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– Property value and rentals have increased significantly.
Think of Block 2, PECHS and the chances are that Tariq Road will come to mind. However, the truth is that this block is one of Karachi’s oldest and most expensive residential districts.
Past to present… Established in the late 1950s, Block 2 was a quiet, upscale neighbourhood until the 1980s. Sprawling houses were built on large plots with manicured gardens replete with fountains and pergolas. At the time only a few mom and pop shops fulfilled residents’ grocery needs. All this has now changed and although you may still find a few palatial houses there today, most have been demolished to make way for apartment complexes, smaller houses and townhouses, as well as commercial enterprises such as banks, hospitals, salons, schools and supermarkets.
Shopping options aplenty... Tariq Road, which cuts through Block 2, remains one of Karachi’s most popular commercial hubs, where you can find anything under the sun, be it jewellery, clothes, shoes, homeware, electronic appliances or even car parts. Both Tariq Road and nearby Khalid Bin Waleed Road have their share of popular eateries. For a delicious desi meal, head to Zahid Nihari, Nursery Bun Kabab or Noorani Kabab House; for Chinese food, Little China, Kow Loon or Imperial Court are the go-to places. Crown the meal of your choice with kulfi or falooda at Sohni Sweets or Rahmat-e-Shireen.
The real estate take… Property prices are at par with other residential areas in Karachi, such as Bahadurabad, Clifton and Sindhi Muslim Housing Society. Residential property value and rentals have increased by 15 to 20% and 25 to 35% respectively in the last two years; commercial property prices and rentals have increased by 20 to 30% and 25 to 40% respectively. Due to increasing demand, new, high-end apartment complexes are under construction.
In a nutshell… With plenty of shopping, dining and recreational avenues, not to mention a central location, Block 2 remains a popular area for residents as well as for people across Karachi.
First published in the Real Estate Section of The DAWN National Weekend Advertiser on October 12, 2014.