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Karachi’s Scheme 45 is one of the many localities in the outskirts of Karachi where rapid real estate development is taking place. The project has been stalled for some time now, however, following the ballot in 2019, rapid activity in terms of trading and development can now be witnessed. In this blog we explore all about Scheme 45 Taiser Town Karachi, and the latest updates.
All You Need To Know About Scheme 45 Taiser Town Karachi
Taiser Town was initiated as a housing scheme by the Karachi Development Authority (KDA) in 1986. Almost 10 years later, it was handed over to the Malir Development Authority (MDA) in 1996 and was relaunched by the MDA in 2005. It is located in the northeastern part of Karachi—where you’d also find another popular neighbourhood, Gulshan-e-Maymar and, a popular water park called Dreamworld Resort—and spans approximately 21,000 acres. Taiser Town is projected to house around 2.5 million people. The housing complex comprises two phases. Phase I has nine sectors, whereas Phase II has about 30 sectors.
The Engineering Consultants International Limited (ECIL) have designed the masterplan of Taiser Town Scheme 45, and includes a range of amenities and facilities such as parks and recreational avenues for families. Around 9,500 acres have been reserved for recreational facilities of the town. The housing society is being developed as a small town on its own, and will have all avenues for commercial and recreational activities so people do not have to venture far into the city to get these facilities. According to the map, the project will have a commercial district along Karachi Northern Bypass. This is a prominent feature of the housing society as Karachi Northern Bypass is one of the main routes in Karachi that will offer an easy commute to residents and plenty of business opportunities to commercial investors as well.
The area was deemed a little far from the main city, however, as Karachi develops and expands, more people are now looking to invest here, and build a beautiful home for themselves in Scheme 45.
Taiser Town, Karachi: Development Status
Taiser Town’s NOCs from utility companies are still pending, however, investors should not be wary of this, as in the coming years, industry experts believe, prices will increase. Investment, therefore, is expected to bring in good returns from the medium-to-long term.
As far as future development plans are concerned, according to the official website of Scheme 45, Taiser Town, Karachi, the area shall comprise residential sectors, commercial and mixed-use buildings. Around 10 percent of the housing scheme will be dedicated to parks and playgrounds. In addition, for every 1000 residential units, there are plans for schools‚ colleges‚ places of worship, a library‚ a water treatment plant, hospitals, clinic, offices for utility departments‚ wedding halls, community centers‚ an auditorium, a bus terminal‚ a local post office‚ garbage collection points‚ fire brigade stations‚ police stations‚ parking spaces‚ markets and public toilets.
Properties in Taiser Town, Karachi
There are a number of residential and commercial plots to choose from. Phase I is offering properties at a relatively higher price, but still affordable to a lot of investors. A 120 sq yd plot will cost PKR 600,000 to PKR 800,000. An 80 sq yd plot will cost PKR 400,000 to PKR 500,000. In Phase II, you can purchase plots at an even lower price.
Authorities are working round the clock to get water and electricity connections to the housing society. All projects are leased by the government but the MDA has set a proper procedure for getting your property leased in the buyer’s name. This should not take more than a month. Possession is available in most sectors of Phase I as most of the development work has been completed. However, in Phase II as the development work is still underway, possession is still not available.
Properties in Phase I include residential plots of 80, 120, 240, and 400 sq yd. These plots are available in old sectors that had their balloting in 2005. For sectors that had balloting in 2019, only residential plots of 80, and 120 sq yd are available. Transfer fees for an 80 sq yd plot is PKR 5,000, for 120 sq yd it is PKR 6,000, and for 240 sq yd it is PKR 12,000, and for 40 sq yd is PKR 16,000.
Authorities are now working closely with buyers to facilitate home construction plans. All development work for electricity, water, and sewerage has been completed. However, as this is a government project, only after people start living here, will the government provide utility connections.
While possession is available, no houses have been built in this area yet. The authorities are now waiting for people to direct their investment here as the prices are still relatively lower.
Zameen Trends for 2018-2020 show that the overall demand for properties in Karachi increased by 103%. The demand for plots during the same time period rose by 49% and for houses, it increased by a whopping 132%. Meanwhile,the demand for apartments rose by 122%.
As the demand increases, so does the price. The average price of 120 sq yd houses increased by 35%, that of a 240 sq yd unit registered a growth of 17% and the price for a 605 sq yd house shot up by 13%. As for the average annual rental yield for houses, it stood at 4.5%. As for the average annual rental yield for houses, it stood at 4.5%. As the demand and prices are going up, the value of properties is also following a similar path. On average, the price of a 120 sq yd residential plot increased by 14%; the price of a 240 sq yd unit by 15%, and that for a 605 sq yd house by 22%. All these numbers point towards the fact that the demand for residential properties is increasing and so is the value of property. It signals investment in societies like Taiser Town where properties are affordable and investors can earn a good profit in no time. It is also a positive sign for people looking to buy homes in Karachi.
Thinking about investing in Taiser Town, Karachi? It’s best to do your research first. Make sure to read the following blogs to make an informed decision:
- Buying a Home for Beginners — A Guide
- How to Buy a Plot in Pakistan: a Step-by-Step Guide
- Documents You Need To Check Before Striking a Property Deal in Pakistan
- Tips for Buying a Land for Commercial Use in Pakistan
For any queries, you can write to us at blog@zameen.com. For more property updates, keep checking Zameen Blog, the best real estate blog in Pakistan.
