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KDA to Launch Four New Housing Schemes in Karachi

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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15 Comments

    • 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.

      Reply
      • 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.

        Reply
      • 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.

        Reply
  1. 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.

    Reply
  2. 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.

    Reply

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