Islamabad’s I-16 sector was launched decades ago but due to no proper attention given to its development, there was no interest in it. However in the last few months after announcement of Capital Development Authority (CDA) that it would ensure timely development of the sector, it has caught everyone’s attention.
CDA has removed a number of land encroachments from I-16 as a part of its anti-encroachment drive because of which people are optimistic about the sector’s bright future. There are many reasons why I-16 is a good option for investment now.
Sector I-16 is in close proximity to Islamabad International Airport (IIA) which will help this project to gain more prominence. Secondly, there is news of construction on Capital Highway from Kashmir Highway to the IIA. This direct access will solve all the major grievances of people who are currently residing here or plan to. As of now, all residents of I-14, I-15 and I-16 have access to their sectors from the main GT Road.
And if you have traveled on GT Road you’d would know its bad condition and how busy it is. Many people who had already invested in this project to build their houses are holding onto their property as they wait for the road to be constructed.
I-16’s development work has been completed since a few years now. Except water, all other utility connections are available. It is expected that CDA will provide a water supply connection to the sector soon. This will rid people of the hassle of water boring.
Roads, streets and plotting has been already completed. And a number of houses have been built as possession is available. Before, investors seemed more interested in the construction of apartments. However, after the completion and operation of IIA, the sector is generating more interest from people.
I-16 has good prospects. And when newer developments take place, the sector will gain more momentum. The prices of 5 marla and 7 marla plots have increased by 50% in the last year alone. It is expected that prices will further increase in the coming months.
The price of a 5 marla residential plot ranges from PKR 30 lacs – PKR 40 lacs. Another 50% increase can be expected for the next year with the new infrastructural developments and construction. Property experts opine that the new government will have to introduce a number of friendly key reforms to ensure market activity remains. One such reform would be to reduce Capital Gains Tax. Secondly, to reduce transfer fees in order to keep investors and buyers engaged in the real estate market.