Listen up! A vital update on State Life Phase II’s merger with DHA

A number of rumours regarding the merger of State Life’s Phase II with Defence Housing Authority (DHA), Lahore are making rounds right now. Some say that merger will take place, while others have a totally different view.

We contacted a State Life Insurance Employees Cooperative Housing Society Ltd official and chanced upon an important development regarding the merger. The official, however, requested complete anonymity. Let us share this vital tidbit of information with you.

The annual general meeting (AGM) of the firm was held on November 22 and the merger was on the agenda, along with other important matters. It was proposed that for surrendering a 1-kanal plot in State Life’s Phase II, members would get a 10-marla plot in DHA Lahore.

“Consent for the merger was taken in the AGM and the majority of members voted in its favour,” the official told Zameen.com. “We could not, and would not, proceed without their approval. Now that we have it, a committee comprising senior officials will meet with the DHA officials to take proceedings further.”

According to the official, the society administration takes decisions in favour of its members.

“If State Life were to develop Phase II, the project would have faced more delays,” he said. “A 10-marla plot in DHA Lahore for a 1-kanal plot in State Life’s Phase II seems to be a reasonable deal.”

Our take

DHA has not made any official announcement in this regard, but it seems that the merger will happen. Should State Life members worry about it? Not really, because DHA has better growth potential.

If the merger takes place, State Life’s Phase II will most likely become a part of Prism 9, but this is a mere guestimate and you should not rely on this information until the DHA comes out with its version.

In our previous post on the subject, we did a comparison between property prices in Prism 9 and State Life’s Phase II. Let’s review the prices once again with brevity: The average price of a 1-kanal plot in State Life’s Phase II is PKR 3,250,000. In Prism 9, the average price of a 10-malra plot is PKR 5,098,990. So rest assured, the merger will prove to be fruitful for members.

If this merger takes place, DHA will develop the project and possibly levy additional development charges. We understand this is vexing for members, but they should keep the potential of the DHA in mind. Once again, an official announcement from the DHA will clarify this matter as well.

Well that’s all about merger of State Life’s Phase II with DHA Lahore for the day. Rest assured, we will keep a close eye on the matter and will update you as soon as any further information becomes available to us. Till then we can continue our discussion in the comments section below.