Advice

Citi Housing Faisalabad Phase II: Possession Announced

Citi housing Faisalabad summons various reactions, dependent upon who you chat with. For a few investors, the housing project has been the most intriguing spot to live in but for others, it is a scheme that has drained them of their hard earned money and therefore it is much criticized.

Citi housing society has projects in four cities in Sialkot, Gujranwala, Jhelum, and Faisalabad. Citi housing Faisalabad was launched in the first quarter of 2015. In the subsequent period, its forms were traded in the market and their prices fluctuated visibly. One of the reasons for this fluctuation was the dispute that hit Citi housing Faisalabad.

Disputed History

Faisalabad Development Authority (FDA) made perplexity right after the launch of Citi housing Faisalabad by reporting that Citi Housing Faisalabad has no lawful status and cautioned open about the venture.  FDA guaranteed that Citi Housing Faisalabad has no physical presence and that it was not yet registered with the concerned authority either, additionally, there is no layout plan for the site.

citi_housing_phase_2

Earlier in 2016, the society launched Phase II to change layout plan in order to accommodate proprietors who couldn’t be catered in Phase I. Dissimilar to Citi Housing Phase I, which is situated on Sargodha Road, the market rate for plot files in Phase II has been always dropping right from the start.

Later, it was confirmed and that the society was never issued a NOC by the Faisalabad Development Authority and buyers suffered emotional and financial trauma. The project owners tried to diffuse the situation but that never happened.

What will be the Future?

Instigating further misery was the fact that the Citi housing Faisalabad never cleared the land for blocks E, F and G.  Speculations are still circulating that the land for these blocks is yet not cleared except for block E for which the land is partially acquired.

Consequent to the above-mentioned events, the general public was waiting anxiously for the announcement of possession in phase II.  This announcement was made without much hype through a Facebook post on the official Facebook page of Citi housing Faisalabad.

However, the news has not moved any trends in favor of the society yet. Underlying reasons for this stagnant market can be many. One of the major reasons is distrust of the general public and investors who do not like to take risks. The society also announces frequent policy changes which add to the distrust of buyers.

Some realtors believe that the market may see an increasing trend in demand and ultimately in the price once the election 2018 drama is over and investors start focusing on the market again. The Citi housing project is not yet considered ideal for genuine buyers and end users. This is also resulting in the slow market activity as most of the investors like to play safe and don’t put their resources in risky endeavors.

Furthermore, overall investment activity is also sluggish these days in the country so that is also expected to change and Citi housing may catch up with the trend.

Location

Citi Housing is ideally situated on Sargodha Road next to Metro and FDA City near Faisalabad Motor Way. Phase II is located on Faisalabad bypass. It is located close to the central city and all the basic amenities such as Hospitals, Schools, Restaurants, Shopping Malls and Public Transport is easily accessible. Other than that Citi housing is at a distance of 30 minutes from Faisalabad International airport 25 minutes from the famous clock tower of Faisalabad.

citi-housing-map

Payment Plan

Market and prices are stagnant in Citi Housing Phase II especially for residential plots as it is the general view that it is not suitable for genuine buyers and end users. However, the status is expected to change. Until then it seems the prices are going to stay stagnant even after the announcement of possession.

Plot Sizes Minimum Average Prices Maximum Average Prices
5 Marla 15,00,000 23,00,000
10 Marla 29,00,000 4,000,000
1 Kanal 5,000,000 7,500,000


Conclusion

Given that the market is not responding swiftly to Citi Housing Society as in the recent case of Phase II possession announcement; we suggest readers follow up on market trends and cautiously invest their resources in City Housing Phase II and Phase I extension which is soon to be publicized.

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