The pronounced success of first two phases of Wapda Town Multan overwhelmed the market when launched and have been continuing to do so ever since. This brilliant success urged the developers to launch phase III but to their disappointment Phase III faced some serious concerns early on including legislative issues and delays in development.
Another factor overshadowing the success of Wapda Town Phase III is DHA Multan. DHA Multan is a good alternative of Wapda Town Phase III that citizens and investors in Multan have. However, DHA Multan hasn’t much troubled Wapda Town Phase I and II and these two phases are holding on to their prominent positions. According to some realtors it’s still difficult to get a house on rent in these two phases.
The land acquisition and legislative issues in Phase III were resolved in second half of 2017. However, the recovery phase was rather slow and despite the fact that there were no concerns left, the investors preferred DHA over Wapda Town. Yet the investors’ favor swung back to Wapda Town and Wapda Town Phase III is back on its feet since the prices of DHA reached optimal level.
Updates on Development and Balloting
Individuals who have put their resources into Phase III were anxiously awaiting development and balloting. Recent news is that an agreement has been signed up with NESPAK and the development is set to start in Shakh-e-Madina Block of Phase III for residential plots soon.
Furthermore, the balloting is also expected to start soon once all the land is cleared by concerned authorities and the society map has been approved. Apt steps have been taken to have the map affirmed. The approval may further take some time and balloting is expected to start within four to five months. The expected timeframe for expected start of balloting is around October.
Current Market Condition
Market for real state is rather static throughout the country and such is a case for Wapda town phase III too. The damage that legislative concerns occurred hasn’t been recovered completely yet. Adding to gnaw is the launch of DHA and investors’ preferring it over Wapda Town.
Prices have sunk a little bit since last two months in Wapda town. However, rumors are that now people from within the NAB are making investments in this society so it can be expected that the conditions might change soon enough in Wapda town phase III. At present the prices stand around PKR 175,000 per Marla approximately.
It is expected that the market conditions will get better within a few months and since the balloting of phase III is also expected to occur within the same timeframe, Wapda town phase III Multan is likely to resume the opulence of Wapda Town phase I and II.
Even so that the magnificence is not achieved at that level, prices are still bound to be appreciated more than present. Hence, people who have already invested in phase III must hold their properties for a while as selling right now would result in loss due to depreciation of one lac in prices sinking from PKR 270,000 to PKR 172,000.
However, investors looking to invest in phase III can take a calculated risk depending on goodwill of Wapda Town in general and invest in Wapda Town Phase III. Although, they should keep in mind that short term returns are less likely and must hold their braces if they want shorts term returns.
Nonetheless, chances of medium and long term returns are comparatively high and investors can invest to benefit from long term prospects. End users are likewise advised to consider Wapda town Phase III as a cheaper alternative to DHA Multan. In any case, it will be better to wait for balloting to start and then invest as then it is more likely to predict where the trends are going and how profitable Wapda Town Phase III may turn out to be.