Naya Nazimabad Flooding May Send Property Value Plunging

The recent rains and subsequent flooding of Naya Nazimabad have tarnished its charm.

“The whole Naya Nazimabad project will be affected after what people have seen after the rains,” said Kamran Sheikh, who runs a real estate agency in Nazimabad.

“Property worth Rs12 million before the flooding will now be difficult to sell at Rs10 million. I think its worth will now settle at around Rs9.5 million.”

Shaikh is not the only one who believes Naya Nazimabad’s property value will drop. Another property agent, Shah Mohammad Shah believes the property value in Naya Nazimabad will sink somewhere around 25% to 30%.

Related: Why did Naya Nazimabad sink?

“But people will still be interested in the property. The rains were record-breaking so people might still think that it may not happen again. So, one just can’t wipe off Naya Nazimabad from the buyer’s radar,” Shah said.                          

Naya Nazimabad Executive Director Muhammad Ejaz thinks otherwise. He said that a single incident can’t tarnish the image of a society that is “second to none” in the country. He also brushed aside the concern that the foundations of the housing units might have been affected due to the water accumulation.

Despite his confidence, most people believe property rates will not remain the same in Naya Nazimabad after the recent flooding. Another property agent, Mohammad Ateeq, said the flooding the whole of Pakistan saw in Naya Nazimabad will have mixed results on property value in the society.