Investment Opportunities in Peshawar Real Estate
The provincial capital of Khyber Pakhtunkhwa, Peshawar, has been undergoing several developmental changes for the past several years. While the progress along with the improved security situation of the city has positively impacted the commercial activities, it has also managed to revive the real estate sector.
The Boom of Housing Societies in Peshawar
Due to the increased investor interest in the Peshawar real estate, the industry has observed the emergence of various housing societies, something that lacked earlier in the city.
Topping the list of the most sought after housing projects in the provincial capital of Khyber Pakhtunkhwa, Hayatabad comprises seven phases. It is easily accessible from Jamrud Road and Peshawar Ring Road and is the most posh residential area in the city. Offering commercial and residential plots and houses, Hayatabad is a favourite among investors and home buyers.
Regi Model Town and Wapda Town, on the other hand, are the second and the third most promising societies respectively. Both offer plots and houses at reasonable prices. Other Peshawar projects includeRahatabad, Falcon Complex and University Town.
Being the biggest name in Pakistan’s real estate sector, itsinitialDefence Housing Authority (DHA) initiated its very own DHA Peshawar project in November 2015. Thoughits initial stages of development, it is speculated to be completed in another two to three years. After its completion, it will give serious competition to Hayatabad.
According to Sahib PropertyChief Executive Officer Naeem Gul, people of Peshawar prefer buying plots and building homes themselves.
Plot prices in Peshawar spiked 47.99% from Sep 2015 to Aug 2016, per Zameen.com’s stats.5-marla category witnessed 85.15% increase in prices whereas for 1-kanal 38.44% spike was observed.
In the case of houses, an increase of 1.22% in the rates was recorded from Sep 2015 to Aug 2016. On the other hand, rates of 5-marla and 1-kanal houses increased 1.22% and 10.20% respectively in the same time span.
Changing Landscape with Peshawar Projects
Over the period of time, shopping trends have been changing from bazaars to malls in the metropolitan cities. The Same trend has followed in Peshawar as well. From bazars like Qissa Khwani Bazar, Khyber Bazar, Shafi Market in Saddar and several others, a paradigm shift is being observed with the opening of high-class one-stop shops and malls.
Shops like D. Watson Chemist stand out due to the availability of international brands under one roof. Some noteworthy malls in the city include City Towers, Hyper Mall Peshawar, Khas Mall and JK Shopping Mall.
Additionally, Khyber Pakhtunkhwa Chief Minister Pervez Khattak sanctioned the development of a zoo in Rahatabad near Peshawar University. It is expected to be one of the biggest recreational parks in the city.
Other infrastructure development projects include Mass Transit System and Peshawar Ring Road. According to a report on the Mass Transit System carried in The News, there would be three corridors established under the programme which would be extended to a total of 15 corridors. A handout issued at the approval of preliminary design of Mass Transit System stated that ‘the central corridor would start from Chamkani and pass through Khyber Bazar, Dabgari Garden, Cantonment, Tehkal, University Town, Board and Hayatabad with service areas in Karkhano market and on the entire city routes.’
Explaining other routes, the handout further explained that ‘The second corridor would start from Chamkani to the Southern Ring Road towards Hayatabad while the Northern corridor would use the areas connecting through Northern Ring Road.’
As for the Peshawar Ring Road, according to Naeem Gul, a lot of land is still vacant along its route. These available spaces are already being bought by serious investors who foresee the potential the area has to offer. With the developmental work going at a steady pace and the overall positive market projections, the land surrounding the Ring Road is expected to yield an impressive return on investment once the project gets complete. Apart from the obvious returns, one major aspect of these infrastructural developments is that Hayatabad, which lies in close proximity to the Ring Road, will ultimately come out as the clear winner.
Peshawar real estate is a market with several investment opportunities. In the province of KP, it is the city to look out majorly for investment opportunities.
Ridda Hamid is a freelance blogger with interest in social media. She likes to write about cultural issues and political satire.