National Fertilizer Company (NFC) Housing Society’s Phase II is finally done with choosing its governing body. In the society elections, which were held on June 5, Phool Group’s Noman Butt was elected as the society president. After a long delay, development has now also begun.
The development update
The society recently invited tenders for the designing and planning of electrification works. My sources tell me that it will take around three months for work to begin here. If and when digging begins for underground wiring, it will be logical for sewerage pipes to be added simultaneously. The master plan for the society was finalised long ago and according to my sources no change is expected.
At the moment, the construction of several commercial plazas is underway on the 150-feet wide Main Boulevard. Possession for commercial property on an area on the Main Boulevard – the part that lies between Multan Road and Canal Road – is available.
In addition, development work on some of the main roads, which vary in width from 80 to 100 feet, has already been completed. Reportedly, the society is preparing tender notices to choose a suitable company to carry out development work in other projects within the society as well.
The rising rates
Demand for property in the society has been on the rise ever since news about the election first hit. A rising demand has translated into rising rates. The average asking rate for plots in NFC Phase II has gone up by 20 to 25 percent in the last two months. Check out the block-wise rates for residential plots in this society:
SizePrice Range10 MarlaPKR 3,200,000 – PKR 3,600,0001 KanalPKR 5,000,000 – PKR 5,500,000
SizePrice Range10 MarlaPKR 4,500,000 – PKR 4,800,0001 KanalPKR 5,500,000 – PKR 6,000,000
SizePrice Range5 MarlaPKR 2,600,000 – PKR 2,700,00010 MarlaPKR 3,800,000 – PKR 4,200,0001 KanalPKR 6,000,000 – PKR 6,500,000
SizePrice Range1 KanalPKR 5,800,000 – PKR 6,000,000
SizePrice Range1 KanalPKR 5,800,000 – PKR 6,200,000
SizePrice Range5 MarlaPKR 2,500,000 – PKR 2,700,00010 MarlaPKR 3,600,000 – PKR 3,800,0001 KanalPKR 5,800,000 – PKR 6,000,000
SizePrice Range5 MarlaPKR 2,700,000 – PKR 2,850,00010 MarlaPKR 3,800,000 – PKR 4,000,0001 KanalPKR 5,600,000 – PKR 6,000,000
SizePrice Range5 MarlaPKR 2,600,000 – PKR 2,850,00010 MarlaPKR 3,800,000 – PKR 4,200,0001 KanalPKR 16,000,000 – PKR 17,000,000
SizePrice Range10 MarlaPKR 3,000,000 – PKR 3,200,0001 KanalPKR 4,500,000 – PKR 5,200,000
SizePrice Range5 MarlaPKR 2,300,000 – PKR 2,500,00010 MarlaPKR 3,200,000 – PKR 3,600,000
SizePrice Range5 MarlaPKR 2,300,000 – PKR 2,500,00010 MarlaPKR 3,200,000 – PKR 3,200,000
SizePrice Range5 MarlaPKR 2,000,000 – PKR 2,400,000
The Ring Road factor
The planned SL-III of the Lahore Ring Road (LRR) is believed to be a little troublesome for NFC Phase II as well. Not just that, some residential plots in Block A and D might be compromised due to LRR’s route – these blocks may not remain potentially attractive to the investors.
What to expect?
Realty experts believe that property rates in NFC Phase II are half of what they should be at the moment. Their argument rests on the fact that the society is surrounded by developed sectors of Bahria Town, and it has a neat entrance from Multan Road. In addition, it is one of the cheapest residential projects you can find in the vicinity. With things already in place for development work to begin here, it shouldn’t take long before this gap in property rates fills.
Owners of property in NFC Phase II have been waiting for well over a decade to see the initiation of development work. With development finally taking place, it is now more important for property owners to hold on to their investment. This is the very reason a limited number of sellers are active in the market; the remaining have strong holding power to reap greater benefits from their decade-long wait.
Actually state life 2,Suigas 2 and NFC 2 are all launched nearly at same era between 2003-2005 but these could not develop even after years and years .Now only suigas 2 is ahead and developed some phases but other two till now are presenting the same picture.At every AGM state life 2 management is saying for starting of development but nothing happened till now .In NFC 2 current new election happened and new management came and now everyone is hoping for best but God knows wat ll happen .Location wise both State life 2 and NFC 2 are ideal but development wise are far behind.Actually people invested in all these second phases after the success of first phases but now all their investors are suffering except Suigas gas 2.Its performance is better from 2-3 years .The condition of other two societies investors is same Till to date .