Low-Income Housing Schemes In Pakistan

Due to an influx of mid and low-income population segments into Pakistan’s urban centres, the demand for low-income housing schemes had witnessed a gradual increase in the last three years. As a result, construction contractors have undertaken mid and low-income residential projects in several cities across Pakistan. If you are looking to invest in love to mid-income housing schemes, factor in the following: * The projects are usually spread over 50 to 500 acres. * Each project comprises 200 to 1,000 houses built on plots measuring between 120 and 180 square yards. Due to the limited covered area, these houses have two to three bedrooms, a living room, kitchen and only a single car park facility.

* Basic architectural designs and inexpensive building materials (including tiles, light fixtures, doors and windows) are used to reduce expenses. This lowers construction cost by approximately 15% compared to houses of similar sizes with high-end fitting in place. * Recurring maintenance costs, including those of paint, repair and cleaning ,are approximately eight to 10% lower than houses with a large covered area. * The projects are usually established on the city outskirts where vacant plots are available and purchase prices tend to be considerably lower than for plots of similar sizes located within the city.

* To increase occupancy rates, these projects should be established closer to city centers, as commuting time and expenses are important consideration for buyers. * to ensure affordability, prices should preferably be set 40 to 50% lower than those of luxury houses and apartments, with similar acreage, in every neighbourhood. * These projects are being established in the following cities: Karachi: Karachi-Hyderabad Motorway; Lahore: Army Welfare Trust, Beacon House Society and NFC Housing Society; Multan: MDA Cooperative Housing Scheme, Phase-1, WAPDA Town and PIA Housing Society; Faisalabad: D Type Colony, FDA City and WAPDA City.

By Muhammad Shafi Jakvani. The writer is CEO, citi Associates.

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