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Current status of State Life Phase II

Property
3 min read | Zain Nadeem  | January 27, 2016

Over the last few months, there have been a number of rumours making rounds in Lahore about the merger of Phase II of State Life Insurance Employees Cooperative Housing Society Ltd with the Defence Housing Authority (DHA). However, no definitive information has come to the fore in this regard.

To get updates, I contacted a State Life official and came across some information that I’d like to share with you. According to the official, State Life has secured the approval for the merger in its annual general meeting, but DHA has not been contacted about this.

I also learned that State Life is mulling over another option – merging State Life Phase II with Phase I. If this option is taken up, the developer will offer a 10-marla plot in Phase I for every 1-kanal plot forfeited in Phase II and a 5-marla plot in Phase I for every 10-marla plot sacrificed in Phase II. The official I conversed with confirmed that the company has received applications from members in this regard.

However, as no official announcement about either of the mergers has been made by State Life so far, you should avoid making any investment decisions based on the talk of the town.

Development work, prices and activity

Even years after the launch, there are no traces of development in the society and the management, preoccupied with scrutinising merger options, doesn’t seem to be focusing on this aspect at all.

Despite all the controversies the society has been embroiled in, people are still trading plots here. According to an estate agent based in Lahore, the sale price of 1-kanal plots in the locality ranges between PKR 2,800,000 and PKR 3,500,000 and the price of 10-marla plots lingers between PKR 1,800,000 and 2,000,000.

Merger with Phase I

Merger or, in other words, the allotment of plots in State Life’s Phase I seems to be a favourable idea in terms of property values.

The average sale price of 10-marla plots in Phase I is PKR 7,486,364 currently, according to data meticulously maintained by Zameen.com. On the other hand, the average price of 5-marla plots is PKR 3,770,714. These numbers show that if plot owners in Phase II forfeit their 1-kanal or 10-marla plots and accept 10-marla and 5-marla plots in Phase I respectively, they will still be able to enjoy some benefits because there is a good difference between property prices in these two phases.

Merger with DHA

And suppose the merger with DHA takes place and State Life’s Phase II becomes part of Prism 9. Well, even in this case, plot owners in Phase II don’t need to worry.

The average price of 10-marla plots in Prism 9, according to Zameen.com’s stats, is PKR 4,959,985 and the average price of 5-marla plots is PKR 3,021,967.

Considering these numbers, plot owners in Phase II will be able to secure profits in this case as well.

Let me state this point once again: No official announcement has been made about either of these mergers. So, please, make informed investment decisions.

That’s all about State Life’s Phase II for the day. Please feel free to post comments below.

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Zain Nadeem
Zain Nadeem is a Deputy Editor at Zameen Media (Pvt) Ltd. You can also find and follow him on Google+

      1. Hi

        thanks for update . But what about the 5 marala polt incase of both option any idea on that .

      2. Dear Zain are you still with zammen.com and you are still providing information on the topic of state life insurance phase 2 can you update the current situation of State life phase 2

  2. I went to state Life office last week to get my statement and found out that merger into phase 1 has already started and application have been accepted from 650 members from CC and EE and now awaiting final balloting. When enquire why we were not informed, I was told all members of sector CC and EE were sent letters for this option – which I never received.

      1. @Zain,
        State Life has sent letters confirming conversion of SL2 1 kanal plots to SL1 10 marla plots. Balloting for plot numbers is on 1st March. I would appreciate if you can further inform through your market contacts, how this will fare for the people receiving the new 10 marla plot numbers.

        1. Tauseef Bhai,

          Do you have a copy of the letter? Can you please sent it to me at ‘zain’ dot ‘nadeem’ at ‘zameen’ dot ‘com’.

          Or if you need my Whattapp number, I can provide it to via email.

          Regards,
          zain Nadeem

          1. Zain bhai i want to contact with you i want to buy a plot kindly guide me either state life II is suitable for that or not. my contact is 03216996125

  4. what is scope of State life phase-1?I want to buy one kanal plot in B block.Please advise is it good investment?

    Thanks in advance.

  5. No doubt State life phase 1 & even phase 1 extension (Hakim Town) is a secure investment and give fruitful results after a year. Regarding phase II, since many years there is no development. The hike on plot prices only by the brokers. State Life should be taken strong action on it but they closed the eyes. Now, losses only for the buyers. Though, they get the plots in phase 1 but what to do the Cvt and other Taxes which they paid in response of phase II plot/s? Shall they again give heavy amount in the pocket of govt? As of my suggestion, State life should accommodate his customer/s and at least bear 30% of the whole taxes. Or the best way, buyer/s should sale the plot and secure his amount rather than to put himself again in well. Last but not least, Phase 1 & its extension is very good & secure investment.

  6. After one kanal balloting if they offer 5 Marla against 10 Marla in phase 1 what should be done. Should we avail the offer or wait for the merger with dha. This is for sure the merger will be done but when nobody knows. This is is my assessment not a news

  7. What is Future of State Life phase 2. I heard that it will be increassing from April, 2016? Is that True?

  9. AOA Zain,

    Hope you are doing well.

    I have a very basic query, but i am confused about it. Please find some time to clarify.

    As you know that there are so many ways in our country to get deceived. If i want to buy a plot in State life phase 2, how to make sure that the file is genuine and the file is not problematic and some other person will not claim the land in future. Is there an official institution in Pakistan to cross check before buying a plot?

    thanks.

  10. Hi
    I am new here and i have no knowledge of property in Estate Life. 1 Dealer said to me Phase 2 going to marge in DHA and he tell me high Rates of plote Estate life Phase 2 FF block or EE block..Please contact me for guide line needed.03219586436.
    Regards,
    M.Fahim

  11. Hi Zain, I read all your articles today with interest while navigating the Zameen.com website.

    I have 40m to invest can you please advise my number is 03348070450
    And email address is ahm5ed@hotmail.com

    Lake City
    State life phase 2
    New Lahore City

    Above are all worth considering but need your guildNce and help
    Thanks

    1. Dear Ahmed,

      In the current scenario, you should invest in Lake City, as prices in the locality will increase manifold once the southern loop of LRR has been developed.

      You can also invest in State Life’s Phase II, but it is slightly risky, however, with more risk comes a great return.

      Since you have a budget of PKR 4 million, you should avoid investing in New Lahore City.

      I hope I have answered your query. If you want further information about any housing society in Lahore, please feel free to email me at: zain ‘dot’ nadeem ‘at’ zameen ‘dot’ com.

  12. Hello i want to buy a 10 marla plot in state life phase 2 , please suggest me is this a good investment? and how much time it will take for the developement of society to make home?

  13. Can you let me know the current status of Phase 2. How can we apply for the exchange of plot from phase 2 to phase 1.

    Regards, Younas

  14. Hi want to know current status of phase 2.
    Please suggest me where to invest

    5marla State life phase 2
    5 marla New Lahore City

    waiting for your opinion. Shall be thankful to you for this favour…

  15. Dear Zain,
    I have a 1 kanal plot in state life housing society should I keep it considering their is a chance of it to merge with dha or I should sell it out. and also I was considering to purchase invest in dha phase 9, D block, please share your opinion.

  16. Aoa. I have 2000000 to buy a 5 marla plot in a housing society to build a house at once. At what place, i can buy to live there?

  17. Dear Zain,

    I have a plot in State Life Phase 2 in Sector BB.

    I was never been contacted by the state life management for the 10 marla in phase 1 in lieu of one kanal in phase 2. This is an attractive proposal.

    Do you think I should check with management , why I was not offered thisÉ

    Please advise.

    Regards
    Siddiqi

  19. Hi
    I am new here and i have no knowledge of property in Estate Life. 1 Dealer said to me Phase 2 going to marge in DHA and he tell me high Rates of plote Estate life Phase 2 FF block or EE block.

  20. AOA

    i need 1 kanal plot in state life phase 2 if someone interested to sell please contact with me.no property agent.

  22. Real estate in Pakistan is an important and growing sector of the economy of Pakistan. Pakistan spends $5.2 billion on construction in a year. According to the Pakistan Bureau of Statistics, construction output accounts for 2% of GDP, with housing representing less than half that total. With the rate of urbanization that Pakistan has been experiencing, there is a growing need for urban planning. Pakistan is home to Asia’s largest real estate investors Bahria Town.

  23. I have Plot in State life phase-2 ext in BB Block, What is the the current price and should i hold it further or sell it

  24. I have 1 Kanal Plot in Phase 2 ext from last 14 years, what is the price currently and what should I do

  25. Aoa sir i need help regading state life phase 2 i want to buy a plot u said above in above that state life phase 2 is risky y is that so kindly confirm and kindly share ur email and cell number regards Adile

  27. As’salam-o-Alaykum!
    Hope that you would be fine. Would you please tell me your expert opinion regarding State life phase 2. I have one in JJ. Should I hold it?
    Regards

  28. Salaam

    Can someone plz tell me phase 2 merger with dha bad or good if bad why,also have a 10 marla plot in phase 2 block EE.I went to there office in December 2015 but no one mentioned anything about merger or new offer also did not get any news letter plz clear the matter asap.

    Thanks

  29. Salaam

    Can someone tell me what is the side affect of merger with dha and why we were not contacted.I have a 10 marla plot in phase 2 block EE.I went to their office in December 2015 and no one mentioned anything about that.Someone plz clear this for me.
    Thanks

  31. Can anyone have any idea that how much time required to develop state life pahse 2 ??

  32. Salaam.I have got 1 kanal plot in phase 2 in jj I have been waiting for any good news for a long time. Unfortunately did not hear any thing from the management of state life. Please advise me what to do with plot

  33. Dear Zain,
    any update on State life phase 2 would be greatly appreciated.
    I live in CA/USA and purchased the 1 kanal plot years ago. In your opinion shall I buy, HOLD or SEll?
    best regards
    waqar

  34. I am also looking forward to an update on state life phase 2. I keep on hearing that its a dead investment and people and selling their plots, is this true?

  35. hi every one
    kindly i wanna purchased 1 kanal plot in state life phase 2.
    i want to make a long term investment like 4 to 5 years. and other case is that i will be sold out it or construct my own home…
    plz guide me what should i do i would buy it or not..
    i heard many rumers about that…

  36. hi every one
    kindly i wanna purchased 1 kanal plot in state life phase 2.
    i want to make a long term investment like 4 to 5 years. and other case is that i will be sold out it or construct my own home…
    plz guide me what should i do i would buy it or not..
    i heard many rumors about that…

  37. Hi Everyone
    I have a 10 marla plot in State life housing society phase 2 block EE. But recently being to there head office where they confirmed that they have merged phase 2 in phase 1.And bad news is ppl who had 10 marla plots wil get 7 marla.ppl with 1 kanal plot will get 14 marlas as the rumars were they sold more files and less land there.Which apparently was true.They said they sent letters to everyone we never got any but small loss is better then big one isn’t it.I was very upset with them but now i am calm coz even 7 marla holds good value spacially block EE and FF.Hope i was able to pass some good info to everbody.Anyone interested buying my plot feel free to send me an email plz.Thanks

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