Citi Housing Multan is back with a number of interesting and important updates. Word in the market is that the scheme is all set for formal inauguration after Eid-ul-Fitr: certainly some good news!
Following its initial development announcement, it took only a year for the project, previously, to establish its name among the top-notch realtors of Multan city. And since then, the advancements made in the society in terms of its construction work are indeed quite remarkable; when considered on an overall footing.
But what, exactly, is all this progress that everyone in the property market has been discussing as of late?
Read on to find out.
Citi Housing Multan Launching Date
While no official date of inauguration has been revealed as of yet, many property affiliate say that the developers have planned the official launch of Citi Housing Multan near this year’s Eid-ul-Fitr celebrations.
Khawaja Mohsin of Citi Investments claims that the launch ceremony would take place after ‘Eid-ul-Fitr’ which, according to forecasts, will be celebrated in the second week of June. Moreover, he says that plots will be handed over to their allottees after four months post-inauguration. But as of now, it still remains to be seen whether the said time frame includes the current month, or would commence from June onwards.
Abdul Muqtadir of QKP Real Estate shares similar views regarding the official launch date of City Housing Multan. He says that the developers have yet to reveal the time and location, but expects the inauguration proceedings to take place near Eid.
Citi Housing Multan File Rates
What Should Residential Buyers & Investors Expect From the Project?
This is perhaps one of the most frequently asked questions pertaining to the scheme.
As of the writing of this post, only a limited number of files are currently available for purchase. Some property agents, knowledgeable about the situation, put their number as being close to a thousand ‘tops’. They explain that the developers have yet to deliver on the real tangible asset demand of buyers and investors in this whole affair.
According to Muqtadir, file rates witnessed an unprecedented surge in the last two weeks (of April). Further, he says that these rates tend to fluctuate on a day-to-day basis. Just a few days ago, a client was seen selling a 10-marla plot file for PKR 585,000; only hours after some folks purchased the very same investor document for PKR 522,000.
As of today, the asking price of a 5-marla plot file amounts to PKR 315,000. For residential properties measuring 1-kanal, file rates start from PKR 950,000. Similarly, the asking price of a 2-kanal plot file is PKR 1,850,000.
Mohsin, however, provides relatively higher figures of file rates in Citi Housing Multan – for plots measuring 1 and 2-kanal. He says that the price of a 1-kanal file starts from PKR 1,350,000, while a 2-kanal plot file can be bought for PKR 2,500,000.
Citi Housing Multan Location
Previously, several property market gurus had announced that the map of Citi Housing Multan was all set to undergo a revision. The developers had procured additional land for the project, and were waiting on attaining a new approval from the authorities concerned.
Muqtadir, when sharing the details of this development, explains that the developers – at the moment – have only issued the latest project map to executive dealers. It still remains to be made public.
Mohsin, on the other hand, states that the map would be revealed at the time, or after the conclusion, of the project’s launching event.
At any rate, it seems (for now) that the public may have to wait a little longer for gaining access to the approved schematic.
The residential scheme is being developed in close proximity to DHA Multan on Bosan Road – near Lutfabad.
Other Updates
According to Mohsin, the developers have completed more than 40% of the project’s construction work. The facilities, now in the works, include a dedicated commercial centre, a number of theme parks, an underground electrification system, as well as several restaurant and cinema establishments.
Muqtadir, in elaborating further on the project’s developmental scope, says that the society would comprise state-of-the-art buildings, and come equipped with a vigilant security & maintenance staff working round the clock. Residents would have access to ‘world-class amenities’, as well as a nearby public transport service.
An Investment Tip!
Property experts recommend not engaging in any financial transactions until after the commencement of the project’s official launch event. As of now, they are of the opinion that buyers should hold their investments – at least until the balloting date is announced.
With the official launch expected to take place after the closure of Ramzan, investors (desirous of putting money into the project) are generally optimistic about reaping favourable returns on their investments. And as such, any official word on the inauguration or balloting process would surely serve to boost their confidence.
For those looking to invest in files, both Mohsin and Muqtadir recommend focusing on 5 and 7-marla plot documents. However, they caution investors to consider all the factors before making investments in these instruments – which are nowadays largely being traded as stocks (with their prices always primed to fluctuate).
Are you looking to invest in Citi Housing Multan? And do you have any questions or concerns regarding your decision? You can discuss them with us in the comments section below. Alternatively, you can head on over to the Zameen Forum for a detailed conversation on the topic.
