LDA Avenue I starts getting electricity

I have been providing up-to-date information about developments in LDA Avenue I for quite some time now. Today, I have good news for the society’s stakeholders, be it investors or prospective homeowners.

Amid a series of legal battles the Lahore Development Authority (LDA) is fighting over disputed land in LDA Avenue I, electricity supply has been provided to the society, which indeed is a promising development for allottees who have been awaiting resolution of their issues for more than a decade.

An LDA official told Zameen.com that the authority started electricity supply in Block F last week and Blocks C, D, H, J, and M will be the next to get it.

According to Shahid Mehmood of Saad Real Estate and Builders, the Lahore Electric Supply Company (LESCO) officials visited the society’s grid station recently and handed it over to the LDA. He also said that LESCO was not accepting applications from allottees earlier, but had started accepting them now. This means that the Block F allottees, who wish to build their houses, can now apply for electricity connections.

During my recent visit to the society, I found that a number of houses were being built in Block M. A family has even started living in Block A, but they have taken electricity connection from a nearby village.

I believe the electricity supply will entice plot owners to start building their houses and will also play its part in increasing property prices, however, those who have their plots under the spell of litigation, have nothing to do but to wait and see. My commiserations!

Commenting on litigation issues, an LDA official told Zameen.com that the authority has moved court against five housing societies and the court orders will clarify the situation.

Property prices

When launched in 2002, 10-marla and 1-kanal residential plots were offered for sale in LDA Avenue I for PKR 270,000 and PKR 540,000 respectively. Later, due to an increase in development costs, PKR 324,000 for 1-kanal plots and PKR 162,000 for 10-marla plots were demanded, which were supposed to be paid in six equal instalments.

Though prices have increased manifold, but considering the time passed so far, the price jumps are not very attractive.

Shahid Mehmood said the sale price of 10-marla plots in LDA Avenue I ranges between PKR 3,500,000 and PKR 5,000,000, while for 1-kanal category the current market price is between PKR 5,000,000 and PKR 8,000,000. There are a few plots on main roads of the society that cost more than PKR 15,000,000.

Impact of electricity supply

Now that LDA Avenue I has been supplied with electricity, property prices in the locality will most likely see a jump in the near future, depending on how many people start building their houses. But you should note that the price jumps may not be significant because many allottees will rush to sell their properties, creating a demand and supply gap. Let’s see what the future holds in store for the project.

If you want to know about the current value of your plot in LDA Avenue I, please share plot number with me in the comments section below. Also, do not forget to share your views on the electricity supply in LDA Avenue I.