There are a large number of housing societies in Islamabad, such as Blue World City, Rudn Enclave, and many others that offer world-class facilities and amenities and meet the residential needs of the individuals. However, these societies are not affordable for low income investors as they cannot afford to buy a plot of house in such societies. Therefore, for these people, there are cooperative housing societies in Pakistan that are designed for low-income investors that cater to their residential needs. One such society is the Islamabad Cooperative housing society (ICHS).
The Islamabad Cooperative Housing Society is a housing development project or residential community located in Islamabad, Pakistan. Cooperative housing societies are common in many countries. They are essentially developments where individuals come together to collectively own and manage the land and infrastructure. The typical goal is to create a well-planned and organized residential area.
The Islamabad Cooperative Housing Society (ICHS) is a well-known housing project located in the capital city of Pakistan, Islamabad. It is a cooperative housing society that aims to provide affordable housing solutions to its members while offering various amenities and facilities. We all know that these types of societies offer a range of amenities and services to residents, such as parks, schools, mosques, shopping centers, and security arrangements. Residents usually become members of the cooperative and have a say in the management and decision-making processes related to society’s affairs.
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If we talk about the ICHS Town location, it is ideally present near Fateh Jang Road. The distance from this town to zero point Islamabad is only 42km. It is one of the best cooperative societies in Pakistan which enjoys easy access to the new Islamabad Airport. In addition, its location is also near the China-Pakistan Economic Corridor (CPEC). The distance to other prominent landmarks is as follows:
- 15 Km from Motorway
- 20 Km from Fateh Jang
- 37 Km from Rawalpindi
- 42 Km from Gandhara
- 42 Km from Islamabad zero point
- 77 Km from Murree
- 112 Km from Abbottabad
Nearby Housing Societies
Many other housing societies in Islamabad are near Islamabad Cooperative Housing Society town, such as:
- Airport Avenue Housing Society
- Nova City Islamabad
- Aviation City
- State Life Housing Cooperative Society Islamabad
- Airways City Islamabad
- Motorway City
- Fatima Town
- Green City
Official Launch
The society was officially launched in 1989 with its first housing project known as Islamabad Gardens in E-11/3 and then in 2001 in E-11/1. However, multi gardens were launched in 2004 and ICHS town was launched with this project in the same time frame. The layout plan of this housing society is according to the Capital Development Authority (CDA). The total area covered by this housing society is about 5500 Kanal so it can cater to the needs of almost 35000 to 40000 residents.
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ICHS Town master plan was designed and developed by the Zoom developers. The master plan shows all the information and layout structure of the society. There are a total of 3 phases, Phase 1, Phase 2, and Phase 3 in this housing society. The residential plots are of the following sizes:
- 5 Marla
- 7 Marla
- 10 Marla
- 1 Kanal
ICHS Town Housing Society is also offering commercial plots which are of the following sizes:
- 2 Marla
- 4 Marla
- 8 Marla
When the project was launched, the developers ensured the smooth booking procedure of the society. For the booking, the forms were available in the Silk Bank Branches from 1st October 2015 and the investors can pay the amount in installments. The residential plots available in the old blocks have been sold out and are now available for resale. When it comes to the Islamabad Cooperative Housing Society Payment Plan, it is easy and affordable for all investors. The latest payment plan of the ICHS Town is as follows:
185 sq. Yd. Plot (25×50)
The total cost of this plot is 771, 000/- with a total cost of land is 451,000/-. The development charges include 319,000/- and per quarter installment is 319,000/-. The ICHS offers 14 quarterly installment plans.
200 Sq. Yd. (30×60)
The total price of this plot is 1,057,000/- with the overall cost of land which is 590,000/-. The development charges for this plot size are 460,000/- and the quarterly installment is 787,500/-.
200 Sq. Yd. (35×70)
1,057,000/- is the total price of this size of the plot and the cost of the land is 875,000/-. The charges for the development of this plot are 625,000/- and per quarter installment is 1,125,040/-.
200 Sq. Yd. (50×90)
If you want to buy a 200 sq. yd. plot in the Islamabad Cooperative Housing Society, you need to pay 2,659,000/- as the total price and 1,500,000/- as the cost of land. The development charges of these plots are 1,150,000/- and per quarter installment is 1,987,510/-.
It is the most reasonable and affordable payment plan for the ICHS Town where the investors need to be a member by paying a 500 membership fee. So, if you want to buy a plot here, be a member and get the plots at the most reasonable price in installments.
Islamabad Cooperative Housing Society is typically situated on the outskirts of Islamabad. Most of the cooperative housing projects often occupy areas that are being developed for residential purposes. The exact location might vary based on the specific phase or sector of the society. The Key features of ICHS Town are:
Affordability
One of the primary goals of ICHS Town is to provide affordable housing options to its members. This can be particularly attractive for individuals or families looking for housing solutions that are cost-effective compared to other residential developments.
Cooperative Model
As the name suggests, the society operates on a cooperative model. This means that members collectively own the society and have a say in its management and decision-making processes. They usually elect a board of directors or management committee to oversee the affairs of the society.
Amenities
Many cooperative housing societies, including ICHS, tend to offer various amenities and facilities to their residents. These can include parks, schools, mosques, commercial areas, recreational facilities, and security arrangements.
Development Phases
Cooperative housing projects often have multiple phases or sectors that are developed over time. Each phase might have its layout, facilities, and characteristics.
Membership and Allocation
To become a resident in ICHS, individuals usually need to become members of the cooperative by purchasing a membership or a plot. Plot allocations or house construction can follow specific procedures outlined by the society.
Infrastructure and Utilities
Cooperative societies in Pakistan generally develop their infrastructure, including roads, water supply, sewage systems, and electricity connections.
If we talk about the development work in the Islamabad Cooperative Housing Society, phase 1 has almost been completed. The development of roads, sewerage lines, and electricity is almost 50% completed. However, the speed of the development work is very slow and it is expected that phase 1 will take 2-3 years to complete.
Over the last few years, the development work has been slowed down. The development of the China-Pakistan Economic Corridor in the surrounding area of ICHS Town has increased economic activity. Thus, it results in an increase in the popularity of this project as it attracts a lot of investors.
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Investing in a cooperative housing society can offer several potential benefits, depending on the specific circumstances and the nature of the cooperative. Here are some reasons why people consider investing in Islamabad Cooperative Housing Society:
Affordable Prices: Cooperative housing societies often provide an affordable housing option compared to traditional real estate purchases. Members share the costs of ownership and maintenance, making it accessible for individuals who might not be able to afford a standalone property.
Shared Costs and Responsibilities: In a cooperative, the costs of maintenance, repairs, and common amenities are shared among the members. This can help reduce the financial burden on individual investors, as well as provide a sense of community responsibility. Due to this point, the future of ICHS Islamabad is very bright.
Collective Decision-Making: Cooperative housing societies usually operate on a democratic decision-making model. Members have a say in how society is managed and can participate in important decisions regarding maintenance, improvements, and policies.
Sense of Community: A cooperative housing society often fosters a strong sense of community among residents. This can lead to a supportive and inclusive living environment, where neighbors know and look out for each other.
Limited Liability: In many cases, the liability of individual members is limited to their investment in the cooperative. This can offer a level of financial protection in case of unexpected costs or legal issues related to the property.
Stable Housing Costs: Monthly charges and expenses in cooperative housing societies are usually predictable and stable. The charges are determined collectively. This can help residents manage their budgets more effectively.
Potential Return on Investment: ICHS Town is primarily designed to provide affordable housing rather than generate profits. There is still potential for the value of the investment to appreciate over time. The demand for housing in certain areas can lead to an increase in the value of the cooperative shares.
Long-Term Living Arrangement: Cooperative housing societies are often intended for long-term residency. This can be attractive to individuals or families looking for a stable and secure living arrangement.
Drawbacks of Investing in a Society
It’s important to note that investing in a cooperative housing society also comes with its own set of considerations and potential drawbacks, such as:
While members have a say in decisions, the overall control of the property and its management rests with the cooperative’s board or management committee. This might limit your ability to make individual decisions about your unit. In addition, selling or transferring your membership in a cooperative can be more complex compared to traditional real estate transactions. Some cooperatives might have restrictions on who can purchase or join.
Moreover, while there’s potential for value appreciation, the real estate market can be volatile. The value of your cooperative shares might not necessarily follow the same trends as traditional real estate values. Also, joining a cooperative often requires an upfront investment and ongoing membership fees. It’s important to understand these financial commitments before investing. These kinds of restrictions are not present in private housing societies, such as Blue World City and Park View City.
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Wrap Up
FAQ's
Islamabad Cooperative housing society (ICHS) is not owned by a single owner. It is managed by Government offices of the 22nd Grade.
The sizes of the residential plots here are 5 Marla, 10 Marla, and 1 Kanal.
The location of this housing society is near Fateh Jhang Road near the Islamabad zero point. The distance to the CPEC route is 3 km and New Islamabad International Airport is 4km.
Islamabad Cooperative housing society covers almost 5500 Kanal right now. However, there is an extension in the total area of the land and it is expected to cover a total of 9000 Kanal.
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