Citi Housing, Multan awaiting approvals for revised maps

The Citi Housing, Multan project was announced early last year, and a lot has happened since then. The progress achieved in a year has been impressive: land was acquired, approvals obtained, and a fair amount of development completed.

The response has been mixed throughout the year: the announcement was followed by a mild excitement which continued for several months, but then interest dialled down a bit after the files were launched. Since then, the amount of trade conducted and prices observed have been on a downward trend.

So, how does the situation stand currently in Citi Housing Multan? Read on to find out.

Developments: Approval for revised map, balloting

Citi Housing Multan had previously obtained Multan Development Authority’s approval. But according to Shoaib Lodhi of Smart Real Estate, Citi Housing has obtained more land. He explained that more land is being acquired towards Bosan Road, and another 300-foot gate and road system is going to be constructed there; apart from a relatively smaller gate that is already present. This means that the map has to be revised, and a new approval will be required for this purpose.

According to Lodhi, development is going to be on hold until the new approval can be obtained. However, previously, a reasonable amount of development had been done on the entrance, and the main boulevard; while the Citi Developers own marketing office had also been finished.

The news of balloting in Citi Housing was making rounds in the final months of the previous year; although both Lodhi and Abdullah Zafar of Zafar Associates refuted them. Lodhi estimated that no word on balloting would be heard until June or July (of this year) – at the earliest.

Market and prices

The market, so far, has been dull; as per both Lodhi and Abdullah. Some buying and selling has taken taking place, but the volume is not particular high. The prices have also continued on their downward trend, as shared in our previous update on Citi Housing, Multan – and now they have decreased further.

According to Abdullah, currently the 5-marla files stand at PKR 65,000 below the launch price, while the 10-marla file prices range between PKR 150,000 to PKR 200,000 below the launch prices.

Investment considerations

Both Lodhi and Abdullah are of the opinion that anyone who has already invested in Citi Housing, Multan should consider holding until the development begins – and/or the balloting is announced. The prices are sure to rebound once this process commences, and investors will be able to gain a reasonable margin of returns.

For people interested in putting their money into City Housing Multan, they felt that now would be a good time to invest. The prices are as low as they are bound to get, they reasoned, and the file-buyers are not likely going to sell any lower than this – so now may be the right time to purchase. Before prices rise.

Are you looking to invest in Citi Housing, Multan? Do you have any questions about the project? You can share your queries with us in the comments section below. Alternatively, you can head to the Zameen Forum to engage in an extensive discussion on the topic.