Karachi’s Scheme 45 is one of the most talk-about real estate areas of the city nowadays. Like many other areas in the outskirts of Karachi, Scheme 45 is also seeing rapid real estate development. The project has been halted for quite some time now, however, healthy real estate activity in terms of trading and development is evident now following the balloting back in 2019. Today, we are going to explore all about Scheme 45 Taiser Town and will inform our readers about the latest developments in the vicinity.
SCHEME 45 TAISER TOWN KARACHI
As we have written earlier about Taiser Town, this project was initiated back in 1986 by Karachi Development Authority (KDA). Ten years later, in 1996, this project was handed over to Malir Development Authority (MDA). After getting this project under their umbrella, MDA relaunched this project in 2005. Taiser Town is basically located in the northeastern part of the city. The nearby well-known projects of this area include Gulshan-e-Maymar. Dreamworld Resort is another popular waterpark situated in the same area. The project is planned to house around 2.5 million people with the area stretching to approximately 21,000 acres. The housing structure has been divided into two phases. Phase I will have nine sectors, and phase II will have 30 sectors.
The master plan of Taiser Town Scheme 45 has been designed by The Engineering Consultants International Limited (ECIL). The design includes a wide range of facilities and amenities such as recreational avenues and parks for families. A total of 9,500 acres of the area has been designated for recreational facilities of the town. The housing society has been planned in such a way that it will be a small town on its own. This means the society will incorporate all the avenues for commercial and recreational activities so that its residents won’t have to travel far into the city to attain these facilities. One of the catchy features of the project includes the commercial district along Karachi Northern Bypass. This is one of the main routes in Karachi that has a lot of potential for business opportunities as the route is well connected and offers an easy commute to residents.
Initially, the area was deemed a little far from the downtown of the city. However, the city is rapidly developing and expanding which brings Scheme 45 into the limelight and people are now looking to invest in this project.
SCHEME 45 TAISER TOWN: DEVELOPMENT STATUS
Taiser Town is yet to receive NOCs from utility companies. However, this should not be a worrying aspect for investors as many real estate experts have predicted that the prices will increase in coming years. Therefore, Taiser town scheme 33 is expected to give healthy returns against medium-to-long term investments.
Talking about the development course of action, as per the official website of Scheme 45, the area of Taiser Town shall comprise the dedicated residential sector, commercial sector, and mixed-purposed buildings. However, 10% of the total area of the project will be reserved for parks, playgrounds, and for other recreational activities. Additionally, the project aims to provide the following facilities for every 1000 residential units:
- places of worship
- Water treatment plant
- offices for utility departments
- wedding halls
- community centers
- bus terminal
- local post office
- garbage collection points
- fire brigade stations
- police stations
- parking spaces
- public toilets.
AVAILABLE PROPERTIES IN TAISER TOWN
Buyers have a wide range of residential and commercial plots when it comes to the investment options in Taiser Town. As we mentioned earlier, the project has been classified into two phases. Phase I has relatively higher prices as compared to phase II. However, even phase I is quite affordable for many investors. For instance, you can easily get a 120 sq yd plot within a range of PKR 6 to 8 lac. The cost of 80 sq yd is around PKR 4 to 5 lac. In phase II, you can get plots at an even lower price.
Authorities are on their toes to attain water, electricity, and other utilities for the housing society. All projects are leased by the government but the MDA has set a proper procedure for getting your property leased in the buyer’s name. This procedure should not take more than a month. Most sectors of phase I have possessions available as major development work has been already completed there. However, in phase II, development work is still in progress and possessions will be available in the future.
Phase I properties include residential plots of the following sizes:
- 80 sq yd
- 120 sq yd
- 240 sq yd
- 400 sq yd
These plots are available in old sectors. The ballotting of these plots took place in 2005. However, plots that had their ballotting recently in 2019. are only available in 80 and 120 sq yd. Transfer fees for the plots with respect to size are as follows
- Rs 5000 for 80 sq yd
- Rs 6000 for 120 sq yd
- Rs 12000 for 240 sq yd
- Rs 16000 for 400 sq yd
Furthermore, authorities are engaged with buyers to assist them in their respective construction plans. All development for utilities such as electricity, water, and sewerage has been done. Since this a government project, the government will provide utility connections only after people start living here.
Despite the fact that possession is available, people are yet to start construction here. The authorities are trying to attract buyers and investors to invest here considering the fact the prices are still relatively low.
As we reported earlier, the overall demand for real estate properties in Karachi has been almost doubled during 2018-2020. The plots saw a 49% increase in demands and demands for houses have been drastically increased to 103%. Meanwhile, apartment demands rose by almost 120%.
The rise in demand is directly proportional to the prices. This means the rise in demand makes the prices higher. That’s what we observe in the real estate sector as well. The average prices of different sizes of houses have seen the following rises.
- 120 sq yd prices increased by 35%
- 240 sq yd prices increased by 17%
- 400 sq yd and above increased by 13%
The prices for plots also showed a similar pattern. The jump in prices market saw for plots are as follows:
- 120 sq yd increased by 14%
- 240 sq yd increased by 15%
- 400 and above increased by 22%
These figures essentially reflect the fact that the demand and worth of residential property in the city are rising drastically. It also indicates the importance of affordable societies like Taiser Town where investors can earn good profit in a short span of time. Moreover, people can also consider this option for living purposes with a minimal budget.