The construction of apartments — mainly of ground plus 12-story — has recently picked up pace in Karachi to fill the demand and supply gap.
However, for many in the low and middle income groups facing cash constraints, these flats are unaffordable, particularly owing to the continuous rise in their prices. Even the rate of old flats is increasing, at par with the increase in price of new units.
Areas like Gulistan-Jauhar, North Nazimabad, F.B. Area, North Karachi, Scheme 33, Gulshan-e-Iqbal, Sharah-e-Faisal, Malir, Landhi, Clifton, Khalid Bin Waleed Road etc have been witnessing a boom in the construction of new apartment complexes.
Lured by good locations in well-developed areas with water, security and car parking facilities, cash-rich buyers are purchasing new flats even on upwards of the sixth floor, which are available for comparatively lower prices against those on the ground to fourth floors.
As the city faces a dearth of land in existing housing schemes, people are forced to own an expensive apartment.
However, ill-planned and often questionable permission for tall buildings pose a huge problem for people whose houses are situated just behind or adjacent to them. These projects expose other residents’ privacy, raise security concerns, damage sewerage systems and lead to lingering fears about their collapse in case of a
The Authority has warned that it will take action against individual builders and developers, including withdrawing NOC and cancellation of the project, if its directives are not followed.
Many potential buyers feel that the SCBA should check the previous projects of a builder before granting it NOC for new projects to ensure that good quality construction materials are being used to prevent a host of problems from arising, particularly that of seepage.
They said builders often use substandard materials but charge rates for high quality products/apartments, which
However prices have continued to climb.
A three-bedroom, well maintained flat of 1,100-1,400 sq ft covered area in the Johar’s Blocks 13, 14, 15 and 16 are going for Rs5-7m, up from over Rs4m. A two bedroom flat of 800-950 sq ft area can be purchased for Rs3-4.5m, against Rs1-1.5m.
In Gulshan-e-Iqbal, an estate agent said a buyer needs over Rs6.5m for an ordinary three bedroom flat of 1,300-1,400 sq ft area, up from Rs3.5-4m four years back. And apartments located on some well known main roads are going for over Rs10m, against Rs5.5-6m two years back.
Meanwhile, talking about the Clifton area, Khan Zubair Shaheen of Pak Estate said a three bedroom flat of 1,500-3,000 sq ft area ranges between Rs10-30m, depending on the location, builders’ credibility and age of the project etc. Such flats were previously available for Rs5-15m.
Saeed Zulfiqar of Mohammadi Estate in DHA Phase V said a three bedroom apartment of 1,000 sq ft is priced around Rs7-9m, up from over Rs4.5m. He said a studio-type apartment of 450 sq ft with two bedrooms, drawing room and lounge is going for over Rs3.5m, against Rs1.5m two years back.
