Sui Gas Housing Scheme Phase II: Work on grid station begins

Phase II of the Sui Gas Housing Scheme is not a particularly new project. However, it has not yet reached a state of maturity, so when the Southern loop of the Lahore Ring Road was constructed, it brought significant interest to the housing scheme. In fact, slow-paced as it is, it is finally headed towards maturity as it is expected that over the next year we may see a significant increase in construction of houses and the scheme may finally have its own electricity. Here’s all you need to know about the current situation in the project:

State of the market

Both Muhammad Mustafa of MZ Real Estate Consultants and Shahid of 3 Links Real Estate agreed that the market in the Sui Gas Phase II is slow. Clients come through, but the activity is dull in general. The prices which had previously caught up with the surroundings – at least in terms of development and possession, are pretty much stable. Indeed, Mustafa felt that there has been a slightly decrease in prices as well.

The prices currently stand as follows:

In short term, both Mustafa and Shahid agreed that the prices are set to increase slowly over the time as more houses are constructed and as the grid station that is to provide the electricity to the project is completed.

Work has begun on the grid station

Sui Gas Housing Scheme Phase II is significantly developed. It has all the basic amenities, including gas. However, it doesn’t have any electricity connection. That is perhaps the primary factor holding it back – indeed putting the construction of houses on a hold. Things have been moving along on that front – albeit slowly – for quite a while. But now, we can finally see things moving along on-ground.

According to Mustafa, work on the grid station has begun. A payment of around PKR 250 million has already been made and now the work on the boundary wall has begun. The work is expected to be completed in 12 to 18 months.

 What should the buyers consider?

Phase II of Sui Gas Housing Scheme is not for genuine buyers looking construct and live in their houses immediately, at least outside Blocks A and B, where there is no electricity, and possession isn’t available either. If you are looking to construct your house in a couple of years then it may be a good, relatively affordable option for genuine buyers currently, since the prices will increase when more houses are constructed, or possession and electricity becomes available.

The above is also what the investors should consider. If you are looking to invest, you can consider it for medium-term investment. Shahid explained that the prices in surrounding open lands are as high as PKR 4.5 million per kanal. In a developed society such as Phase II of Sui Gas Housing Society, even PKR 6.5 million is not that high in comparison.

Finally, the prices are going to increase significantly over the next two years as the grid is completed and more houses are constructed. So, if you have already invested, you may want to consider holding out for that period and expect high returns as a result.

Are you looking to buy in Sui Gas Housing Society Phase II? 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.