Grand Avenues Housing: Situation by the year’s end

Grand Avenues Housing Scheme, located on Ferozepur Road, launched its Phase II with the new Sector C as a part of it a little more than a year ago. So how do the things stand in the project at the end of 2019? Here’s your latest update from the housing scheme as it stands currently:

Beginnings of development and land acquisition

According to the on-ground sources interviewed, finally there has been some development in Sector C, the office of the society was shifted towards the sector, and the way towards the sector was also cleared. But the development is still minimal. According to Muhammad Altaf of Al Rafay Associates, some of the land for the block has been acquired while the remaining is being acquired.

Map approval by LDA

Meanwhile, on the map approval front, Lahore Development Authority (LDA) is yet to approve the maps for all three sectors of the housing scheme. LDA map approvals for old sectors had previously run into delays because of minor land acquisition issues.

Now, however, the society is adjusting people whose plots had fallen into areas where land acquisition had been an issue and land is being acquired for Sector C. So, the formalities for the map approval of all three blocks are being fulfilled. Yet, no confirmed date can be given for when the approvals will be obtained.

Market Trends

According to the experts interviewed that prices have been slightly declining in Grand Avenue Housing Scheme. The prices currently stand as follows:

According to the sources, the situation is set to continue until the housing scheme gets gas connection. However, appreciation of prices can be expected after that. Possession is available in parts of Sectors A and B, so the situation can also be expected to significantly improve once the construction of houses has begun.

What should the investors do?

The best approach would be to hold your investment for a bit longer, till the map gets approved and construction begins. The Southern Loop of Lahore Ring Road benefits the housing scheme and so will DHA Phase X. The best news for those who have already invested in the housing scheme is that the society may get gas by March next year, which will mean that the prices will go upwards then too and you might want to hold on till then.

For those looking to invest, Altaf suggested that the project can considered for long-term investment. Any such investment will have to span between two to three years. A lot depends on the construction of the houses in the project, and people living in them, for which no clear timeframe could be given at this point.

Have you invested in Grand Avenues Housing Scheme? 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 discussion.