Looking for an Investment Opportunity? Invest in Semi-Urban Cities
You may doubt as the governments have neither showed much interest in this sector nor created multiple opportunities for the public. However, the private sector is all set to exploit this opportunity. Therefore, to grab the major chunk of investment, countless new residential societies have been launched in all major cities just in the last decade.
Recently, a new trend is observed in Punjab that developers have been shifting their focus from leading metropolises to the cities with massive growth in human population, huge purchasing power and urge to have modern lifestyles such as Faisalabad, Gujranwala, Multan and Sialkot to make the most of real estate investment opportunity.
Several well-known developers have introduced their state of the art residential developments in these cities. For instance, The Defence Housing Authority (DHA) has launched its residential project in Multan, Bahawalpur and Gujranwala. Citi Housing society has been launched its residential societies in Sialkot and Gujranwala and it has announced to launch this project later in Faisalabad and Jehlum. Other conglomerates might also have plans to launch their signature projects in semi-urban cities in the years to come.
Pakistan is already facing shortage of homes and as per State Bank's and independent source's report, Pakistan has a housing backlog of almost 10 million homes with demand growing at a rate of 0.7 million new units per year. To meet this deficit, the country needs 1 million new homes on yearly basis. Imran Khan, the new Prime Minister of Pakistan, has announced "Naya Pakistan" housing project to provide 5 million low cost homes to the general public.
Therefore, experts at HomesPakistan considered it an amazing step as it will not just extend the excellent real estate developments to second-tier cities but will also limit the migration of people to Lahore, Karachi and Islamabad. They are also of the view that superior quality developments such DHA Multan will attract wealthy investors and serious property buyers from surrounding cities, as it is easier for them to shift to Multan as compared to Lahore, Karachi or Islamabad.
However, to make any such project instant hit and attractive for people, private developers will have to bring educational institutions, hospitals, parks, commercial centres and other best worldly facilities and amenities in their residential projects. Only then, these societies will become attractive for property investors and buyers alike in real sense.