For the past several months, Ministry of Commerce Employees Housing (MOCECHS) has seen a number of good news, something the housing scheme had been missing previously. Elections were successfully conducted in January to replace the old administration. Reluctantly, it was already showing signs of price stability and appreciation, as was observed in our last update on Ministry of Commerce Society.
Add to this the factor that one of the main reasons of its popularity was its proximity to Islamabad International Airport, so now that the airport has been inaugurated, it will eventually add value to the housing scheme. It is also close to the two top housing schemes near Islamabad International Airport: Top City-1 and Mumtaz City, so it is almost ideally place to benefit from the changing population dynamics of Islamabad. Meanwhile, here’s our latest update on the housing scheme:
Elections and the new administration
According to Muhammad Hayat of Ahtesham Estate, the transfers which had been closed in Ministry of Commerce Society until elections, were opened by the new administration. Since then, they have also been working closely with the authorities to resolve the outstanding issues, as the files are being cleared.
This had a slowing effect on the market, but all the experts interviewed were hopeful that these steps will resolve all the issues once and for all. Hayat was more specific and expected that the matters will be resolved to a great degree in a month or so.
The development and amenities
According to AK Property CEO Abid Hussain Khan, about 60-70% of the development is complete. Block B is the one block that is completely developed and possession is available there. Meanwhile, Blocks A and C have also seen significant development. According to Hayat, the development has been on a pause recently. However, it is expected that it will begin after Eid as well.
Prices
The prices in the housing scheme stand as follows at the moment:
| Possession Available | |
| Size of Plot | Prices in PKR |
| 10 marla | 2,000,000—2,200,000 |
| 1 kanal | 2,700,000—3,800,000 |
Possession is not available on any of the 5-marla plots, meanwhile the high-priced 1-kanal plots are the ones located on the main boulevard because of higher demand.
| Possession Not Available | |
| Size of Plot | Prices in PKR |
| 5 marla | 1,200,000—1,300,000 |
| 10 marla | 1,600,000—1,800,000 |
| 1 kanal | 2,200,000—2,600,000 |
1-kanal files are also available for purchase in the housing scheme. These files were launched at a price of PKR 800,000, and now the asking premium on these is PKR 800,000. So each file costs around PKR 1.6 million. However, Hayat recommended that only those files should be bought on which at least some of the development charges have already been paid. These are the transferable files. The prices for these may vary between PKR 1.7 million and PKR 1.8 million, depending on how much charges have been paid.
What should you buy as an investor and a genuine buyer?
Investment is an option that can be considered in Ministry of Commerce Society since the prices can expected to rise after Eid when development begins. In any case, for someone looking to invest there, a period of at least 12 months should be kept in mind.
If you are an investor looking to buy a plot or file, Hayat recommended that only those plots be bought which have been granted a number. Similarly, only those files should be bought which have been cleared by the authorities and, as mentioned above, have at least some of their development charges paid.
To genuine buyers, Hayat recommended that the best option is to buy plots which are available for possession.
Have you invested in Ministry of Commerce Society? Do you have any questions about it? You can talk to us in the comments section.
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