AGHOSH is Accounts Group Officers Cooperative Housing Society project in Islamabad. Launched back in 1989, its Phase I saw relatively slow development and reached its culmination around 2016. Its Phase II was also announced in early 1990s, though its plots were launched relatively recently and are still files.
One of the most attractive features of the housing scheme throughout has been its fantastic location. Located on Kahuta Road, it has easy access to Islamabad Expressway and some of the top housing schemes of the twin cities are located nearby, including Soan Gardens, Phase IV of Bahria Town, and Phase I of CBR. Meanwhile Phase II is located near DHA Islamabad Phase II, Al Ghurair Giga’s World Trade Centre, and Ziraj Housing Society. The location couldn’t have been more perfect.
So how do things currently stand in AGHOSH Phases I and 2? Read on to find out.
Development and progress
In our last update, two years ago, we had explained that Phase I had finally proceeded past its final issue of lack of electricity, and now that the housing scheme had an electricity connection, the houses were being constructed, according to Muhammad Tayyab Qureshi of AD Enterprises. A number of houses have indeed been constructed there and families are residing in the society.
Another point of concern had been that not much progress had been seen as far as the commercial area in Phase I was concerned. Some progress has occurred, as two high-rise buildings have been constructed there. One is going to be a commercial plaza, while the other one is going to have apartments, according to Shahzeb Khan of Home Platinum Real Estate & Developers.
The latest from Phase II, as told by Qureshi, is that the developers have applied for NOC from CDA but haven’t been granted one yet. Almost two years ago, the society had asked for PKR 1.25 million as development charges on each plot, and the last instalment for that has already been paid by December 5, 2017. Meanwhile, the development has been progressing but slowly. The roads have been made though not yet carpeted and it can be expected that it will take around two years before development is complete.
Investment consideration
The developers took rather long time with Phase I, but things have settled significantly. Now, Phase II is progressing slowly but steadily, and development can be expected to become visible sooner or later. Another thing which can help to attract investment is the fact that its location is fantastic, and when you compare these prices, say, the prices of AGHOSH Phase II with Ziraj or DHA, the difference is almost stellar.
For example, in Ziraj, the price for a 1-kanal plot averages at around PKR 12.5 million. Similarly, in DHA nearby, the prices for 1-kanal average at around PKR 17.5 million. In comparison, a 1-kanal plot in AGHOSH Phase II is priced at around PKR 4 million.
Good price increase can be expected as development takes place. For example, Qureshi explained that even if the main boulevard of Phase II is carpeted, the prices will jump significantly – at least by half a million, he estimated. The primary consideration, then, is when the society will have an NOC, whether you have a long-term holding power – or you are a long-term investor—and how the developers handle the development in the phase. In any case, it should be noted that any investment will almost certainly have to wait two years, both Qureshi and Muhammad Imran of Barcelona Estate & Builders felt.
Have you invested or bought in AGHOSH? How has been your experience? Do you have any questions about it? You can talk to us in the comments section.
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