What can PKR 5 million buy you in Islamabad?

Ever since the government decided that non-filers cannot purchase property worth over PKR 5 million, the demand for property under this price range has increased. While, the prime buyers in the real estate sector that currently struggles with low transaction volume, are genuine buyers who often prefer smaller plots, the PKR 5 million limit has only increased their demand further.

Luckily, the capital city of Pakistan is not short of fine options within the PKR 5 million limit. In fact, many believe that for the right kind of plot in the appropriate size, the ideal price to make a solid investment lies somewhere close to this limit. Apart from the debate on why you should become a tax filer, the market currently is more fertile for property investment.

This blog shares some options where you can purchase property having a declared value of PKR 5 million or below.

MPCHS, B-17

Multi Professional Cooperative Housing Society (MPCH), B-17 is located between National Highway (NH)-5 and Lahore-Islamabad Motorway M-1 near Sangjani Interchange. It comprises of seven blocks, including the recently launched Block G. Here, the available plot options in terms of size are 5 marlas, 10 marlas, 14 marlas, 1 kanal and 2 kanals. It is one of the few housing societies where property prices have been going up consistently over the last year.

If you wish to stick to the new bookings in Block G, you should know that the developer is offering 21% discount on payments made in lump sum. Among the available options on instalment, the total price of all plots except for the 1-kanal plots is lower than PKR 5 million. And applying the 21% discount on 1-kanal plot purchased on cash payment, the total price is left to PKR 5,016,500. But looking at the current buying trends, the appropriate options for investment are 5-marla and 10-marla plots.

If you wish to pick a plot from the other blocks, you should know that the average market price of 10-marla plots in B-17 is PKR 4.43 million.

Bahria Enclave

According to Zameen Search Trends, it is among the top three most popular places among people looking to buy residential plots in Islamabad. The society has been seeing fluctuation in demand and market rates. At the moment, the numbers of available options within PKR 5 million are shrinking due to ongoing development work. In addition to that, the increased investment volume lately observed for this project suggests that rates will also have gone decently up by the end of this year, making Bahria Enclave a viable investment option.

In the PKR 5 million limit, you can purchase only 5-marla residential plots here in Blocks F, H, I, J, N, and O.

Please note that according to the official website of CDA, the society is yet to acquire an NOC from the CDA. As per the agents operating in Bahria Enclave, the society not having an NOC shouldn’t be a problem for the new and existing buyers as the matters related to getting a go ahead from the CDA are ones that can be addressed as soon as development progresses.

Park View City

The society has recently been launched, and the launching ceremony was held just a few days after the CDA restored its NOC. Along with extensive media coverage and advertisement, Park View City has successfully managed to turn many heads. According to the society’s spokesperson, the developer has ample land in possession where the plots are launched only against the available land.

In addition to offering non-developed plots on an instalment plan, the developer also has a payment plan in place for developed plots, where the buyers can get immediate possession and start construction of their homes right away. The availability of plots that have possession available on down payment is one of the reasons why the society is also catering to the needs of end users.

Since the society has an ace location and is a project which features A-category construction standards, rates here are not the same as that in projects which are in the launching phase. Here, the total price of 5-marla plots (on instalment) in blocks where development work is underway is PKR 3.95 million.

With CDA approval granted, fast-paced development work underway, and an existing market demand, Park View City indeed makes one of the finest places to buy a plot in Islamabad.

These are some of the options we thought were best to be discussed. You must also have some projects on your mind that best fit our title, we would love to have a look at your list. Do share your thoughts by leaving a comment below.