Naya Nazimabad: An update on all the blocks

Naya Nazimabad: An update on all the blocks

There are a few, if any new housing schemes that check all the right boxes in Karachi like Naya Nazimabad does: it is located within the city, it can be afforded by investors and buyers with a relatively smaller budget, and it is a quality housing scheme. Now that the market for some of the bigger, more expensive housing schemes has slowed, according to Abdullah Afaq of ST Enterprises, people are turning for investment to these relatively secure, smaller investments.

Situated amidst Nazimabad, North Nazimabad and North Karachi, it is not far from Federal B Area and New Karachi. A factor adding to its value is Green Line Bus Rapid Transit as well.

Spread over an area of 1,200 acres within the city, and divided into six blocks A, B, C, D, M, and N, the development there has been impressive. Meanwhile, both bungalows (in Block B) and plots are available there.

Situation in Blocks

 Blocks A and B

Development is complete in Block A and possession is available. The market, according to Afaq, is saturated there. There is, however, an area named A-2, which is a part of Block A but which hasn’t seen much development and where possession isn’t yet available. However, the prices there as well are higher than in Blocks C and D. As it is the prices there currently stand as follows:

Plot Size	Prices in PKR
120 sq. yd.	4,100,000—4,700,000
160 sq. yd.	6,000,000—7,000,000
240 sq. yd.	8,500,000—9,500,000

Meanwhile, the prices of the bungalows stand as follows:

Plot Size	Prices in PKR
120 sq. yd. (single storey)	6,000,000—7,500,000
120 sq. yd. (double storey)	9,000,000—11,000,000

Blocks C and D

These are the two blocks which offer the best opportunities for anyone looking to invest in Naya Nazimabad. Block C is almost completely developed according to Shaneel Ahmad of TAB Enterprises, while Block D is relatively less developed. But then their prices reflect the same: whereas in Block C, 120 sq. yd. plots are priced at around PKR 3.8 million, the same plot in Block D is priced at around PKR 3 million. Possession, however, is available in both.

The differences above make them valuable for different kinds of investors: For example, Shaneel while considering the development, felt that Block C is a better opportunity for investment. Afaq, on the other hand, considering the low prices in Block D felt that it was a better investment opportunity.

In any case, both agreed that it will be a relatively short-term investment spanning around six months.

Blocks M and N

Blocks M and N are the latest blocks launched in Naya Nazimabad. They are located about 2 kilometers away from the rest of the blocks. While development work has been initiated, for now the hills are being cut and leveled for the project. Moreover, a proper road connection hasn’t been established with the rest of the blocks as well. So, according to Shaneel, they will take at least 18 months before they take any shape or bring any decent profits.

Are you looking to invest in Naya Nazimabad? Do you have any questions about it? You can talk to us in the comments section. You can also head to the Zameen Forum for an extensive discussion.