Palm City, Gujranwala: Balloting and development update

Palm City has been one of the leaders in Gujranwala on Zameen Search Trends and it has one of the most popular options for investment in the city. It is a part of the surge of new housing societies in the city trying to attract investors’ attention even though it’s still in the initial stages of development. There are several features that make it attractive; an accessible location, reasonable prices, and a promise of good development are some of them. If you are an investor looking to invest in Gujranwala, here’s all you need to know about it!

One of the things that make it popular is the convenient location. Located opposite Citi Housing Scheme, in close proximity of GT Road, it is situated not far from the city and almost all parts of Gujranwala are easily accessible from the project, that too in a decent time.

Kinds of plots and their prices

Spanning over 4,000 kanals of land, Palm City offers 5-marla, 10-marla, 1-kanal and 2-kanal plots. SA Real Estate CEO Shakeel Ahmad explained that there are three kinds of plots available in the housing scheme at the moment. Some on instalments (14 instalments), others on cash (which have already been assigned a number), and plots on Director’s quota. The plots on Director’s quota are the cheapest, the numbered ones slightly expensive, and the ones on instalment generally have the highest price – as is usually the case in almost all societies and housing schemes.

For instalment plots, according to Ahmad, the asking premium for almost all the sizes of plots range between PKR 50,000 and PKR 100,000. The asking premium for 5-marla and 10-marla plots are generally higher as compared to 1-kanal and 2-kanal plots.

For numbered plots, the prices for 5-marla plots range between PKR 1.6 million and PKR 1.8 million; 10-marla plots range between PKR 2.7 million and PKR 3 million; the prices for 1-kanal plots range between PKR 5.2 million and PKR 5.6 million.

For the plots on Director’s quota, the price for 5-marla plots range between PKR 1.18 million and PKR 1.2 million. The 10-marla plots are priced at PKR 2.1 million. Finally, 1-kanal plot prices fall between PKR 4.3 million and PKR 4.5 million.

e is going on at a decent pace. Water tanks have been installed and sewerage lines have been laid. The road from GT Road has been completed and the developer has already built the main boulevard and beautified it.

The balloting was to take place for the instalment plots on 25^th February but that has been delayed, according to Ahmad, and the developers have not provided a new date yet. So we will have to wait and watch the situation. Meanwhile, the developer has also paused the transfer of instalment plots until the balloting.

Market, according to Ahmad, has been relatively slow, not least because of the pause on the transfers, but the developers. Aujla & Associates have built their goodwill, trust and reliability in Gujranwala’s market on the back of other projects, so he feels that once the matters have been settled after balloting, the demand will surge again and so will the prices. Moreover, the development is just beginning now, so he felt there is a large margin for profits in housing in the upcoming months and years.

Are you looking to invest in Gujranwala or Palm City? Do you have any questions about it?  What are your views on the performance of Palm City so far? You can talk to us in the comments section. You can also head over to the Zameen Forum for an extensive discussion.