Sialkot Real Estate – What’s Latest In The Market?
The Sialkot real estate market has failed to gain development as rest of the country gained in last two decades. The city has some industrial output. The local realtor feels that the growth lapse maybe due to the interest of people to stay closer to the city.
A very famous proprietor Sheraz Butt states that the market growth is slow for a while. The reason behind this slow growth is due to heavy import duties, taxes and transfer fees that have imposed in the past years. All these factors have led to transferring become more expensive.
Citi housing scheme has been on the top and there is a great difference between its popularity and area.
Citi Housing Scheme:
Sheraz Butt has observed that society is performing very well. According to his perception, more than 10 transfers are taking place on a daily basis and sometimes, it goes high up to 20 which is a great achievement for the city. Block B has launched new plots on 7th October 2017 and that generates an opportunity for the renewed interest of investors in the society. The new plots have an area of 10 Marla and price is PKR 4,850,000.
There was some uncertainty, unfortunately. The 10-Marla plots that are being sold earlier were priced between PKR 6,000,000 and PKR 6,700,000. Now, it totally depends on the decision of people that whether they will go for the old ones or newly launched plots. Butt thinks that it might take 1 week for the situation to become clear. He believes that if the prices are PKR 4.85 million now along with the prices of other plots, then these new plots will maybe go as high as PKR 5.8 million. The new plots will bring down the prices of old ones.
If we talk about development, It has been completed in the whole society except the basic facilities of gas connections that are expected to resolve soon. The society has a wide cinema, parks, mart, banks, and schools. According to butt, there are chances that the society might launch cinema and mart within a month.
It is a well-developed housing society with lucrative facilities in the whole Sialkot.
CEO of KM Estate Developers and Builders Kamran Mughal has elaborated that Airport had brought some activity initially in the area. Few housing societies have already been developed here like Happy Valley, Palm City, and Airport Avenue Housing. According to Kamran Mughal, these societies were not able to catch the interests of the people due to the failure of proper development.
Kamran Mughal thinks that it is only a misconception to focus on Airport road. It is not the people of Sialkot who buy property there. It is the people from other cities or overseas who are showing their interest in Airport Road.
Director Muhammad Arsalan Khan has shared some important points about the Airport road. According to him, the area is not that much developed like Daska road and Cantt. People from other cities have high interests and overestimate the power of Sialkot airport area because Airport areas in Lahore and Islamabad have always been the best opportunities for investment.
The prices in the airport area range from PKR 150,000, to PKR 200,000 per Marla which seems extremely low for Sialkot’s real estate.
Sialkot Cantonment (Cantt):
Sialkot and the nearby area is one the most high-end areas of the city. Many developers like AR Estate, Khan and Usama Ismail were agreed of the opinion that Cantt has a great number of societies outside the barrier. Cantt View Colony is the best one in the surrounding societies.
Ismail mentioned that there are some colonies within the Cantt barrier. The prices in these colonies are PKR 1,800,000 while the plots range 15 Marla, 20 Marla,1 Kanal and 2 Kanal.
Those societies that are outside the Cantt barrier are cheaper than others and the price ranges between PKR 700,000 to PKR 1,200,000 per Marla. According to Ismail, Azeem Colony has a good prime location and development with prices starts from PKR 500,000 per Marla. BUT, the roads of this society are very small.
Ismail thinks that Cantt View Colony will surely make good investment returns for the investors. The prices over there are very low. The development work in this society is also complete and 60-65% of the society is inhabited.
However, the remaining part of the society has some work that is pending and the plots are still owned by investors. Investment in this society is a good option because the prices would surely increase after the completion of pending work.
Want A Thriving Business? Focus On Looking Ahead!
Unfortunately, Sialkot’s real estate sector is not that much advanced as it should be. There are chances of expansion in the near future. Few universities and projects have started in the city in recent years with new infrastructure. Flyovers have been constructed and a new bridge was developed. All these changes clearly state the chances of a significant boost to the real estate sector.
That’s all I have to share about the Sialkot market. Hope it’s useful for decision making about Sialkot.
Read also: Exploring Zaitoon Group’s New Lahore City