ISLAMABAD, Feb 21 (APP): The plot prices in Sector I-12 have risen sharply despite incomplete infrastructure and the absence of any formal public announcement by the Capital Development Authority (CDA) regarding possession of residential plots, according to allottees and property market observers.
The sudden increase in prices is being attributed largely to speculation linked to an internal CDA letter dated Jan 29, 2020. The communication, reportedly sent by the director general (works) to the director general of land and rehabilitation, suggested that the process for handing over possession in Sectors I-12 and C-14 “may be initiated.” However, the letter did not constitute a formal approval or public notification.
Despite this, some property dealers and investors have been claiming that possession has been officially announced. The CDA has so far issued no public clarification on the matter.
Market data indicates a significant price jump within days. A 25×50 plot, previously priced around Rs 8.5 to Rs 9 million, is now reportedly being offered for up to Rs 13 million, depending on location. Similarly, a 30×60 plot that earlier cost about Rs 13 million has crossed Rs 20 million in the open market.
Several allottees said certain individuals were circulating information that possession had already been approved and that plot owners should immediately submit possession applications along with pay orders and required documents at the CDA Facilitation Centre. Acting on these claims, some owners reportedly rushed to file applications in anticipation of securing early possession.
The lack of an official statement from the CDA has contributed to uncertainty among allottees.
Ali, an allottee in Sector I-12, told APP that substantial development work was still incomplete. “Although streets have been cut and levelled, most remain muddy. There is no proper water supply system, while electricity, gas connections and sewerage work are still pending in several areas,” he said, questioning the practicality of handing over possession under current conditions.
Real estate analysts believe the recent surge is largely speculative, driven more by anticipated possession than actual development progress.
They caution that if possession is delayed or development work remains incomplete, prices could stabilise or correct, potentially exposing buyers to losses.
Muhammad Anwar, a prospective buyer, said he had reconsidered plans to purchase a plot due to the sudden increase in prices. “Rates jumped within a short time mainly because of rumours. It has become difficult for genuine buyers to invest at these inflated levels,” he said.
Allottees have urged the CDA to issue a clear public statement clarifying whether possession has officially been approved and to provide an update on the development status of Sector I-12.