The diversity possessed by the real estate market of Lahore has allowed property buyers and investors from a wide range of financial backgrounds to find a piece of land matching their requirements as well as their budgets.
But while serving affluent investors and buyers with investment options as posh and prime as Defence Housing Authority (DHA) and Gulberg, the property market of Lahore hasn’t ignored the buyers on a budget.
With a great many options including housing projects as reliable as Fazaia, Sui Gas, Central Park, State Life and Paragon City, budget buyers have a whole lot of housing projects that they can choose from while staying within their means. Interestingly, the southern part of Lahore is not just more affordable in terms of prices, but the available infrastructure and its ongoing expansion has made the whole idea of real estate investment much more meaningful in this part of the city.
For these budget buyers looking to score a good deal in the southern parts of Lahore, below are three housing projects in Lahore that have decidedly earned the attention of budget buyers.
Bahria Orchard, a residential project of Pakistan’s most renowned real estate developer, is an affordable project to buy residential property. The project boasts a natural and calm environment dotted with fruit-bearing trees in the suburbs of Lahore. It is located at a few minutes’ drive from Thokar Niaz Baig on Raiwind Road.
Its distance from the main city is believed to be the main reason behind its somewhat lower property rates. The project is nonetheless experiencing steady demand and a consequent price rise. The development of roads and related infrastructure in this area is set to trigger demand and value of Bahria Orchard’s property further in the future.
According to stats from Zameen.com, Pakistan’s top property website, in May 2015 the average rate of a 1-kanal plot in Bahria Orchard was PKR 8,216,667. The value of these plots has increased from PKR 7,500,000 since June 2014, which comes to a price gain of 9.55% over the course of 11 months.
State Life Housing Society
State Life Housing Society Phase I has a very fine location along Lahore Ring Road (LRR) with DHA Phases IV and V on the other side of LRR. Despite its brilliant and accessible location, property rates are much lower in this society than neighbouring DHA, making it the next best option for buyers with limited capital.
Per Zameen.com’s stats, the average sale price of a 1-kanal plot in State Life Housing Society in May 2015 was PKR 9,850,000. Please note that the value of these plots in Phase I have increased by 11.73% since June 2014, which means State Life Housing Society is a promising investment option for short- to medium-term investment.
State Life Housing Society Phase II, despite being located adjacent to Phase I, is even cheaper. The main reason behind the lower property rates in State Life Housing Society Phase II is the slow pace of development work. Because it is still under development, the expected timeframe for possession hasn’t been shared by the developer.
According to Zameen.com’s stats, the average rate of a 1-kanal residential plot in State Life Housing Society Phase II in May 2015 was PKR 2,838,328.
Sui Gas Housing Society Phase II
Among budget buyers, Sui Gas Housing Society Phase II is a popular residential project. It is located at a short driving distance from Raiwind Road, with the main entrance from Sharif Medical City Road. Because of its location in a less populated and developing neighbourhood, property rates in Sui Gas Phase II are currently very attractive. The success of Sui Gas Housing Society Phase I also has a role to play in the high demand for property in Phase II.
The average value of 1-kanal residential plots in Sui Gas Phase II in May 2015 was PKR 3,734,091, according to Zameen.com. Since June 2014, the average sale price of these plots has decreased by 6.54%, but these rates are expected to increase with ongoing development, making it a medium- to long-term investment.
Moreover, the expansion of Raiwind Road and initiation of development work on LRR is set to add value to the housing societies located in this part of the city. Sui Gas Phase II enjoys better prospects since its Phase I is developed on modern lines, offering a lifestyle that is comparable to the neighbouring DHA Phases IV and V.
The potential of Lahore’s real estate sector is poised to offer returns to investors, which is the very reason why the city is expanding and experiencing growth in its residential sector. While it is true that affordable housing projects often attract genuine buyers, the current infrastructural development taking place in the suburbs of the city suggests that bagging quicker gains is now more possible than ever before.