This is the first instalment of our series of articles that will be looking at housing societies that are going to be affected by development work on Lahore Ring Road (LRR).
Investors are expecting price hikes in societies close to the new routes. On the flip side, the route passes through some societies, which may mean that property owners with land that falls in the path need to worry. We know our readers have many questions, and this series hopes to answer all of them.
The Central Park Housing Society is fast turning into a prominent option amongst societies that lie on Ferozepur Road. Recent LRR developments and Central Park’s expected launch in the second half of 2017 has spiced things up for this society. Should an investment in this society be on your property hit list? Read on to find out.
Map it out
The new route is doing a whole lot for societies that lie on the peripheries of the city. Investors should note that Central Park – unlike societies that the route passes through – is not in the line of fire. Here, land and property owners do not have to worry about their plots. If anything, Central Park lies just six kilometres away from the under construction Gajju Mattah interchange.
Once LRR’s southern loop opens for business, important parts of the city, such as DHA, Cantt, Gulberg and New Allama Iqbal International Airport, will become easily accessible. The development is helping investors see Central Park in an entirely new light – verily, accessibility has a huge impact on how well a society performs.
Updates on development
Development work in the society is ongoing at a good pace. Central Park has offered possession in various blocks, and numerous families already live in the society.
New bookings for 5-marla plots in Block A-1 have begun. The plots will be available through a two-year payment plan, with a PKR 2,690,000 price tag. Development work here is also being carried out at a steady pace.
The developer is also busy with Block C, D, and G – because of the ongoing development, the blocks have experienced constant price increases.
Block A – the most populated and expensive sector in the society – has given over 100% possession. Development work has been completed by 80% and 50% in Block B and F, respectively. Block G is offering possession of over 50% of its land.
The rate sheet
Check out the prices of the different plot options here:
|Blocks||Plot Size||Price range|
|A||5 marla||PKR 3,000,000 – PKR 3,500,000|
|10 marla||PKR 4,500,000 – PKR 6,000,000|
|1 kanal||PKR 7,000,000 – PKR 9,000,000|
|B||1 kanal||PKR 8,000,000 – PKR 8,500,000|
|2 kanal||PKR 15,000,000 – PKR 17,000,000|
|1 kanal||PKR 7,500,000 – PKR 9,000,000|
|C||10 marla||PKR 2,700,000 – PKR 3,300,000|
|1 kanal||PKR 5,500,000 – PKR 6,000,000|
|D||10 marla||PKR 3,000,000 – PKR 4,500,000|
|E||5 marla||PKR 1,700,000 – PKR 2,500,000|
|F||10 marla||PKR 2,500,000 – PKR 5,000,000|
|G||10 marla||PKR 4,000,000 – PKR 6,500,000|
|1 kanal||PKR 8,000,000 – PKR 9,000,000|
|H||5 marla||PKR 1,700,000 – PKR 2,200,000|
Where to invest?
It is expected that property rates in the entire society will inch up in the next 6 months. In order to benefit from these escalating rates, investors should opt for prime locations in blocks and areas that are currently under development; this includes Blocks C, F, D and G. Our sources also suggest that 10-marla plots will prove to be more beneficial for investors.
Have a burning question about the impact that the southern loop will have on a specific society? Let us know in the comments section below, and we might address the issue in a future piece within this series.