It has been said time and time again that flats are not as popular in Punjab as they are in other parts of the country. This topic was covered in my previous blog, which mentioned how people in Punjab were perhaps not as accustomed to the apartment lifestyle as people in Islamabad and Karachi.
However, popular opinion has indicated that trends are changing. It seems like more and more people will move into apartments in time. Well, it looks like that time is now!
Sheranwala Heights, a project of Sheranwala Group located on Main Canal Bank Road near Azmeer Town in Lahore, is a promising new apartment complex. The project features five residential towers that each consist of a ground floor and six additional floors. There are approximately 370 flats in total. The complex aims to provide the people of Punjab with exceptional living facilities that come with an economical price tag. The lifestyle on offer is one that would make rivals cringe.
Booking and development
Booking for the project commenced in September, 2015 and is currently open for interested investors. While there is currently no deadline, apartments will be allotted on a first-come, first-served basis and booking will continue until all apartments have been sold.
Booking forms are available from Meezan Bank branches and from the site office. Development work reportedly began 10 days ago. The foundation is currently being laid and the project is expected to be completed in around two and a half years.
Features and facilities
The project offers 1-, 2-, and 3-bedroom apartments, many of which provide an overlook the beautiful Main Canal to provide a revitalising view. The buildings are facilitated with a double lift, an uninterrupted supply of electricity enabled by back-up generators, a spacious corridor, and 24-hour security surveillance.
A 1-bedroom apartment spans an area of 600 square feet, a 2-bedroom spans 900 square feet, and the three-bedroom apartment spans 1,200 square feet. The apartments are contemporarily designed and fitted with international standard fixtures and fittings.
There is a basement in each of the buildings for underground parking.
Real estate activity and possession
According to sources, real estate activity is currently positive as many investors have expressed an interest and made inquiries. Activity is expected to increase as soon as development picks up.
Possession will be granted within three years if all goes as planned.
Payment plan and prices
The payment plan requires a down payment of 10% and the remaining amount can be divided into instalments spanning three years. Investors can make monthly instalments or quarterly instalments.
The payment plan for the apartments is available below:
| Area sq ft | Booking 10% | Per-Month Instalment | Total Price | |
| Single-bed | 583 | PKR 466,400 | PKR 116,600 | PKR 4,664,000 |
| Single-bed | 597 | PKR 477, 600 | PKR 119,400 | PKR 4,776,000 |
| Single-bed | 598 | PKR 478,400 | PKR 119,600 | PKR 4,784,000 |
| Single-bed | 619 | PKR 495,200 | PKR 123,800 | PKR 4,952,000 |
| Single-bed | 688 | PKR 550,400 | PKR 137,600 | PKR 5,504,000 |
| Double-bed | 878 | PKR 702,400 | PKR 175,600 | PKR 7,024,000 |
| Double-bed | 895 | PKR 716,000 | PKR 179,000 | PKR 7,160,000 |
| Double-bed | 920 | PKR 736,000 | PKR 184,000 | PKR 7,360,000 |
| Triple-bed | 1222 | PKR 977,600 | PKR 244,400 | PKR 9,776,000 |
| Triple-bed | 1241 | PKR 992,800 | PKR 248,200 | PKR 9,928,000 |
So, is this just another apartment complex or a project truly worth looking into? Let me know your thoughts in the comments below!
Related News
Too expensive and likely to give loss to potential investors. Monthly installments are totally out of reach of a normal salaried person.
The trends might have been changing in Punjab too, but the developers are taking an undue benefit of ignorance of poor people and the investors. While the apartment prices are extremely high for this kind of development, who guarantees the completion time and the developer’s adherence to it !!!
People have already been suffering in the hands of Bahria Town and DHA in Islamabad, Karachi and other parts of the country and their nexus in DHA Valley project Islamabad. Unfortunately, we have no law to protect the poor investor. The screwed developers are giving damn even to the existing ambiguous and lame laws. Judiciary, thus acts not more than a spectator.
I suggest, people must never ever invest in such projects unless an explicit and lawful guarantee for timely delivery is provided by the relevant provincial government / Authority or a local bank on behalf of the developer.
Price is too high….
i personally like high rise and multi floors buildings it gives beauty to cities and accommodate number of ppl/families in small piece of land. i myself presently living in 10 floors building here in UAE.
Most of the time such buildings offers economical accommodation as compare to the house or Villa built on ground but in above case its opposite.
Anyway best of luck!
I don’t know how the price side of the project is handled. If the builder plans to make more than 50% profit on introductory price then good luck with project and its investors. Way too expensive and with addition of some amount investor can purchase a flat in Europe/North America.
The Prices are very high for such far flung area of Izmir Town. The owners must be stupid while thinking that investors are foolish. Such type of one/Two Bedroom Flats are available in Garden Town Area at half prices.
have a question with developer? please think about the price. Is it affordable to a common man