Is investing in LDA City is safe for the investors?
In Lahore, one of the few projects that can possibly increase investment activity right now where the market is mostly managing authentic buyers is Lahore Development Authority (LDA's) project i.e. LDA City. Read on if you are hoping to learn more about LDA City.
Location of LDA city
LDA City is located on Ferozepur Road close to the newly constructed Lahore Ring Road's Interchange on Gaju Matah. Intended to end up the biggest housing society of Punjab, land obtaining for its Phase I has been completed.
If you have been reading the newspaper daily, you must have read the points of interest of people and the land that they given up to the general public. However, there still exist a few land pockets that LDA is hoping to get through its development partners.
In the beginning of this month, the LDA Director General Zahid Akhtar Zaman offered guidelines to hold a ballot to designate plot numbers to LDA City records in March. In such manner, the date hasn't been declared yet, however, the estate agents believe that it could be held somewhere till the end of March.
In this ballot to be completed for Phase I, which spans around 30,000 kanals of land, the LDA will tally 5-marla, 10-marla, 1-Kanal and 2-Kanal plot records. The LDA will just incorporate those records for which exclusion letters have been issued.
According to Mian Abu Bakar of Raza Group, the LDA may ballot approximately 8,000 plots and tend to the rest in the second phase of the ballot, but the official decision is yet to be made.
Map for LDA City
It is also supposed in the market that the LDA has arranged the map for LDA City, which isn't imparted to the partners yet. Some agents still claim to have an essential rendition of this map, in which plot numbers are not marked but rather the area of divisions falling in LDA City phase I are accessible.
The market standard about sharing the official map is nearly the same for all projects, where the last map is issued not long after the ballot is conducted. We can just suggest readers to wait for that and not to depend on the map shared generally by agents.
As indicated by the agents, quick paced advancement work is being done in LDA City's Areas 3, 4 and 5, where sewerage lines have been completed, with improvement focus moved around finishing work away at the 300-feet Primary Road that goes through various sectors. Apparently, 60% work has been done.
The 300 feet wide street that interfaces the general public's main passage with Gaju Matah is available to traffic. Work on the sports stadium has also been completed by 70%.
Rates according to the size of plot
For your convenience, we have included market rate (buying cost) of start file, files for which exclusion letter has been issued, and documents with exception letter offered by the improvement partners under new booking.
Plot file size Intimation file Files with exclusion letters Exclusion files (new bookings)
- 5-marla PKR 1,600,000 PKR 1,725,000 PKR 17,90,000
- 10-marla PKR 2,500,000 PKR 2,705,000 PKR 2,790,000
- 1-kanal PKR 3,850,000 PKR 4,125,000 PKR4,290,000
- 2-Kanal PKR 14,000,000 PKR 16,065,000 PKR17,500,000
Facts about the project
Our sources believe that effective plot owners in the ballot will securely request an amount higher by 25% than the current rate, while expected price appreciation of the ballot could be 10% to 15%.
We have also heard reports that the developers are going to inaugurate new deals for LDA City plot files at a higher rate soon after the ballot. This will automatically push rates up for the current files.