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Faisalabad, the third largest city of Pakistan, is the country’s textile hub. Due to an increase in population over the last two years, the demand for residential property has increased by an estimated 20%. Consequently, property prices have increased by 25% and rentals by 35%.
Here are four residential areas in Faisalabad that are attracting investment from across Pakistan:
1. Gulberg: Located on Gulberg Road, Gulberg is an upscale area. Some of Faisalabad’s well known educational institutions (including Shiblee College and University Tower), recreational avenues (including Bagdadi Park) and hospitals (including National Hospital) are located there.
Available plot sizes: 75, 125, 175 and 250 square yards.
Purchase price range (houses): Rs 36,000-60,000 per square yard.
Monthly rental range: Rs 120-200 per square yard.
2. Madina Town: Located on Susan Road, Madina Town is an upscale residential district with all basic amenities in place and includes mosques and parks. Several well known restaurants, two shopping centres (Nadeem Tower and Roshni Plaza) and educational institutions (including Government Girls College and Shiblee College) are also located there.
Available plot sizes: 125, 200, 250, 400, 500 and 1,000 square yards.
Purchase price range (houses): Rs 30,000-80,000 per square yard.
Monthly rental range: Rs 120-240 per square yard.
3. Millat Town: Located on Millat Road, Millat Town provides residents with educational institutions (such as Government Degree College for Women), well maintained parks, mosques and hospitals. The area is known for its recreational avenues, which include the GDA Shopping Centre, STN Cricket Stadium as well as the famed Bismillah Bar BQ restaurant.
Available plot sizes: 88, 125, 175 and 250 square yards.
Purchase price range (houses): Rs 20,000-60,000 per square yard.
Monthly rental range: Rs 80-125 per square yard.
4. People’s Colony: Located nearly three kilometres from the Clock Tower, People’s Colony is an upscale residential area. In addition to popular shopping hubs such as D-Ground and Sitara Shopping Mall, several reputable educational institutions and hospitals, as well as mosques and parks are located there.
Available plot sizes: 150, 212, 302, 605 and 1,210 square yards.
Purchase price range (houses): Rs 40,500-83,000 per square yard.
Monthly rental range: Rs 130-264 per square yard.
– Syed Wajeeh-ul-Hassan Naqvi
Information provided by Fine Deal Estate, Faisalabad.
First published in the Real Estate Section of The DAWN National Weekend Advertiser on May 26, 2013.