By Azka Naeem
The realty market of Lahore, Pakistan’s cultural capital, is a delightful mix of high, mid and low-end housing options and welcomes people from all income groups with open arms.
From sprawling mansions in high-end localities like DHA Lahore, Cantonment and Model Town to the rustic narrow lanes making up the arteries of the ancient Walled City neighbourhood, Lahore, like its people, lets a diverse population call it home.
With a focus on enlightening its readers about the more affordable yet amenity-laced localities, the country’s top real estate website rounded up three key areas in Lahore that may serve well those trying to bridge the gap between affordability and modernity.
State Life Housing Society
Adjacent to DHA Lahore and lying on the Lahore Ring Road that runs around the bustling city, State Life Housing Society has become an excellent choice for buyers looking to invest in a locality that is both light on the bank account and offers modern utilities.
The database of Pakistan’s leading property portal reveals that the average sale price of 1-kanal plots in Phase I of the locality is currently around Rs10 million, which most will consider a bargain compared to the value of a similar plot of land in neighbouring DHA.
The society’s Phase II is even more affordable, with the average price of a 1-kanal plot falling between Rs2.9 million and Rs3 million. The reason for such low prices is lack of development in the area as of now, however Phase II has become an ideal choice for investment due to its future prospects and its proximity to the now fast-developing Phase 9 of DHA Lahore.
Although it’s a medium-budget housing project, the return on investment State Life Housing Scheme offers is nothing to sneeze at, with Zameen.com’s stats revealing the price of 1-kanal plots in Phase I of the society increasing 11.73% in value from June 2014 to May 2015.
Bahria Orchard
Bahria Orchard is another notable residential scheme for mid-income buyers. Located on main Raiwind Road and a few minutes’ drive from ThokarNiazBaig, Bahria Orchard’sperimeter is lined with hundreds of fruit trees.
According to website’s data, the average value of a 1-kanal plotin Bahria Orchard hovered around the Rs 8.2 million mark. The plots commanded about Rs 7.5 million in June last year, and the 9.55% rise in value is a clear indication of the potential this locality has.
Sui Gas Housing Society Phase II
Riding on the success of Sui Gas Housing Society Phase I, the Phase II of this rapidly developing residential society is attracting investors and residents alike.
Falling right beside Sharif Medical City and adjacent to AWT Phase II, the society offers residents a serene getaway from the hustle and bustle of Lahore and makes for a peaceful living area. Access to the city is cakewalk thanks to Raiwind Road, which is in the process of getting a major facelift.
Although the prices of 1-kanal plots have lost 6.54% of their value since June 2014 due to slow pace of development work, it might be the best time to invest in the area. The prices are bound to go up in the coming months once the expansion work along Raiwind Road is completed. A 1-kanal plot in the locality costsaround Rs3.7 million these days, a figure extremely enticing for those with the means to sit on their investments for the medium to longterm.
While Lahore will offer potential investors a host of options, these three areas will cause less serious damage to your bank account and are set to become real estate stars in the future.
The nominal prices will let you free up funds for investment in other areas, allowing you to acquire a decent sized plot besides diversifying your holding portfolio.
