Housing societies around new airport in trouble?

The under construction New Islamabad International Airport has given nearby housing societies a real boost. Investors have been showing a lot of interest in these housing projects, and are anticipating impressive capital gains once the airport is completed. On the other hand, the same airport has also made life hell for property investors who aren’t sure if the housing societies they picked will come under fire because of future airport expansions.
Sound the alarm bells once again. The Senate Standing Committee on Cabinet Secretariat has raised its concerns over the proximity of 36 housing projects being developed near the airport. Accessibility to the airport grounds has been repeatedly highlighted as an issue. The matter was referred to the Federal Investigation Agency (FIA) for further investigation.
The committee has specifically mentioned that two housing societies are located in an area that was meant to be used for the third runway of the airport. Even more startling is the fact that the committee has given its recommendations for the cancellation of the no-objection certificates (NOCs) issued to these housing societies. Should investors with stakes in Mumtaz City and TopCity-1 worry? I’ll leave that up to the readers to decide.
According to the Senate Standing Committee on Cabinet Secretariat Chair Talha Mehmood, the Ministry of Housing and Work’s housing society, located near the New Islamabad International Airport, was the only residential project that met all legal requirements. Does it mean that other housing societies in the same neighbourhood have some legal issues? Once again, I will leave it to you people to decide.
The New Islamabad International Islamabad Airport will be inaugurated on August 14. The project was supposed to be completed at the cost of PKR 37 billion. However, an expansion for the project was approved, which resulted in delays that will cost an additional PKR 50 billion approximately.
More land is needed for the expansion, and is yet to be required. The chair has said that the land in question must be acquired on an urgent basis under Section IV of the Land Acquisition Act, as land prices will increase with the passage of time.
Reportedly, the construction company engaged for the project has already received billions of rupees in payment. However, because of the delays in the completion of the airport the company is now claiming an additional amount of PKR 9 billion. Obviously, the national exchequer will have to bear this burden. However, Mahmood has sought details about the issue from the Civil Aviation Authority (CAA), and has said that no one will be allowed to misuse public funds.
Once again, the status of housing societies located in close proximity to the New Islamabad International Airport has been questioned. This may disturb investor interest in the societies in question, and affect sale-purchase activity there


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