More and more Islooites opting for high-rise living

[Lahore_Real_Estate]

Sunday, January 03, 2010
Jamila Achakzai

Islamabad

The collapse of F-10 Markaz Margalla Towers in the October 2005 earthquake had led to the fears of a slump in high-rise construction business in the capital city. Nonetheless, such fears by and large proved incorrect in the days ahead with the emergence of lots of multi-storey residential plazas, especially in F-10, F-11 and G-11, and more and more Islooites opting for high-rise living.

High rents of horizontal housing units are being cited as a major reason for this shift of public mood about housing. “Unlike two and three floor houses, which make most of the city’s housing scheme, the apartments are available at low price both to those wanting to purchase them and those willing to rent them. Affordability is driving people to go for high-rise living,” Shah Jee, a property dealer in G-8 Markaz, told ‘The News’ on Saturday. He said such accommodation was a rage among singles and young couples, who want chic and exclusive living at a reasonable price. He said furnished apartments were being rented out from around Rs20,000 to Rs75,000 a month and sold from Rs4 million to Rs10 million and even more depending on their size, accommodation, furnishing, availability of facilities/luxuries, location etc.

He said builders normally sought 10 to 30 per cent down payment followed by instalments ranging between Rs40,000 and Rs100,000 per month. He said instalments on quarterly basis were also available. Shah Jee acknowledged that people got scared of high-rises after the October 8, 2005 earthquake pulled down Margalla Towers and partially damaged some other high rises in the city. “But, bear in mind the people’s memory is short-lived. They forget things fast. The same happened to such fears and concerns, which had crept into their minds immediately after the tragedy. They all vanished in the next few months, encouraging builders to come with more and more high-rise apartments,” he said. He claimed most of the high-rise being constructed in the city would be quake-resistant in strict compliance with the Capital Development Authority’s (CDA) instructions.

Another real estate dealer, Jamil Jadoon, from F-10 confirmed that high-rise living was fast becoming popular in Islamabad like other major cities including Karachi, Lahore and Rawalpindi. He said dozens of residential plazas were either under construction or in the pipeline. Some upcoming high-rises will have swimming pools, saloons, spas, he said. He said mostly, people opting for high-rise belonged to salaried class. He, however, said there are many with good income or resources, who considered living in a luxurious apartment a status symbol. He predicted large-scale construction of high-rises in the city in the days ahead due to fast escalating plot prices and construction costs.

‘The News’ spoke to many residents of F-10 and G-11 apartments most of whom referred to high rents of one and two-storey houses in the city downtown as a reason for occupying apartments. “Rent of a three-room house or portion has jumped to Rs30,000 to Rs50,000 in G and F sectors, which is not affordable for people from salaried or working class. They have two options either to somehow manage rent or move to the city outskirts or Rawalpindi to meet their housing needs. Both options are too ‘costly’ to be afforded by thousands of people whose jobs are based in Islamabad. In such situation, furnished apartments turn out to be a good alternative. They are reasonably rented, located almost in the city’s middle, and have almost all basic facilities required in a house,” Muhammad Bilal, a resident of Mustafa Towers in F-10, said. He said multi-storey apartments covered less space horizontally, so they could prevent help Islamabad retain its green look. He said people could cut travel expenses and conserve environment by minimising dependence on vehicles through use of apartments.

Still, many prefer going horizontal while selecting accommodation, mostly for privacy. “The thing I like the most about independent housing units is privacy and security they promise to their residents. In residential apartments, stairs and roof are common, which not only breach families’ privacy but also make them vulnerable to thefts,” Emaan, a housewife, maintained.

She also said those living on upper storeys of a high-rise normally had limited or no place on their premises to dry clothes or sit out in the sun. She said elderly men and women developed joint pain by frequently moving up and down the stairs in a day, and if they opted to sit indoors, their liberty stood compromised leading them to physical and psychological problems.