In the post-budget lukewarm market conditions, Capital Smart City is among the few developments that instead registered a rise in demand. Many believe that the project is also stealing the market share from some top housing societies that enjoy better proximity with the recently inaugurated Islamabad International Airport. How true is that? Let’s find out!
Project details
It is located on Lahore-Islamabad Motorway M-2 and touches Chakri Road, where it might also have an entry point opposite Blue World City.
The society is to span 56,000 kanals, out of which the developer has acquired 80% of the area. Aimed to become the first thoroughly planned smart city of Pakistan, where from town planning to the project handover, the smart city concepts will be integrated to its full definition.
The relaunch of Capital Smart City’s Overseas Block was held on the 10th and 11th of February this year, while that of other blocks opened during Zameen Expo 2018, Islamabad on 4th March. The response received during these launches was strong enough for a consequent rise rates under subsequent new bookings.
Market trends
According to Farhan Jadoon of M-2 Marketing, the demand for these plots has only increased in the last one year, where almost all of the clients they had a meeting with turned out to be actual buyers. We have received similar feedback from other estate agents registered with Capital Smart City.
During Zameen Expo 2018 Islamabad held in March, Raja Shafqat of Home Key Solutions had claimed that the society will soon beat all its competitors in the vicinity of the new airport. Capital Smart City only took three months to prove him right. Shafqat’s expectations rested on his past experience with the developer and his knowledge on the kind of project Habib Rafiq (Pvt) Limited (HRL) had in mind in the form of Capital Smart City.
Jadoon states that most of the investors are looking at 5-marla and 10-marla plot options, while many also don’t mind opting for the bigger units for personal use. He also mentioned that a decent premium exist on the old booking, while the demand for plots issued under the new booking is also constant.
Development status
The HRL has deployed its machinery on site to carry out development work. According to Jadoon, who visits the site regularly, the landscape is changed during his each stopovers, where new lanes and roads welcome him.
The ability to carry out development work at a fast pace, a signature trait of HRL, is among the main reasons why selling the inventory for this project hasn’t been hard, said Jadoon.
At the moment, development work is being carried out in Overseas Block, the map of which was shared some time ago. Have a look:
A look at market rate
The rates of all plots launched under the latest booking are 16% higher than the original prices offered back in September 2017. So naturally, there is a premium on old bookings, which is not only different for each plot category, but is also negotiable. With the rest of the payment plan details remaining pretty much the same as those shared under the first batch, selling plots under new booking hasn’t been tough. Here is the installment plan rolled out recently by the developer:
| Plot size | Booking amount | On confirmation | Quarterly instalment x 12 | Total price |
| 5 marlas | PKR 210,000 | PKR 210,000 | PKR 140,000 | PKR 2,100,000 |
| 10 marlas | PKR 360,000 | PKR 360,000 | PKR 240,000 | PKR 3,600,000 |
| 1 kanal | PKR 540,000 | PKR 540,000 | PKR 360,000 | PKR 5,400,000 |
| 2 kanals | PKR 1,060,000 | PKR 1,060,000 | PKR 710,000 | PKR 10,600,000 |
Since it is among the real estate projects where investment activity has been going on for the last several months, experts anticipate a 15% to 20% growth in premium in the short to medium term. Apparently, many are already working on this advice, and rates and premiums on Capital Smart City plots are being monitored closely.
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