I came back via Babusar, but that was in June. The road is being built, but it will take a while. Most of the road building work was being done between Chilas and Babusar. From Babusar to Lulusar they were just widening the dirt track. They may have completed most of the road by now, but they were making a new track/road, over the hills, from Jalkhad to beyond Basel to avoid the streams. I don't think that could be completed this year. The road from Naran to Jalkhad (40km) was metalled 3 or 4 years ago and is in very good condition.
The road may be completed next year, or at least, drivable on a car. Don't make any plans to use the route before mid-May next year, even on a bike. I will try to contact someone in Kaghan to check the current status and then post here.