Dear experts,
Assalam-o-Alaikum,
I hope this message will find all in well. I am novice in buying property and need your professional advice in this regards.
I am thinking on investing "Lakhani Presidency" in Karachi.
Their 3 room flat is costing around I crore 40 lac.
The details I found online is very attractive and it is 24 floors buildings. Two buildings are going to complete and possession will be available in Nov 2015.
Based on my little search security becoming a big problem and secure location like Askari 4 and Cantt prices increased twice or thrice.
They offer same security as Askari 4 and they also offer per month payment.
Based on my discussion with them flats are already booked (most of them) and only few are left. I need your professional suggestion in this regards. Is location good, is Lakahni a respectable name, will it be a wise investment (we will be living their ). Any past experiences.
I will be very very thankful to you to provide your input.
Location map
http://lakhanibuilders.com/?page_id=176
Thanks & JazakAllah.
Dear Mohammad Nasim,
I suggest you check the following
Please clarify the payment plan. How many years is the payment plan exactly
Please clarify the annual service/maintenance charges for this apartment. Are these included in the monthly payment plan or it will be charged seperatly
Since it is a monthly payment plan, please check if you can sublet this apartment to another tenant in future. Is there any limitation or extra charges that you need to pay to Lakhani in this case?
Please also check what is the policy in case you want to sell the apartment in future. What is the total value that needs to be paid. What are the transfer charges in case you want to sell this apartment
Please also share the answers
Best of luck
Dear Ht_1,
Below are your answers as requested.
Qs.Please clarify the payment plan. How many years is the payment plan exactly
Answer: Please find details on below link
http://lakhanibuilders.com/wp-content/uploads/2014/04/price0104141.pdf
Qs. Please clarify the annual service/maintenance charges for this apartment. Are these included in the monthly payment plan or it will be charged seperately
Answer
The maintenance charges need to be paid by owners of particular apartment to the professional management company like "Body Corporate" that will look after maintenance of the premises after the completion. Once the project is completed, the professional management firm will be hired and all our customers will be informed of those charges. We aim to ensure the maintenance to be first class.
(COPY and Paste from FAQ)
http://lakhanibuilders.com/?page_id=195
Qs. What is the assurance of Possession Time?
Ans: We assure you on time delivery of your apartment and we will try our best INSHA ALLAH. At the same time we also believe that you will be punctual in your payments. However, if you are punctual and we fail to deliver the apartment on time then you will be entitled to receive rent from the company. The rent value would be calculated according to your paid amount.
Dears,
I need your professional suggestion and also personal suggestion regarding this project.
Thanks & JazaKALLAH
Nasim sab, please also check the location of project, I don't find it in very good location as compare to price you are paying, few points (please check map)
http://wikimapia.org/#lang=en&lat=24.905161&lon=67.111080&z=16&m=b&show=/26625502/Lakhani-Presidency
1- Its not on main road
2- Graveyard is just next to it (most of people never like to live next to graveyard)
3- One of its Neighbour is Dalmia (not safe place).
You can also consider investing in Emaar project DHA 8(expensive project) or you can invest in any of Saima builders (they are most reliable brand in karachi), check their nearby projects i.e. Saima Residency & Saima Square One next to millennium mall.
For a 3 bed apartment, the total price is 550K (plus 10-15% for location, height security etc). Lets assume it is 600K AED which is equal to 16M PKR. You will be only paying 120K (32MPKR) in monthly installments in 4 years, the rest is tied somehow to the construction and finally you have to pay an upfront amount of 381K AED (10.1 MPKR) upfront or get a loan from Bank (i am not sure the prevailing interest rate)
Not a very interesting payment plan for investment purpose. Further more the service charges are not included which needs to be added on top of this
There are some disadvantages with this investment
If you take loan from the bank, you will end up paying interest. You need to calculate and add the the interest amount on top of you your investments.
The total price of the apartment (16M PKR) seems to be high, please check the prevailing rates of the equivalent apartments
You probably can't sell it easily if you take loan therefore the business case is only to rent it out. You need to check the expected rental return of this apartment. It should be at least 6% of the apartment value excluding the service charges and 5% including the service charges. So if you are paying 16 M in total the monthly rental should be around 90~100K which i am not sure you will be able to get.
They are asking too too much… Better go for DCK or Bahria Town Karachi… New planning and safer areas.
Location and surrounding are the most important factors of buying property I don’'t think it the price and the surrounding worth that much of money right now. But again i don’t know about 10 years after now.