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Lake City has been a prominent project in Lahore for some years now. Earlier, it was primarily because of its distance from the main city centre, however, as the new link from the Lahore Ring Road has opened, the project has emerged as an investment haven for most people.
The project spans on almost 18,000 kanals and consists of eight blocks, labelled from M1-M8. Most of you would’ve heard about the project from here and there, but the latest TV ad campaign has taken everyone aback. With so many queries, let this blog post be the answer to all you need to know about the project:
Development & possession details
Sectors M1-M8 consist of 5-, 7-, 10-, and 12-marla plots as well as 1- and 2-kanal plots. Possession is available in all sectors from M1-M3, some parts of M4, and M5-M7. But that’s not all, the developers have introduced a number of extensions in the sectors, in these new, possession isn’t available as of yet.
But for a better understanding, let’s look at the layout of the project.
M-7 is a larger project than the rest because of the many extensions it has. It consists of three blocks A, B and C, as well as three more sectors labelled M7A, M7B, and M7C. M7C is further divided into three sub sectors; M7C1, M7C2, and M7C3.
According to Abid Ali from Apex Real Estate, possession isn’t available in M7C1-M7C3, even when people have paid all of their instalments and development charges. Ali adds that no exact timeline has been announced by the developers as of yet and it is unknown as to when possession would be made available here.
Sectors M1-M6 have their development complete, and possession is also available in all of these sectors. Here, the famous Golf Course is also situated, and properties are made around it, which is why property prices have also increased in the last few years. However, in M3 extension, there hasn’t been any significant development and so possession is also unavailable.
However, it is expected that soon possession will be given in these sectors as well because Lake City has built a reputation for itself and people are looking to invest here for the long term.
Prices & prospects
This can be attributed to how the prices have increased in the last few months alone. According to Saad Arshad from AAS Properties, in the last six months, the prices have increased by:
Plot size
Price 6 months ago (in PKR)
Present prices (in PKR)
5 marla
3,700,000-3,800,000
4,400,000
7 marla
Below 5,000,000
6,500,000
10 marla
6,500,000-8,500,000
7,000,000-9,000,000
12 marla
7,500,000-8,500,000
8,000,000-9,500,000
14 marla
9,000,000-9,500,000
10,500,000
1 kanal
11,000,000
11,500,000
2 kanal
29,000,000-32,500,000
35,000,000-42,500,000
Arshad quotes that prices have only climbed up as a result of the Lahore Ring Road exit which has provided the housing society with the necessary road linkage. Apart from this, the development in sectors where possession is available, are allowing the residents to have a comfortable lifestyle and be able to live with one of the best recreational and entertainment facilities.
If you are headed for Lake City, you are doing right! The project has great potential and can be the answer to your investment needs.
For any queries or feedback, please comment below.
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Remshay Ahmed
Remshay Ahmed is a journalist. Amongst many, her most recent interest includes dissecting Pakistan's economy and trailing the growth of the realty sector.
