Impact of LRR Southern Loop On Fazaia Housing Scheme Phase I, Lahore
The Fazaia Housing Scheme Phase I was launched in 2004 and is situated near Raiwind Road. Towards the start, the society wasn’t considered as a profitable investment option due to its far distance from the city. However, with the expansion and development of the city towards Raiwind has made the society more accessible now.
Now Fazaia Housing Scheme has become a favorite for buyers and investors in Lahore. In this post, we’ll be discussing the trends in price rates and how the completion of the Lahore Ring Road is going to impact the project.
Fazaia Housing Society is located at a distance of 12.5 kilometers from Thokar Niaz Baig. There are also other neighboring societies nearby such as Bahria Orchards, Lake City, Khayaban-e-Amin and Army Welfare Trust.
Impact Of LRR On Fazaia Housing Scheme:
With the southern loop of the Lahore Ring Road close to completion, it will supposedly have several undeniable impacts on the housing schemes nearby, one of which is Fazaia Housing Scheme Phase I.
To begin with, the LRR will be passing through the society which means several plots will be affected. Property owners will either be adjusted in Phase II or compensated according to the rates of the plots. Also, corner plots near the road have become less attractive to buyers because noise is a huge concern.
Which means that there will be a decline in their prices once the road opens. Although, the society is a lot more accessible with the LRR so close by. Thus, plots that are not located exactly next to the road will definitely experience a rise in demand.
Sajjawal Gujjar of Sajid Estate states that the price of a 10 Marla plot ranges from PKR 6,000,000 to PKR 8,500,000 while a 1 Kanal plot is between PKR 8,500,000 and PKR 12,500,000. According to Gujjar, these rates have remained around these levels for a year now.
Is It Worth It?
It is said that the prices will go up once the opening of the LRR takes place, with an expected rise of approximately PKR 1,000,000 to PKR 1,500,000. The 10-marla plots are prompted classifications in such manner since they are little in number. The expansion in costs is required to be higher in this classification.
Nature Of Improvement:
Fortunately, the residents of the society are satisfied. Sewerage, Sui Gas, and electricity systems are all in check. As indicated by Baig, around 400 to 500 houses have been developed in the society. For legit buyers, it is indeed a good investment chance.
This was our report on the Fazaia Housing Scheme Phase I. The specialists propose that investments in regions far from the LRR are profitable. What do you believe is the fate of this scheme? Would you contribute here? Let us know in the comments segment below or you can even start a discussion on our RightDeeed Forum and engage with other users.