KARACHI: The long-awaited launch of DHA venture on the Super Highway is likely to create ripples in the real estate sector, realtors said on Wednesday.
The DHA City is a new project of Defence Housing Authority, the commercial real estate arm of the defence department and administered by the Army.
Located in the area of Greater Karachi on the Super Highway, at 20 minutes drive from the airport, the DHA City offers plots of 200, 300, 500, 1,000 and 2,000 square yards. Prices range from Rs750,000 to Rs7,500,000. Payments are divided into instalments over a period of nine years after which the DHA would hand over possession of the plots.
Although few other housing projects are going on in the city, realtors say that the DHA has launched its project at a time when there is a slump in the real estate market.
Property dealers say that given this market slump it cannot be said whether people will buy plots there or not. But since the DHA has an impeccable reputation in property trade, there is a strong possibility that people will invest in its venture.
Dealers pointed out that DHA property ensures a safe long-term investment that is secure with no chances of illegal occupation and fraud due to direct administration of the army.
“However,” a realtor said, “in an area where a plot is available for Rs200,000 the DHA City is offering the same-size plot for Rs750,000,” commented a real estate agent.
DHA is charging three times the value of land in Greater Karachi that is located on the outskirts of District Karachi and has seen development only after the launch of Northern Bypass road project.
But Col ® Najam ul Islam Rishi, Secretary DHA, said that services, maintenance and security in DHA-governed areas mark a lifestyle unmatched by other areas and thus DHA projects have an edge over those by other developers. “We have just started this project, now the people’s response will tell us,” he commented.
After the launch of the project some builders in Karachi fear that DHA is slowly becoming a strong land mafia, capturing land and developing it under their banner wherever possible.
Secretary DHA says, “This land was allotted by the provincial government to us for which we have paid the money.”
While the government is unable to sustain basic services like electricity, water and gas in the main city areas it is difficult to imagine how these areas of Greater Karachi will be supported. But DHA authorities say that the government has announced certain plans for power generation and water supply expanded over a period of 5-10 years and the possession of DHA City plots will be in sync with this so that there will be no shortage of these basic utilities.
The real estate sector in Karachi will also have a positive effect with a project such as DHA in the vicinity the benchmark for other developers will also increase.
Response of the people is already predicted to be pretty good, “If it is a project by DHA most people and potential buyers will prefer it over other areas,” said another estate agent. “By the time the project will be completed it is expected that the basic utilities will also have reached there, increasing the value of the plots furthermore,” said he.
Source: The News
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