Park Enclave: Plot prices skyrocket at housing scheme

One kanal plot now costs around Rs22m compared to starting price of Rs12m in 2011.

ISLAMABAD:

Owing to recent development activity and attention given by the Capital Development Authority (CDA) to the Park Enclave project, real estate prices in the area have witnessed a significant increase.

According to property dealers operating in the area, the price of a one kanal (500 square yards) plot at Park Enclave is currently between Rs20 million to Rs25 million, depending on the location of the plot.

All 613 plots at Park Enclave are of uniform size — 500 square yards each. The cost of one such plot was kept at Rs12 million by CDA when the project was launched in 2011. This amount was scheduled to be paid in six equal installments after a down payment.

The CDA recently paved the way for infrastructure development of the housing scheme after it issued work orders to a construction firm that offered the lowest financial bid of Rs1.26 billion for the project.

The contractor has been asked to mobilise machinery for the commencement of development work after the Eid holidays. The orders were issued by the authority at a meeting chaired by the CDA chairman on Thursday.

On July 21st, a construction firm, Chaudhry Abdul Latif and Sons, filed the lowest financial bid of Rs1.26 billion for the development of a road network, storm water drainage, water supply system, sewage line, landscaping and electrical work at Park Enclave — a housing colony stretching over an area of 211 acres.

The development work also includes construction of the main entry gate, security check posts and landscaping of the housing project.

CDA has allocated Rs500 million for the development of Park Enclave in its
budget for the financial year 2014-15.

The completion period of the project is July 31, 2015.

The development of the scheme was scheduled to be completed by December 2012, but for one reason or the other, the project continued to get delayed.

The boundary wall around the housing project has already been completed in a bid to secure the acquired land from encroachers.

The chairman, during Thursday’s meeting, also directed Park Enclave Project Director Mumtaz Hussain to submit weekly progress reports about the development activities with the office of the chairman so the delayed housing project could be completed soon and plot owners could get possession of their plots for construction of their houses.

Published in The Express Tribune, July 27^th, 2014.