Property prices fall by 8-15 per cent

KARACHI: Property prices, especially of vacant plots, have further declined by eight to 15 per cent during the last over two weeks as investors are still not ready to take risks in view of uncertain political and economic conditions. Real estate prices had plunged by 20 to 30 per cent in 2008 and these further came down by five to 15 per cent after Mumbai attacks and subsequent tension between the two countries. Estate agents attributed slow sale and purchases to reports regarding arrival of Talibans in Karachi.

Islamabad: Capital’s housing shortage becoming worse

ISLAMABAD: The shortage of houses has aggravated in the capital because new residential units have not been built for long. A, B, C and D type flats have been built for government employees in different residential sectors. Since the demand for residence is growing, the government employees to whom the flats have been allotted used to sublet one or two rooms as a matter of routine.

Islamabad: CDA approves Rs 52m for new sectors

By Fazal Sher – ISLAMABAD: The Capital Development Authority (CDA) has approved Rs 52 million for the acquisition of land for launching 10 new sectors though development work on several sectors launched over a decade ago has not been completed so far. A senior CDA official told Daily Times that new sectors included C-13, 14, 15, 16, D-13, F-13, 14, E-13, I-17 and H-16. However, he said, the authority could not complete development work on sectors D-12, G-12, I-14 and I-16, which were launched over 10 years ago. “The CDA has also failed to hire a contractor for Sector I-15 launched two years ago,” the official said.