The booking and balloting processes can be highly exciting for real estate enthusiasts and potential residents, as the former try to maximise their returns while the latter start to envision building their dream home in a particular housing society. However, perhaps the most unanimously exciting moment for all is when possession is finally granted. From then onwards, the owner gets to do whatever they want with their very own piece of land!
That amazing time has come for owners of 7-marla plots in Lake City M-7, a project in the outskirts of Lahore. Just yesterday, on November 29, they were granted possession. Since then, they’ve been frolicking about on their plots, having picnics, singing at the top of their lungs, and … okay, okay, I’m kidding! Although I may have exaggerated their overt gestures, I probably haven’t inflated their sense of excitement.
And I have some more good news: 5-marla plot owners are due to receive the same blessing within a period of two months.
According to sources, before possession the average price of 7-marla plots was in the PKR 2,000,000-PKR 3,000,000 range, based on location. Now, after possession has been granted, prices have slightly escalated and fall in the PKR 2,300,000-PKR 3,500,000 range. This increase may seem minimal at the moment but keep in mind that this increase has been observed in just a few days. As soon as development continues and people begin to build their houses in the area, prices are likely to mount even further. If you want to explore available properties in M-7, please click here.
A representative from Moazzam Estate claims that prices for 7-marla plots may hike to PKR 3,000,000-PKR 4,500,000 in the near future. This rise can be attributed to possession and the on-going construction of the Ring Road terminal that will encompass the society and directly link it to major areas of the city. Sources claim that this alternate route is already proving to be highly beneficial, especially for Lake City plot owners.
We hope that people will start to build homes soon so that the society can flourish. Although promotional campaigns tend to highlight several societal features, we all know that the true scope of a housing scheme can only be gauged once possession is granted and houses are built.
As of now, it really seems that prospects for Lake City M-7 are positive. Yet, there is always a small chance of the tides turning and its popularity waning if the developer fails to maintain quality standards. We really hope that this will not be the case.
All things considered, this seems like a good time for investment because the society isn’t fully developed and saturated yet, so prices are reasonable at the moment. After development work is done and the construction of the Ring Road route is complete, prices will probably escalate further.
I wish Lake City M-7 residents the very best for the future and am looking forward to congratulating 5-marla plot owners on possession within two months! So what do you think about Lake City M-7? Let me know in the comments below.
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Great article & if Lake City Management can re-visit their transfer fee slightly in favour of new buyers the sale purchase & construction of new houses will go at fast pace Plus they need to construct a small peace of rough Road (close to proposed ring road) linking Lake City with Khayaban-e-Amin & all the residents of Lake City have to face the difficulty on a daily basis.
Will appreciate if Zameen Team can focus in the next issue on Khayaban-e-Amin as well which is adjacent to Lake City & prior to Lake City from the Defence Road Side.
The article is very much appreciated & is realistic.
Hi,
Is there is any news about M2A plots possession? It was due in last year December and now due in the current month… We have not heard from them so far.