When the Sindh Local Government Department decided to take Bagh Ibn-e-Qasim from Karachi Metropolitan Corporation (KMC) on March 30 and hand it over to Bahria Town for 10 years, their move was met with serious reservations. However, for me the more important question is how the market value of property around the park will be affected by the move.
At present, the matter is with the Sindh High Court, which stayed the handover and started hearing the case on April 3. Meanwhile, Bahria Town clarified that given the controversy around the agreement, it was no longer considering taking over the park.
On May 9, the court further extended its stay order. With public opinion heavily against this move, it appears as though the park is going to stay in KMC’s possession.
The park’s story
Bagh Ibn-e-Qasim looks over the Clifton Beach and in its glory days, enhanced the beauty of the locality, while giving the ordinary people an opportunity to relax in its charming surroundings. Visitors came from all over Karachi with their families. It also served as a venue for important national and cultural events. It had its place in the social and cultural landscape of the metropolitan city.
Its decline is a sad tale of mismanagement. The Playland, aquarium and other attractions it boasted are in utter ruin. Shabby, barren plots have now replaced beautifully trimmed plants, lush green belts and different varieties of flowers.
My sources tell me that uplifting the park will lead to a lasting impact on the area’s realty market.
What this means for the locality
The park is located in a very posh area, where Clifton (Blocks 3 and 4) meets with DHA (Phase V Extension). Real estate here is the most expensive in the country – after all the value of Karachi’s residential property has increased 50.54% in the last three years. Therefore, while the park’s shabby condition has not brought down prices in the area, prices are expected to rise if it is restored.
Historically, plots and homes with views of any parks or green belts are sold at higher prices. If this park is to be restored, there is every likelihood that similar price trends will be observed in the locality.
Clifton-Block 3, which is along western periphery of the park, has many high-rise apartment buildings like Clifton Gardens, Marry Fountain, Beach Blessing and Karachi Beach Residency – all of which are expected to see an increase in value if the park is developed. So are the bungalows along eastern wall of the park which are part of Clifton-Block 4. Facing the park are some commercial buildings like Park Tower and Bahria Icon Tower whose value should take a boost if condition of the park is improved.
The main concern that people have is handing over public property to a private entity. However, if Bahria Town is able to change the shape of the park and restore it to its former glory then nearby real estate isn’t the only thing that will benefit – people from all over the city will be able to enjoy the park.
What do you all think about the park? Would you invest in a home nearby because of it? Let me know in the comments section.
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