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Here is our latest update on Capital Smart City in Islamabad

Property
4 min read | Samra Zulfiqar  | March 16, 2018

Some claim that Capital Smart City is to become the first ever smart city of Pakistan and they have a list of some valid reason to make these claims. According to them, a project cannot be turned into a smart city but conceived on the smart lines and planned accordingly till the very end to fit into the definition. Well, we may be able to see it happening soon because Capital Smart City is soon to be inaugurated officially.

We have collected some fresh details for you about the project that has been attracting regular traffic on Zameen Blog and continuous business for the authorised agents of Capital Smart City.

How well was the pre-launch received?

Plots offered under pre-launch received a roaring response from local as well as overseas buyers. The pre-launch for Overseas Block was held on the 10th and 11th of February, while that of other blocks was done on the 4th of March during Zameen Expo 2018 in Islamabad. You can read complete details about the Overseas Blocks by reading our last blog.

Qazi Investments, a UK based real estate marketing firm, was engaged for the pre-launch of the Overseas Block, while HomeKey Enterprises looked after the pre-launch for other blocks. Except for a few plots in Overseas Blocks, the units offered in pre-launch at attractive rates have been sold out. In fact, those who booked it just recently are now demanding a premium of PKR 50,000 to 100,000 on these plots, for which they have only paid 10% of the total amount as booking price.

About HRL

If you are concerned about how this huge project will get into shape to reward you with returns that tempt you, please note Habib Rafiq (Pvt) Ltd complete their Royal Orchard project in one and half year starting from scratch. Their strength and expertise can be gauged from the fact that they are also engaged development Defence Housing Authority in Multan and Bahria Town in Karachi, and that’s despite the fact that development has already been started in Capital Smart City, which is yet to see its official launch.

So, if you think developing Capital Smart City in the due time would be tough for the developer, you are perhaps wrong. The real estate marketing firms and agencies authorized to market and sell Capital Smart City believe that the developer has its largest stakes involved in this project and that they are looking forward to seeing the society’s official launch.

The official launch

Our sources claim that the developer is planning to officially launch Capital Smart City by the end of April or start of May this year. The timing has been set according to the inauguration of Islamabad International Airport. The theory behind this timing is to give the right options matching investors’ expectations from this neighbourhood.

It is also expected that the investors looking to make an exit from some projects cashing big profits from the airport’s inauguration may find Capital Smart City apt for reinvesting for even better returns. Also, note that the Capital Smart City NOC was approved by the RDA

Impact on rates

The inventory offered under pre-launch has finished, while the new rate list shared for the next round of booking is higher by 5%. The authorised agents are yet to receive their quota for the new booking and they hope to sell it rather easily this time because even after the rise of 5%, they see existing demand for the project. Here is the payment plan for Capital Smart City’s yet to be announced new deal:

Plot size Booking amount On Confirmation Quarterly Instalment Total price
5 marlas PKR 205000 PKR 205000 PKR 140,000 PKR 2,050,000
10 marlas PKR 350,000 PKR 335,000 PKR 235,000 PKR 3,500,000
1 kanal PKR 520,000 PKR 497,500 PKR 350,000 PKR 5,210,000
2 kanals PKR 1,040,000 PKR 995,000 PKR 695,000 PKR 10,410,000

Development Charges

About this, the developer is yet to finalise the details. Experts, however, believe that per marla rates could be approximately PKR 100,000. The dues will paid according to a payment plan, the duration for which is yet to be decided. These details can be confirmed once officially shared by the developer during the project’s official launch.

What else?

Our sources indicate that rate of plot offered on the society’s official launch in the next one or more months will be higher by 10% to 15%, which also means that premium on booked plots will also increase.

We have also learnt that the project site will be open for investors to pay a visit soon after the project is officially launched. By then, they will be able to see boundary wall in place, road work in advance stages on the main boulevard, and ground leveled to do plotting and mapping roads.

So if you believe that Capital Smart City is fit for making an investment in Islamabad’s Zone II, you can seek more information from Raja Shafqat of HomeKey Enterprises by giving him a call at +92-333-539-7771.

The comment section below is open for you to share queries and feedback.

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Samra Zulfiqar
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.

  1. Hi,

    I just want to let everyone know, the prices advertised for the capital smart city are not the actual full price you will pay for their residential plots.

    I am not saying to invest or not to invest you make your own decision but please do your own research and don’t rely on what they tell you.

    The Capital Smart City marketing don’t tell you that you will have to pay additional 13 or 14 lakh rupees as a development charges for the 10 marla residential plots alone and vice versa for other plot sizes. These charges you must pay after 2 years. Their advertised price for 10 marla is approx 33 lakh rupees but after adding the development charges it becomes approx 50 lakh, meaning 5 lakh rupees per marla.

    I spoke to many of their marketing and other agents but no one mentioned about the substantial development charges neither they have mentioned this on their websites apart from a small print at the bottom “price excluding development charges” which looks as if its going to be minor charges but these aren’t.

    Recently I went to attend one of their event in the UK. we watched the whole presentation, there was no mention of these charges. We asked if there going to be any other additional hidden charges etc and we were told over and over again NO.

    I don’t want to write a long story but I just advise everyone to invest your hard earned money wisely.

    Asad

    1. I greatly appreciated Asad’s comments highlighting the real situation what is happening in our coutry.

  3. Development charges to the extent of 1 lac per marla appears very high. Is it a mistake? That means apart from 50 lac I paid for the 1 kanal plot, i need to pay additional 20 lac as well at the end? This means the plot will actually cost me over 70 lac. And this doesn’t include any possession charges. That’s too high vs. market.

  4. Its been almost a year now,that the rumors of Launching the Project and starting the marketing media campaign is heard. Dates a quite often, heard from January to May and then at the inauguration of Islamabad Airport. But nothing is seen on TV or print media. Seems like another false claim of fulfilling the commitment to deliver in 3 years time.

    Actually, Delay in Project suits the Developer as well as owner…

    God Bless us

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