Unverified Possession Reports Drive Plot Prices Up in Sector I-12
News Desk
Islamabad: Plot prices in Islamabad’s Sector I-12 have surged sharply, despite incomplete infrastructure and no official announcement from the Capital Development Authority regarding residential plot possession, according to allottees and property market observers.
The sudden price spike is largely being linked to speculation around an internal CDA letter dated January 29, 2020. The communication, reportedly sent by the director general (works) to the director general of land and rehabilitation, suggested that the possession process for Sectors I-12 and C-14 “may be initiated.” However, the letter did not constitute formal approval or a public notification.
Despite the lack of official confirmation, some property dealers and investors have claimed possession has been announced, prompting a rush among certain plot owners to submit possession applications along with pay orders and required documents at the CDA Facilitation Centre.
Read More: https://thepenpk.com/plots-possession-after-decades-cda-randhawa-says-soon/
Market sources indicate significant price jumps in recent days. A 25×50 plot, previously priced around Rs 8.5 to 9 million, is reportedly being offered for up to Rs 13 million, depending on location. Similarly, a 30×60 plot has crossed Rs 20 million from an earlier Rs 13 million.
Several allottees expressed concerns over the state of development in Sector I-12. Ali, an allottee, said: “Although streets have been cut and levelled, most remain muddy. Water supply is lacking, while electricity, gas connections, and sewerage work are incomplete in many areas. Handing over possession under these conditions seems impractical.”
Real estate analysts warned that the surge is largely speculative, driven more by anticipated possession than actual development progress. They cautioned that if possession is delayed or infrastructure work remains incomplete, prices could stabilise or correct, potentially causing losses for buyers.
Prospective buyer Muhammad Anwar said he had reconsidered purchasing a plot due to the sudden price jump. “Rates jumped within a short time mainly because of rumours. It has become difficult for genuine buyers to invest at these inflated levels,” he said.
Allottees are urging the CDA to issue a clear public statement confirming whether possession has officially been approved and to provide an update on the development status in Sector I-12.
