New Launching 5 marla residential plots by the Defence Housing Authority Gujranwala
The launch of 5-marla residential plots by the Defence Housing Authority Gujranwala has left many surprised because there was no indication of such a step.
Just a few weeks ago, the authority shifted its office from Chenab Gate in Cantt to Main GT Road. This move was widely appreciated by the property agents and investors as security check posts in the Cant restricted their movements. In the meanwhile, the stakeholders also anticipated some major developments to take place in DHA Gujranwala but they had no idea that something this big was coming their way.
Let’s look at how the launch has affected the market for DHA Gujranwala.
The launch of 5-marla residential plots on seven quarterly instalments also triggered demand for plot files, which are being traded on cash. Within hours after the new launch, the market rate of a 1-kanal affidavit plot file when up from PKR 4,350,000 to PKR 4,775,000. While the market rate of a 10-marla affidavit plot file jumped from PKR 2,850,000 to PKR 3,350,000. This price appreciation was expected and thus, people who followed previous advice by investing in the society were rewarded greatly.
Market response to the 5-marla offer
Real estate investors from all parts of the country are looking at DHA Gujranwala for scoring some confirm gains in the short term. Experts have predicted that the increased demand triggered for DHA Gujranwala will leave a dent on trade volume and market rate of other DHA projects in the country.
There is no information about the number of plots in the society, but sources confirmed that it has 3,500 acres of land available close to the main GT Road. Based on the fact that the DHA has ample land available, it is believed that similar deals could be launch during the first half of the year.
Trying to gauge the expected response to this offer, sources believe that the number of applicants could be a hundred times more than the units on offer. These, however, are mere assumptions, because no one is sure of the exact number of 5-marla plots that DHA will ballot.
According to the publication shared by DHA in national daily newspapers on December 24, applications have been invited for 5-marla residential plots, which are offered on seven quarterly instalments. Here is the detailed payment plan;
|Plot size||Processing fee (nonrefundable)||Down payment(within 10-days of ballot)||Quarterly instalment x 7||Total price|
|5 Marla||PKR 3,000||PKR 300,000||PKR 242,860||PKR 2,000,000|
How to apply?
The applicants are required to submit dully filled application forms latest by January 19, 2018 at the designated branches of Askari Bank, United Bank Ltd, Bank of Punjab and Soneri Bank. The authority has invited applications under four categories i.e. General Public, Overseas Pakistanis, Serving/Retired-Defence-Persons-&-Government-Employees/Semi-Government-Employees, and Senior Citizens (those above 65 years of age).
The general public and seniors are required to attach a photocopy of their CNIC, while overseas Pakistanis need to attach photocopies of their NICOP and passport with exit stamp and entry to the country they reside in. The serving and/or retired persons of Defence Forces, government, and semi-government employees have to attach photocopies of their CNIC and Service Certificates or Discharge Book or Retirement Order. The applicants should ensure that these requirements are met, or their application can be rejected.
Terms & Conditions
The Terms & Conditions are available with the form. We recommend you study them carefully before applying. The more notable of the terms include:
- The successful applicants will be determined through a computerised ballot (the date for which is yet to be announced).
- The successful applicants will be required to apply for DHA membership as per the procedure.
- Prompt payment of due instalments and down payment is to be paid according to the schedule (down payment is to be paid within 10 days of the ballot). Five percent discount will be given on payments made on lump sum.
- Quarterly instalment is to be paid by 5th of the corresponding month through challan form, cheque, demand draft, or pay order. In case of delay on due payments, a surcharge of 0.05% per day or 1.5% per month of the due amount will be imposed.
- Additional charges of 10% of the total price will be imposed on corner plots, plots facing parks, and plots located on a 60-feet wide road. The amount has to be paid along the final instalment.
What to expect?
Looking at how the new deal has spurred interest among investors, it is expected that there will be a premium soon after the balloting is held. Some expect that the premium could range between PKR 250,000 to PKR 400,000, but it would be too soon for us to predict it. But we do know that premium will fluctuate until the down payment is made. So the first 10 days after the ballot will be critical.
Some believe that the premium on these plots can perhaps not exceed PKR 500,000, as the buyers may instead want to consider DHA Multan if they were to pay a similar premium on 5-marla plots DHA Gujranwala, which is yet to see its formal launch and initiation of development work.
The processing fee is reasonable at PKR 3,000, allowing many to bet on their chances. In fact, it is this comparatively lower processing fee that makes it much more feasible for many to apply. In addition to that, the payment plan is also reasonably affordable at PKR 242,860 – the amount the successful candidates will be required to submit every three months.
How to play smart?
Real estate agents believe that the best days to sell your successful 5-marla residential plot will be soon after the ballot is held. But there are certain cons to it; you could be compelled to sell it on a lower premium than what the market will eventually settle on. It is also expected that investors will be deciding on the premium even before the ballot takes place. In order to be sure on what rate would be the ideal to sell your plot (in case you are successful), keeping a tab on the market is crucial.
Experts believe that the premium will be settled soon after the down payment is made. In order to avoid the repercussions of the selling pressure that we expect to see soon after the ballot take place, you can also choose to sell you plot after making the down payment.
Agents claim that applicants for DHA Gujranwala 5-marla residential plots are from all over the country and overseas. This also means that owners failing to make the right move might end up waiting long to find a buyer because this project is far from being a development meant for genuine buyers right now.
So readers, that’s all we could share with you about DHA Gujranwala’s new offer. If you think we have left to cover some aspects for you, let us know through your comments