Rent of houses in twin cities goes all time high | Pakistan Today

Rent of houses in twin cities goes all time high

Rents of houses in the twin cities have skyrocketed as people are returning from hill stations due to the severe cold and heavy snowfall.
The situation in the federal capital, which already faces a shortage of around 75, 000 housing units, is deteriorated in winters due to the huge influx of residents of the hilly areas.
Rents in the less developed sectors of Islamabad, including I-9 and I-10, and the rural areas are no exception in this regard as the rent of a five-marla single portion in these localities has increased from Rs 15, 000 to Rs 18, 000, 10-marla portion has increased to Rs 35, 000 whereas the rent of one portion in the F-series has increased to Rs 50, 000.
Landlords in the developed sectors rent out their properties only to foreigners and demand money in US Dollars and Pound Sterling.
In Rawalpindi, the rents have surged from Rs 12, 000 to Rs 15, 000 for five-marla houses and Rs 10, 000 to Rs 12, 000 for residential flats.
“Unfortunately, the rents in both the cities are not increasing according to the size or location, rather it is as per the desires of the property dealers who have monopolised the market,” said Arsalan Chaudhry, a government officer residing in Rawalpindi.
Besides the skyrocketing monthly rents, the tenants have to pay a two-month rent in advance and a security deposit equivalent to a one-month rent to the landlord.
Murtaza Javed, a property dealer in sector G-9 said the dealers earn maximum revenues in this season as in the summers the demand for accommodation decreases considerably.
“The houses in the elite class sectors of Islamabad and Rawalpindi are unaffordable for the middle class. The majority prefers to live either in flats or in a portion in suburban areas,” he said.
According to a CDA official, the housing rentals would decrease once the CDA develops new residential sectors. He said the
Authority would soon acquire the land of C-15 and C-16 sectors to develop new societies.



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