Bahria Paradise Karachi – Current Status and Latest Rates
Bahria Paradise Karachi – Current Status and Latest Rates . Bahria Paradise is one of the most happening Bahria Town projects in Karachi. Since August this year, the premium on Bahria Paradise files has been on the rise. The project is unique in many ways and, combined with the fact that the developer balloted it just recently, buyers and investors no longer find the idea to invest here impractical.
For our readers, we have gathered fresh information on the project from Rana Tehseen of Rana Associates, who believes that the real reason why buyers have been able to see the potential of Bahria Paradise is the fact that compared with the rest of Karachi, the rates here are fairly reasonable. Coupled with the fact that development work is underway, rates will spike further, he added.
The current status
Development work is currently underway in Bahria Paradise, and the pace of development work suggests that the project will be ready for possession by the end of 2018, according to Tehseen. In addition, due to the on-going development work and the availability of the map with plot numbers allotted against each plot, the new buyers are now in a position to choose a plot of their choice, he told us.
Bahria Paradise comprise 12 precincts i.e. Precincts 46 to 57. According to the initial details the developer has shared, the project will have a replica of Taj Mahal and Central Park New York. It is located fairly close to the Jinnah Avenue as it lies at the back of Precincts 15 and 16. Tehseen believes that the project has an ace location and thus, great future potential.
The project features residential plots offered in sizes of 250-, 500- and 1,000 yard2 and 500- yard2villas. The plots and villas were launched at a payment plan spanning over four years.
|Plot Size||250 yard2||500 yard2||1000 yard2||Villas (500 yard2)|
|Processing Fee||PKR 10,000||PKR 15,000||PKR 20,000||PKR 25,000|
|Down Payment||PKR 625,000||PKR 950,000||PKR 1,375,000||PKR 2,490,000|
|Quarterly Instalments (16)||PKR 331,250||PKR 537,500||PKR 992,188||PKR 2,250,625|
|Total Amount||PKR 5,925,000||PKR 9,550,000||PKR 17,250,000||PKR 38,500,000|
When launched back in April this year, the project had to struggle to get the investors’ attention, who had cheaper options to consider in Bahria Town Karachi back then. The situation has lately changed, Tehseen told us.
With the map available and plots balloted, the premium is different for plots depending on their respective locations. Tehseen told us that the premium on these plots had been rising constantly for the last couple of months, and is noted higher for smaller plots.
For 250-yard2plots, for which the owners have paid the down payment amount and the first instalment, the premium ranges between the level rate (the same amount the owner has already paid) and PKR 3,500,000, according to Tehseen. Explaining this wide range in the premium, he told us that the project has a mix of good, bad and worse locations for these plots, which is why there is such a huge variation.
On 500-yard2 plots, the premium ranges between PKR 250,000 to PKR 1,500,000. For 1,000-yard2plots, the market has no standard premium since the demand for this plots size is comparatively lower.
Mohammad Imran believes that the best buy right now are the 250-yard2 plots in Precinct 52, which currently has a premium ranging between PKR 400,000 to PKR 600,000. He is hopeful that the asking profit on these plots will go up in the future.
In order to avoid making any bad deals in Bahria Paradise, you shouldn’t purchase a plot having a premium over PKR 1,000,000, because selling such plots in the short to medium term will be hard.
Those looking to speak with Rana Tehseen from Mohammad Imran can reach him at +92-333-3690000 .