Latest Development & Possession | Lake City Lahore Plot Prices July 2018
Lake City has been highly popular among genuine buyers for years – particularly among buyers looking for homes in high-end housing projects. That still remains the case. The market is slow because of a variety of circumstances, but the interest of genuine buyers have persisted. Significant value was also added to the project because of the Southern Loop of Lahore Ring Road (LRR). Lake City has its own interchange on LRR. So the buyer interest – and hence the price appreciation – remain persistent despite all else.
Development, possession and amenities
What makes the project so attract has been its fantastic development and amenities. According to Khurram Khan of Property Guide Real Estate, the housing scheme has met all the promises on development that they had made. Lake City produces its own electricity – and provides it at the same rates as LESCO. The remainder of utilities are also available, even in sections where possession is yet to become available. For example, according to Abid, in M-3 Extension, all the utilities have already been made available.
According to Khurram Khan, it was promised that development work in M-8 would begin by the beginning of July. The machinery has arrived but the development hasn’t been actively launched yet even though some work is being done.
Concerning the blocks where possession isn’t available: M-3 Extension, some parts of M-4 and M-7, and M-8, Khurram Khan explained that possession is expected in about 3 or 4 months. While according to Ch Shakir of Consult n Deal, the possession in M-8 is expected in 2019.
Market situation and prices
According to Ch Shakir , the prices have been increasing, but slowly, as can be expected in a project that primarily interests genuine buyers, particularly in these slow times. He explained the prices have increased by `10-15% in the past quarter, which while not something spectacular, is good considering that the rest of the market has been at a standstill.
Plots are also available on instalment in Lake City, though none of these are new and even these plots are on resale. As it is, the latest of the 5-marla plots on instalments are priced at PKR 4.09 million and two of the ten quarterly instalments on these. However, anyone looking for particularly affordable plots on easy instalments can consider these plots. All you will have to pay is the down payment and 2 quarterly instalments, the remaining will be paid over the next two and a half years.