AWT Lahore Phase II: Stable market patiently awaiting map approval

AWT Housing Scheme Lahore, a project by Askari Real Estate Ltd. is a rather old project and it may not particularly interest short-term investors. However, the project has now turned into a highly suitable project for genuine buyers looking to construct their homes.

The interest in AWT has also remained alive because of possession not being available in various sections of the housing project. There were two kinds of delays facing some of the people who had bought plots in AWT Lahore Phase II. One was the mortgaged plots. Whenever LDA approves a project, some of the plots are mortgaged to the authority as a “security” for development. Once the development is completed as promised by the administration of the housing scheme, LDA returns the mortgaged plots. These plots had already been sold but possession, naturally, could not be granted until LDA returned the plots. In June this year, the mortgaged plots in AWT Lahore Phase II were returned and possession became available for these plots.

Approval for revised map

The other cause for delay in possession for some of the plots is they fall under the revised map of the Phase II which is yet to be approved by the development authority. Unless the approval is granted, possession can’t be granted on these plots.

According to Umer Qureshi of U&I Real Estate & Builders, there has been no change in the situation. While the approval has been applied for, it has not been granted yet. He was of the opinion that it will eventually be granted but it will take time. He gave the example of mortgaged plots and how the market has stabilised. He explained that the issue of mortgaged plots had people worried and it did take time but it was eventually resolved. Similarly, the market which had looked worrying for a bit has stabilised and people are taking considerable interest in the project.

He stated that AWT is primarily a welfare organisation and its resources and extent of its influence is limited, so it may take some time, but there is nothing to worry about.

While officially, no timeframe has been announced, according to Muhammad Shakeel Ahmad of Hussain Marketing, it could happen in a few months. However, Qureshi felt that it will take around a year or two.

Market prices

Though previously the prices had been on a declining trend after the real estate market dulled in the past year, now the prices have stabilised. This may be a good time for genuine buyers looking to buy plots in the housing project to construct their homes there. Currently, the prices stand as follows:

Though the project no longer suits short-term investors, Shakeel was of the opinion that if you want to make a medium- to long-term investment, it is worth considering. You buy a plot and hold it for three years – past the time limit of Capital Gains Tax – and you will have a decent margin of profit particularly considering that the prices of Phase II of AWT Lahore are yet to catch up with those of the surrounding areas.

Are you looking to buy in Phase II of AWT Housing Scheme Lahore? Do you have any questions about it? You can talk to us in the comments section. You can also head to the Zameen Forum for a detailed conversation.