There has been enough fervour surrounding developments around the Islamabad international airport. Prime Minister Shahid Khaqan Abbasi has only recently announced that the project is to be launched by the mid of April, 2018.
The fate of many housing schemes resides primarily on how well and how soon the project can take off. This is because the project is a dynamic one; encompassing an extensive road network along with a Metro Bus network. In addition to accommodating an increased air traffic, the project will provide greater accessibility to the residents of the twin cities.
Apart from this, various societies fall in the surrounding areas, all of which will see unprecedented growth and an increased interest from genuine buyers and investors alike. Most of the desired properties in Islamabad are located in these societies:
- Top City
- Mumtaz City
- Faisal Town
- PECHS Housing Scheme
- PAF Tarnol Housing Scheme
- AWT and ECHS D-18MPCHS B-17
- Faisal Residencia E-17MIECHS G-17
Real estate experts from Islamabad are anxiously waiting for the launch of the new Islamabad international airport. They believe that the project will take real estate earnings to unprecedented heights and make the real estate market of the city an ideal location for investment. Here are projections of four top societies in Islamabad’s Zone-2 where this network is expected to spread.
Top City and Mumtaz City
Muhammad Sarosh from Multiplyrz is of the view that since the announcement of the launch of new Islamabad international airport, prices in both societies, Mumtaz City and Top City have gone up significantly. It is further expected that the prices will sky-rocket as soon as the project is launched. Already, Muhammad Sarosh has observed that the prices have increased by about three times since the news of its launch first surfaced.
He further expects prices in Mumtaz City and Top City increase by double soon after April. He believes that this increase would be observed within days of the launch. He attributes this to the extensive road network and Metro Bus stations that are soon to be located close to both societies. Firstly, he lays emphasis on the Kashmir Highway and the direct route it has to Zone-2 as per this project. Secondly, he points out the Peshawar Morr Road that is to be completed soon as one of the main routes allowing the residents accessibility to the rest of the city.
Furthermore, he emphasised that Top City will have two Metro Bus stations along the society, whereas Mumtaz City will have one Metro Bus station. This, he believes, is the most attractive feature because accessibility to the city remains the most important amenity that a society has to look out for, and both of these provide in-built access.
MPCHS’ B-17
Sheraz Manzoor from Pak Associates has observed that people want to be close to where most developments are taking places, such as near the Islamabad international airport. He attributes this to the various amenities and services that can be easily accessed here and strongly believes that as soon as the project is launched, people will start buying in this sector.
However, he added that B-17 is an attractive location in Islamabad, and wouldn’t be as strongly affected by the launch of this project as Sector F-17 or Faisal Town would. He added that investment prospects for these two highly depend on the launch of the new Islamabad international airport; because of the road connectivity, Metro Bus connections, and various other development schemes that would follow.
What is interesting in his analysis is that most people want to be located in areas where development is projected to take place – in the case of Pakistan this usually happens where government’s megaprojects are being established. As these become the hot beds of any governmental plan, it wouldn’t be wrong to assume that within a few years, most of the societies in this new commercial hub would emerge as the most prominent ones.
PAF Tarnol
This is another housing society that will see unprecedented growth as soon as the new Islamabad international airport is launched in April. The project has had a slow pace of development since its launch in 1989. However, it is expected that soon enough, this housing scheme will also attract investors and genuine buyers alike.
According to Warrant Officer (Retd) Ghazanfar Ali, PAF Tarnol is an attractive option for investment because of its closeness to the new Islamabad international airport and its affiliated road and public transportation networks. A Metro Bus station is also being constructed close to the society and will allow the residents easy access to the twin cities.
Much is resting upon the new Islamabad international airport, and only time will tell how the market shapes up after its launch in April. The test-launch is expected to be on 23rd March, 2018 and will continue for two weeks.
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