Karachi (Staff Reporter) The skyrocketed with an extraordinary increase of 100% in property prices in the metropolitan.
According to a published report Geo TVRising prices have made it impossible for the common man to own property. In addition, the number of slums in the city has increased due to the severe shortage of affordable housing.
In the recent past, property prices have risen from 50 to 100 100. According to the report, areas of the city where property sales are increasing include Shah Latif Township, Northern Bypass, Surjani Town, Scheme 33, Malir and Jinnah Avenue Road.
Property prices have doubled in areas where basic amenities such as uninterrupted water, electricity and gas are available.
The apartments on Jinnah Avenue Road are worth more than Rs 10 million, while booking projects under construction also cost Rs 10 million. A plot of 120 yards in the legally stable and well-equipped societies or commercial projects on the Northern Bypass is worth Rs. 1 million.
Meanwhile, the city’s population is growing rapidly due to people coming from other parts of the country. According to the report, the number of slums and encroachments on properties is increasing due to lack of affordable housing.