Rent for Bungalows & Apartments Surges in DHA Karachi & Clifton

Rent for Bungalows & Apartments Surges in DHA Karachi & CliftonRates of rent for apartments and bungalows in several city areas have increased by 10 to 40 per cent. The jump was said to be in line with the hike in property prices. Some estate agents attributed the hike in rent to shifting of families from violence-hit areas to relatively safer localities.

Although estate agents were divided over the percentage of increase, in posh city areas, the hike was seen in the range of 20 to 30pc. Some others believed that the hike was only in the range of 10 to 20pc during the last one year.

The areas where hike was in the range of 40pc, the property was either hired by schools, fast-food chains or commercial organisations depending on location, dimension, facilities and condition of bungalows. Such outlets always pay higher rents for bungalows.

According to Defence & Clifton Association of Real Estate Agents (DEFCLAREA), in Clifton, Bath Island, Frere Town and Civil Lines, a two-bedroom apartment is available on Rs 25,000-Rs 35,000 rent per month as compared to Rs 15,000-Rs 20,000 last year while a three and four-bedroom apartment in the same vicinity carries rent value of Rs 45,000-Rs 60,000 and Rs 70,000-Rs 75,000 as compared to Rs 30,000-Rs 40,000 and Rs 45,000-Rs 50,000 respectively.

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The association’s Clifton Zone Vice President Abdul Wahab Parekh said that the rent value of a 1,000 and 2,000 square yards double storey commercial bungalows in Clifton is Rs 400,000-Rs 450,000 and Rs 600,000-Rs 800,000 per month as compared to Rs 200,000-Rs 250,000 and Rs 300,000-Rs 400,000 respectively. School owners usually pay Rs 1m rent for a 2,000 yards bungalow in Clifton.

In DHA, the rent value of a two bedroom or three bedroom apartment is Rs 20,000-Rs 25,000 and Rs 35,000-Rs 40,000 rent per month depending on facilities, location and areas as compared to Rs 12,000-Rs 15,000 and Rs 20,000-Rs 25,000 respectively last year.

Wahab said that the rent value of a 500 and 1,000 square yards double storey residential bungalows is Rs 125,000-Rs 150,000 and Rs 225,000-Rs 300,000 per month as compared to Rs 80,000-Rs 100,000 and Rs 150,000-Rs 200,000.

The rent of 2,000 square yards bungalow in DHA ranges between Rs 600,000 and Rs 800,000 as compared to Rs 350,000 and Rs 500,000 in 2011.

Raja Mazhar Hussain, Senior Vice President of DEFCLAREA, was of the view that rent value of bungalows rose by 10 to 20pc in the last one year in view of 25 to 30pc hike in property prices for bungalows or in case of plots, it was a 25pc hike.

However, he said rent in naval, air force or army’s housing schemes has gone up by 40pc owing to security and other facilities. He said in Creek Vista, rent value of a three to four-bedroom apartment is Rs 90,000 and Rs 100,000-Rs 110,000.

Owners of Mohemmedi Estate at Khayaban-e-Badar DHA Phase V, Saeed Zulfiqar and Mohammad Afzal, said that as plots of 500 and 1,000 square yards are now available at Rs 22.5 to Rs 30m and Rs 45.5 to Rs 60m, one can estimate the value of bungalows.

They said after the increase in prices in 2011, a new 500 square yards double storey bungalow sells between Rs 40 to Rs 50m while the rate of an old bungalow hovers between Rs 27.5 and Rs 30m.

Similarly, a new 1,000 square yards double storey bungalow is priced at Rs 80 to Rs 110m while an old double storey bungalow is priced between Rs 50.5 and Rs 70m.

Source: Dawn

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  1. Khalid Lakhani says:

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