Chocolate sauce poured over three scoops of delicious cookies n’ cream ice cream and topped with nuts and vanilla wafers is super tempting. This amazing dessert will probably be the highlight of the hot summer months as foodies splurge on it repeatedly. So what else is tempting this season? Well, for real estate investors, it most definitely is DHA Karachi Phase VIII and Phase VIII Extension.
Situated on reclaimed land, DHA Phase VIII and Phase VIII extension are surrounded by sea on three sides. The soft breeze, the close proximity to the beautiful Arabian area, and the exquisite facilities offered in the phase and its extension have gotten investor hearts beating. Needless to say, this an amazing real estate option. The downside? Perhaps the sky-high prices, the lack of development in the various zones, and the slow pace of construction are a slight cause for concern. However, these factors aren’t really deterring investors.
Let’s see why.
Location
The road going from Khayaban-e-Qasim leads up to Beach Avenue near Phase VIII and Phase VIII Extension. Surrounded by the sea on three sides and blessed with a scenic view, this area is exactly what investors dreamt of.
Spread over Zones A, B, C, D, and E, Phase VIII is dispersed over a large area of land. One of the features that sets this phase apart from the rest is that Phase VIII & its extension are enclosed within a boundary wall. This area is gated and surveyed by security personnel.
Features and facilities
Phase VIII and Phase VIII Extension are well-endowed with their fair share of features and amenities, ensuring that the project strikes the right chord with investors. Besides the boundary wall and the dedicated gate entrance, electricity in the phase is also underground and the area is facilitated with two major commercial areas with ample parking space.
The area has a community centre & club, golf club, and food street to provide residents and their visitors with a fully entertaining experience. However, while the management seems to have thought of everything, the area is currently void of direct water supply. That is definitely surprising but please note that water supply connections have been instaled, they just are not operational yet. DHA’s stance on this issue and their plans to provide direct water supply are still unknown.
Development
As Phase VIII is rather large, it is difficult to put a percentage value on how far development has progressed so far. Yet, we can say that development work in Zone A & B has progressed the most. Safeway Estate CEO Muhammad Zubair Khan said that development in Zone A can be measured at approximately 50% while Zone B may stand at an estimated 5%. The remaining zones have seen no development thus far.
According to him, although investors are undeterred by the lack of development in these areas, property prices are definitely affected by which zone the plot lies in and how far development had progressed in that area. While progress will accelerate soon, there is still a lot of work to do in Phase VIII and Phase VIII Extension, he added.
The rates for plots in these areas are representative of the property’s location and the level of development.
Options and prices
DHA Phase VIII has plots ranging from 500 yd2 to 2,000 yd2 while DHA Phase VIII Extension offers plots from 300 yd2 to 500 yd2. The only daunting factor is that the plots are highly expensive and do not seem to be within the reach of an average investor.
The 500 yd2 plot ranges from PKR 39,000,000 to PKR 65,000,000 depending on where it is located and which zone it occupies. Plots in Zones A and B are more expensive while subsequent zones are cheaper. Moreover, 666-yd2 plots are also available in Phase VIII which range from a minimum of PKR 55,000,000 to 75,000,000. However, plots of this size are only available in Zones A and E.
A 1000-yd2 plot can be purchased between PKR 75,000,000 and PKR 120,000,000 while a 2000-yd2plot can be purchased for PKR 160,000,000 to PKR 200,000,000. Staggering prices, aren’t they?
For those of you that can afford it, make your investment now before prices accelerate even further. For those of you that can’t, well, try saving every penny and perhaps you will be able to … soon!
