under 50 LAC have seen less price decline due to the affordability.
But high end luxury property has totally collapsed.
Jashed
on said
Actually some of the sellers and real estate dealers are in a phase of denial that is the reason they are asking for high prices. Although there is a gradual down wards trend but the sharp decline is very much likely soon
ANWAAR UL ISLAM
on said
Jashed
This is the ground reality.
Due to the blockage of black money, property prices are falling across Pakistan.
The next few months are very crucial
Jashed
on said
Worst crisis
Muhammad azeem uddin
on said
Anwar bhai
You say worst crises in property but I am looking market no price fall at karachi, like gulshan e Iqbal, gulistan e johar, nazimabad, north Karachi etc.
Yes I am reading in news paper, gdp 2.4% , car sale drop 75%, 5 million people jobless, utility Bill’s coming high, stock shaking 34,000.
But real estate stand on same position.
Kindly give your opinion
ANWAAR UL ISLAM
on said
Muhammad Azeem Uddin
rising economy increases purchasing power and in turn property prices.
Whereas shrinking economy decreases purchasing power and in turn property prices.
As economy has crashed so are the property prices.
ANWAAR UL ISLAM
on said
Jashed
It is 10 times worst than the crisis of 2005-2009.
Indian economy has crashed. Banks are closing in India.
Europe has not recovered from credit crunch of 2008.
US economy is also on verge of collapse.
PAK Realty sector has never seen such a bad time.
It will take decade to recover.
Ayesha Rehman
on said
No buyer in the market.
Property market has crashed in Pakistan.
ANWAAR UL ISLAM
on said
Ayesha Rehman
Same situation across Pakistan.
Luxury market has totally collapsed as no buyers.
Even hard to find buyers for small properties worth 4/5 million PKR.
Shabeena Ali
on said
Sir
Times are hard indeed.
But, is there still any good investment option in Lahore for 4/5 years.
Ty
Anwaar ul Islam
on said
Shabeena Ali
During Property Stagnation only good investment is buy property with constant stream of income in form of rent
Lahore has a good option for investors; Jasmine Grand Mall Bahria Town Lahore.
If someone pays total payment, Bahria Town Guarantees 6% Annual return in form of rent.
https://www.ghar47.com/property/jasmine-grand-mall-bahria-town-lahore/
rizwan
on said
dear anwarulislam bhai kindly update on the current market situation
Anwaar ul Islam
on said
RIZWAN
Pakistan Real Estate Prices have collapsed.
LAHORE CANTT;
Prices were stable during last property collapse of 2005-9. But this time property in Lahore Cantt is down by 25%. Hard to find buyers.
KARACHI DHA;
500 Sq Yards Plots selling in Phase 7/8 at 5-7 crore, no one is willing to buy at even 2 crore.
LAHORE RENT CRISIS;
5 Months before hard to find a home on rent.
Now
Hard to find renters.
No jobs so people are returning to their cities, towns or villages.
ESTATE AGENTS;
A guy closed his agency in DHA Lahore. Working since 1999. Reason no property sale in last 9 months.
Hasan
on said
I would add a little bit to the happy state of DHA – Karachi market.
For a 500 square yards plot, some sellers may still be asking PKR 5-7 crores but that ship has already sunk.
Let’s take Phase 8 which was satta capital of DHA and prime money whitening facility available to the elite. Some time back, 500 square yards plots near Do Darya – Sector C – where construction was allowed had touched levels of PKR 5.5 – 6 crores.
Then the downward slide started which hasn’t yet run its full course.
At the moment, those plots are available for PKR 3.25 – 3.50 crores.
This price level is currently the one at which sellers are actually willing to sell – if there are buyers. Forget the general hype of a 500 square yards plot at PKR 5-7 crores; that’s just sound bites by brokers. Actual deals would be struck at PKR 3.25 – 3.5 crores as many sellers have mentally accepted this price level under present circumstances.
However, problem is buyers are not on the same page. They know very well that in absence of black money, even this price point (PKR 3.25 crores) is just a passing fancy in an ongoing downward journey.
In other words, sellers may be willing – but buyers are not.
So even though these 500 square yards plots of Sector C have fallen from PKR 5.5 crores to PKR 3.25 crores or by about 40%, yet there is still plenty of room to fall – perhaps by another 40-50% or so (approximately 75% from the former high points and a further 50% from present level).
And this does not even take inflation into account … or things would be in negative!
My personal feeling is that genuine, white money buyers do not exist beyond PKR 1.5 crores. These would be people not afraid of NAB, FIA et al who have all white money and can prove sources of investment.
This scenario could be extrapolated to rest of DHA as well. Increase or decrease a bit here & there depending upon old or new Phases, general level of built up surroundings, nearness or distance from sea, permission for construction or not, etc.
It’s the new reality sellers would have to come to terms with.
rizwan
on said
THX FOR THE ANALYSIS HASAN BHAI…I AGREE THERE ARE NONE TO XTREMELY FEW BUYERS IN THE MARKET…
rizwan
on said
THX ANWAAR BHAI… IN SHA ALLAH FURTHER PRICE FALL WILL COME..ITS JUST THE START
Mirza
on said
Situation at North nazimabad Karachi
I am following it for last 2 years at least as a potential buyer, overall not more than 10% sale and No sale of homes that I am following, sellers has reduced price of about 10% only.
overall situation is stagnant. Very little business for estate agents even less cases of rents.
frontline marketing
on said
AMNA TOWER SCHEME 33, KARACHI, PAKISTAN
4 & 5 ROOMS LUXURY APARTMENTS AND SPACIOUS SHOPS AVAILABLE FOR SALE !
0318-1011593, 0336-2788313
Spacious Shops
Reserved car Parking
High Speed Lift
Children Play Area
FOR BOOKING AND DETAILS VISIT: frontline marketing
Zain
on said
I would be much interested to know the details and pricing of the project….!if anybody plz keep me posted about and when the time of booking, so that I won’t miss it,.
Thanks.
Ahmad
on said
Before 1999 ,whatever was the situation, North Nazimabad at 5 star chowrangi I consider one of the best places of Karachi to live and in some cases even better than Defence or Clifton. Now it is a complete mess. All high rise buildings with no proper infrastructure to accommodate all those people. Broken roads, sewage and water problems and list goes on.
Good luck to those areas where KDA is going built new housing schemes.
Naeem Sheikh
on said
Salam
Interested to know
Location in Karachi
Sizes of plots
Price ranges
Thanks
Naeem Sheikh
nurahmans@aol.com
1-347-308-2867
Ali
on said
Would really like to know the price of these plots any idea
Will it be a good investment
amir
on said
what would be the price range of these flats/plots and how soon will the possession be given?
Anwaar ul Islam
on said
Amir
4 New Housing Schemes in Karachi by KDA will be launched during next week. All details will be published then.
Regards.
Muhammad Adnan
on said
Anwar ul islam sahab when will launch this scheme please tell me exact date?? And which bank will be given form?? Please tell me.
ANWAAR UL ISLAM
on said
Muhammad Adnan
Sure we will share all details on time