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


Comments

Post a Comment

Popular posts from this blog

PAEC Foundation Housing Project’s problems about to end?

Image
Located on Canal Bank Road in Lahore, PAEC Foundation Housing Project has been facing delays for many years now. The society’s management could not handover possession of property here, despite completing development work to a large extent. During 2013, there were many rumours that possession was on its way, but nothing happened. These rumours then resurfaced during 2016, but once again, no practical steps were taken to move towards possession. The real problem behind the delays was the supply of electricity. However, now there is light at the end of the tunnel. The Water and Power Development Authority (WAPDA) will finally supply electricity to the society, which means that possession will be granted here sooner rather than later. And what makes me believe that? WAPDA issued a demand notice to the society’s management for the supply of electricity, and the management has settled its accounts with the authority. According to a source, electricity wires have bee...
Read more

All you need to know about Royal Palm city, Gujranwala

Aujla Associated, the same people who have previously delivered University Town and Canal View Housing Scheme, is developing Royal Palm City. It is a trusted name that delivers what it promises, which makes this a must-have project for investors and homebuyers. Let’s talk location The project is located off Main GT Road, near Chan Da Qila, right opposite Citi Housing Gujranwala. At present, it has no direct link to the GT Road, but that will soon change. In order to connect the project with the GT Road, the construction of an underpass has been included in the project’s master plan. Once completed, this underpass will serve as the main entrance to the society. In addition, the famous Al-Karam Marriage Hall and a railway track are located right behind the project. In terms of size, Palm City’s management claims that society will span over 4,000-kanals of land, all of which has been required. According to my sources, the developer is acquiring more land, so Royal Palm City is s...
Read more

Why should you invest in Zarghoon Housing Scheme, Quetta?

Quetta, the prime most city that falls on China-Pakistan Economic Corridor (CPEC) leading to the western borders, is somewhat ignored in the entire concept of economic revolution we look forward to from the development of Gwadar. Not just that many investors fail to gauge the city’s importance, a big number of the local folks are also seen buying land in Gwadar. Looking at the rates of property in Quetta that could change soon. The announcement of DHA Quetta certainly will spice things up here, the real estate market nonetheless continues to serve genuine buyers. To throw light on one such project that currently interests genuine buyers, this exclusive piece on  Zarghoon Housing Scheme , which a project of Quetta Development Authority. A pretty fine location Zarghoon Housing Society is located near Hanna Bypass in Nawakili. It has a network of extensive road network spread around it. Many established housing societies including Jinnah Town, Ashiana Housing Scheme, Al Rehm...
Read more