12-21-2008, 08:44 AM
By Faryal Najeeb
KARACHI: The new Defence Housing Authority (DHA) phase IX project off Super Highway adjacent to Lucky Marwat Cement is still in its early stages but has helped the area get a boost in terms of development activities and real estate value as prices of adjoining projects are on the rise.
Masood Khan of Khan Agencies expressed the view that “an industrial estate and an education city are already being developed in the vicinity and the establishment of a DHA project, a benchmark for many developers and investors, has made many in the real estate world sit up and take notice of the place as it has turned into a lucrative goldmine.”
Khan said that though much of the surrounding area belongs to the government of Sindh, a sharp rise in prices have been reported and there was talk of some big investors being in the process of acquiring more land there to invest in and expand the urban city limits of Karachi.
Head of Real Estate Research at Pakrealestate.com, Shahbaz Mukhtar said that initial demarcation and survey of the newly acquired land has been initiated. “The land is being properly surveyed utilising all modern means including satellite imagery employing the principles of modern town planning to meet requirements,” he added.
DHA will utilise all skills and expertise acquired through its previous housing estate development experience of 50 years to display the uniqueness and excellence in the layout and outlook of the new DHA phase, Mukhtar observed in his research on the project.
DHA spokesperson Col Rafat Naqvi provided more information on the upcoming project while speaking to The News. “DHA is at the stage of acquiring around 12,000 acres of land from the Government of Sindh astride the upcoming Education City to provide a new place for its members,” he said.
He said that the new project was 1.5 times bigger than the current limits of DHA phase I to VIII which were on 8,000 acres of land and therefore was already being recognised as DHA 2.
He further explained that phase IX, unlike the existing projects, would have the contemporary planning of a modern city from the start and would be built along the same lines. “The existing DHA had to face a number of civic problems due to poor planning but the project being planned on the highway would differ greatly in all aspects as it would have more facilities including residential areas, commercial areas, roads, parking, etc,” he added.
Naqvi declined to give a figure that DHA fixed with the government to purchase the land and said that the land utilisation department of the Sindh government would be able to provide the relevant information.
On the other hand, some unconfirmed sources cited that the DHA had agreed to pay a little over Rs2 billion for the entire 12,000 acres of land of which the first installment had already been paid following which the DHA had claimed their rights over the land and had commenced their development process.
Rafat Naqvi, however, did say that there were possibilities of foreign investors coming into the country to develop the project and strategies were under way, though names could not be taken until the matter had been finalised.
“We have received bids for its development from consortia of local and foreign developers and right now we are evaluating them. Besides, we may invite internationally known builders and developers for development of that land. We may give them a piece of land to construct their projects there. It would add to the value of those lands,” he added.
Regarding the balloting of land to armed forces once the project is completed, Naqvi enlightened “DHA does not sell land and only develops it. It depends on the quota and policies of the army, navy and air forces whom they want to provide the land to.”
http://www.thenews.com.pk/daily_detail.asp?id=152927
KARACHI: The new Defence Housing Authority (DHA) phase IX project off Super Highway adjacent to Lucky Marwat Cement is still in its early stages but has helped the area get a boost in terms of development activities and real estate value as prices of adjoining projects are on the rise.
Masood Khan of Khan Agencies expressed the view that “an industrial estate and an education city are already being developed in the vicinity and the establishment of a DHA project, a benchmark for many developers and investors, has made many in the real estate world sit up and take notice of the place as it has turned into a lucrative goldmine.”
Khan said that though much of the surrounding area belongs to the government of Sindh, a sharp rise in prices have been reported and there was talk of some big investors being in the process of acquiring more land there to invest in and expand the urban city limits of Karachi.
Head of Real Estate Research at Pakrealestate.com, Shahbaz Mukhtar said that initial demarcation and survey of the newly acquired land has been initiated. “The land is being properly surveyed utilising all modern means including satellite imagery employing the principles of modern town planning to meet requirements,” he added.
DHA will utilise all skills and expertise acquired through its previous housing estate development experience of 50 years to display the uniqueness and excellence in the layout and outlook of the new DHA phase, Mukhtar observed in his research on the project.
DHA spokesperson Col Rafat Naqvi provided more information on the upcoming project while speaking to The News. “DHA is at the stage of acquiring around 12,000 acres of land from the Government of Sindh astride the upcoming Education City to provide a new place for its members,” he said.
He said that the new project was 1.5 times bigger than the current limits of DHA phase I to VIII which were on 8,000 acres of land and therefore was already being recognised as DHA 2.
He further explained that phase IX, unlike the existing projects, would have the contemporary planning of a modern city from the start and would be built along the same lines. “The existing DHA had to face a number of civic problems due to poor planning but the project being planned on the highway would differ greatly in all aspects as it would have more facilities including residential areas, commercial areas, roads, parking, etc,” he added.
Naqvi declined to give a figure that DHA fixed with the government to purchase the land and said that the land utilisation department of the Sindh government would be able to provide the relevant information.
On the other hand, some unconfirmed sources cited that the DHA had agreed to pay a little over Rs2 billion for the entire 12,000 acres of land of which the first installment had already been paid following which the DHA had claimed their rights over the land and had commenced their development process.
Rafat Naqvi, however, did say that there were possibilities of foreign investors coming into the country to develop the project and strategies were under way, though names could not be taken until the matter had been finalised.
“We have received bids for its development from consortia of local and foreign developers and right now we are evaluating them. Besides, we may invite internationally known builders and developers for development of that land. We may give them a piece of land to construct their projects there. It would add to the value of those lands,” he added.
Regarding the balloting of land to armed forces once the project is completed, Naqvi enlightened “DHA does not sell land and only develops it. It depends on the quota and policies of the army, navy and air forces whom they want to provide the land to.”
http://www.thenews.com.pk/daily_detail.asp?id=152927