Fazaia Housing Scheme – A Good Place For Investment?
Fazaia Housing Scheme is a reliable housing project in Karachi that offers lofts and villas. Experts recommend that lofts here have had a mixed reaction from investors, but bungalows/villas have fared much better. Let us take a look why.
Fazaia housing scheme has two sites where development is in progress. Fazaia Housing Scheme Phase 1 is situated along Karachi Northern Bypass in a close proximity to Gulshan-e-Maymar, and Phase 2 is just 4-5 kilometers down the similar road. The way that it is particularly inside the main city also puts it at a great advantage.
The agreement for the development of Fazaia Housing Scheme was marked a year ago with a Chinese development organization, Shaanxi Foreign Economic, and Trade Industrial Group Co. Ltd. (SFETIC). Fazaia Housing Scheme aims to provide a world-class living to its occupants. Community clubs, institutes, health facilities, and lush parks are all part of the plan. Therefore, the project is expected to be a great place to live.
Low Demand Of Apartments:
Fazaia Housing Scheme Karachi has numerous things going for itself such as a trusted developer; Pakistan Air Force. The construction of apartments has just started. However, despite many variables that should make these apartment buildings a hot product, demand has not been as high as it was initially expected.
As indicated by Shariq Iqbal of Iqbal Hassan Associates, one viable explanation for this could be that the developers have offered far too many apartments. The rates of these units never truly took off and investors were careful to make big bets.
Bungalows Are In A Good Demand:
Bungalows, on the other hand, are getting a good response from investors. Two ballots were held in May and August for 1,600 units, and since then the costs of these bungalows have been going up.
The initial prices of bungalows were:
- Single-storey bungalows; 275 sq. yd. – PKR 9,204,500
- Double-storey bungalow; 125 sq. yd. – PKR 6,642,000
- double-storey bungalows; 275 sq. yd. – PKR 12,455,800
As per Shariq Iqbal of Iqbal Hassan Associates, Fazaia Bungalows are a fitting option for making a short and long-term investment. Costs here have been seen to be relentlessly going up since the ballot, and experts anticipate that they will keep on doing so.
In coming years, the greatest factor that will give a lift to Fazaia Karachi is its nearness to the M-10 Motorway, commonly known as Karachi Northern Bypass. Numerous vital improvements are planned along this road, as per the Karachi Strategic Master Plan 2020, including a transport and trade center. This could make the land of this region significantly more profitable.