PESHAWAR, Nov 15 (APP): The prices of properties and rent of housing units in Khyber Pakthunkhwa have witnessed downward trends following repatriation of over 200,000 illegal foreigners to their home countries via Torkham border.
Hayatabad, a posh township of the city where a five marla house was sold between Rs 2.3 crore to Rs 2.5 crore prior to repatriation of illegal foreigners, has been slashed to about Rs 2 crore while rent of the same house, which was earlier available on Rs 45,000 to Rs 50,0000, was now being rented out between Rs 35,000 to Rs 40,000.
Wisal Khan, chief executive officer of Sunrise Marketing told APP on Wednesday that significant decrease in prices of properties and rent of housing units was being witnessed in Peshawar and other big cities of the province following repatriation of illegal foreigners that was started from November 1, 2023.
He said the prices of 10 marla house at Hayatabat that was earlier available on Rs 55 million to Rs 60 million was slashed to Rs 50 million while its rent was decreased from Rs 70,000 to Rs 60,000 owing to repatriation of illegal immigrants.
Similarly, in Rasheedabad and Faqirabad areas of the city, the price of five marla house that stood to Rs1.5 crore earlier was reduced to Rs1.4 crore while the same house that was previously rented out on Rs 30,000 was reduced to Rs 24,000 per storey.
He said prices of housing units in other areas including Gulbahar, University Town, Tehkal, Jhangirabad, Charsadda and Dalazak Road besides Wapda Town Peshawar were also significantly decreased.
With completion of repatriation process of all illegal foreigners especially afghans, he said prices of properties and rent of housing units would be further decreased in days to come in Khyber Pakthunkhwa especially in Peshawar.
Latifur Rehman, Spokesman of KP Home and Tribal Affairs Department told APP that from September 17 to November 14, over 211,969 illegal foreigners were repatriated via Torkham border that connect Pakistan with Afghnistan.
The repatriated 211,696 illegal foreigners include 17,645 families with 59,703 male, 46,687 female and 105,579 children.
Similarly, he said that 3,202 illegal foreigners repatriated through Angora Ada Lower Waziristan crossing border point and 419 Kharlachi border of Parachinar in Kurra tribal district.
Latifur Rehman said that a total of 215,590 illegal foreigners were repatriated including 2,656 deported through Khyber Pakthunkhwa borders during this period.
Professor Dr Muhammad Naeem, former Chairman Economics Department, University of Peshawar said that federal government’s decision to repatriate illegal foreigners made positive effects on housing sector in Khyber Pakthunkhwa where prices of properties and rent of houses witnessed downward trend in recent weeks.
In the wake of two percent population growth rate in the country, he said that about 10.3 million houses including 3.3 million housing units in urban areas and 7 million housing units in rural areas of Pakistan would be required in next two years.
He said Pakistan’s population size estimated to increase to 250 million by 2025 and urban population to entail 50% of total population by 2040, which means that additional 1.24 million housing units per year would be required in next few years.
Muhammad Waqas Anjum, Assistant Director, Provincial Housing Authority (PHA) said that a survey regarding shortfall of houses was conducted under Naya Pakistan Housing Program that revealed that five million houses of five marla were urgently required in Pakistan including 7,50,000 in Khyber Pakhtunkhwa to meet the country’s growing population needs.
He said that 2,62,500 kanal land was needed for the construction of these five marla housing units in the country.
Peshawar was facing a shortfall of 104, 897 houses while 58,309 houses are required in Mardan, 65,749 in Swat, 39,981 in D I Khan, 39,919 in Swabi, 39,712 in Charsadda, 38,244 in Mansehra, 37, 313 in Nowshera and 35, 282 in Lower Dir, he told and added that about 32,751 were needed in Abbottabad, 28,697 in Bannu, 24,646 in Haripur, 24,421 in Kohat, 23,255 in Upper Dir, 20,048 in Buner, 21,529 in Lakki Marwat, 19,281 in Kohistan, 18620 in Shangla, 17,699 in Malakand, 17,355 in Karak, 17,748 in Hangu, 11,711 in Batagram, 10,992 in Chitral, 9,629 in Tank and 4,211 in Torghar.
He said that only 6,500 kanal land was available in Peshawar, 560 kanal in Swat, 377 kanal in Charsadda, 300 kanal and 8,300 land in Hangu for construction of affordable houses.
He said 15 housing projects including Hangu Township on 8,400 kanal and Jalozai Phase III at Nowshera were launched besides plots in Mega Nowshera City was recently awarded to applicants on lucky draw.
He said that 10,500 housing units in Hangu would be constructed with an estimated cost of Rs10 billion in five years, adding 900 residential flats would be constructed in three highrise buildings at Nishtarabad, Warsak-I and Warsak-II in Peshawar.
Jalozai housing project in Nowshera is being constructed on 8,400 kanal where about 9,000 housing units would be built besides 1, 300 residential flats for labourers and the general public. He said these projects on completion would significantly reduced housing backlog.