State Life Insurance Employees Co-operative Housing Society Ltd recently gave allottees of 1-kanal plots in Phase II an option to get 10-marla plots in Phase I instead. Many people expressed interest to avail this option and can read more about it here.
Yesterday, the society’s management held a ceremony in Phase I’s central park to ballot these alternate plots. During the ceremony, the management confirmed that these alternate plots would be developed within 18 months, which is great news. However, there is a catch: those who were able to make the cut in balloting will have to pay an additional PKR 800,000 in development charges.
Although this amount is supposed to be paid in instalments, society members who were present at the occasion did not appreciate imposition of these charges, which is logical because each member had to forfeit 10 marlas of land in Phase II to get a smaller alternate plot in Phase I.
During the question-answer session, a member asked: “If some members fail to pay development charges, how will the society management deal with the issue?” A society official responded that State Life would cancel their allotment.
As discussed before, this option was only given to the owners of 1 kanal-plots in Phase II. However, owners of 5-marla and 10-marla plots shouldn’t despair, as I have heard that State Life will devise some options for them within 3 to 4 months.
Members should note that although they have to pay development charges, they will still benefit. The average sale price of 1-kanal plots in Phase II is PKR 2,650,000 to PKR 3,000,000, while the market value of 10-marla plots in Phase I ranges between PKR 6,000,000 and PKR 8,800,000. Considering these numbers, you can easily assess the current value of the alternate plots balloted yesterday. Though these plots are not developed yet, their market price should be between PKR 5,000,000 and PKR 5,500,000, and this will likely increase as development work progresses.
Furthermore, the area where these alternate plots have been allotted is adjacent to Prism 9. The Defence Housing Authority might provide road access to this region from Prism 9, but the chances of this are highly unlikely.
That’s all I have to say about balloting of alternate plots in Phase I. I congratulate those won the ballot and suggest them pay their instalments on time, so that State Life can complete the project within the stipulated time.
Should you have any queries in mind or want me to get you in touch with some trusted agents dealing in State Life, please feel free to converse with me in the comments section below.
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Dear! Thanks for the update… Did state life housing society management think some thing for those who didnt took the option for compromise their 1 kanal file to 10 Marla…
Thanks
Yes, as per I know, they do have some plans for the remaining 1 kanal plot owners. You need to wait for some further notifications from the State Life.
Dear Zain,
I have two plots of one kanal each in Phase II.
Would like to go for a smaller plot in Phase I. How should I go about it or whom should I contact. I am actaully living in Saudi Arabia so it is not easy for me
to be at site every now and then. If this could be managed in a day or two I can come down to Lahore and settle this matter which has become a nightmare.
Thanks brother for your assistance.
Regards // Pasha
You ve mentioned that expected price should b between 5000000 to 5500000.
Kindly inform us that this price can b with development charges or without development charges .
I have just quoted the market price. Given that the plots are still undeveloped and members have to pay development charges, you may see some fluctuation in market value of these plots.
Let’s hope that State Life will start development work in the area soon.
Regards,
zain Nadeem
@ Zain please do share the map of alternate plots with us if possible?
@Zain.
Is it possible for you to upload the SL1 map with the new plots?It will be a help for people outside Lahore.
Also, if you can provide contacts of trusted agents, it will be helpful. My experience has not been good. For the same plot in SL2, the same agent quotes 26 lakhs to sellers and 31 lakhs to buyers, ie almost 20% margin of selling price above his own commission.
Regards
Also what is the last date of first instalment and what is the instalment amount?
Thanks
Zain Nadeem, i want to inquire that is it ok to buy plots in State Life phase 2. because I’ve heard that there has been no development there, moreover, State life is having an issue with Dha regarding the location of phase 2.
Please, tell me about the situation.
Thanks.
Dear Ali,
You want to buy in phase 2 or phase 1 new balloting plots.
Thanks
Aadil
Aadil, SL Phase 2 because of the price.
Phase 1 is too expensive.
Is SL Phase 2 safe to invest or to build?
State Life phase 2 one kanal to 10 marla conversion is done on a illegal non LDA approved map of new block drawn on phase 2 land but just naming it to state life one to trick new buyers who will be sold the newly allocated plots in hurry before NAB LDA and Govt steps in. Those who got plots allotted to people with connections will be long gone out Pakistan.
All non deap good land of State Life 2 plot holders is now already used in this one kanal to 10 marla conversion that was already heavily rejected on AGM day. You are fooled into believing you will be getting a developed plot in 18 months in phase 1 of State life. Management is already privately saying minimum 3 years for any hand over. But even a blind person can easily see a day light robbery is committed and land is actually located in State Life 2. Was purchased with money of State life 2.
Management have also publicly admitted they are already short on State Life phase 2 land and its map is not LDA approved and cant develop any thing on that map. So now with this not enough land thy are planing to give each kanal holder a 10 marla and 10 marla holders a five marla and five marla holders a 3 marla by force. You will also be forced to pay hefty developments charges for deep land as on leveled land they have imposed 8 lacs as developments charges for 10 marla. What will stop them to impose 13 lacs like DHA 9 Prism. With average price of 1 kanal in State life 2 at 28 lacs and added 8 to 13 lacs developments charges is getting a plot in deep ditches worth at this price in a scheme that is under NAB investigation already for billions fraud in land purchases as reported in newspapers already and that was unable to buy even needed land in 12 years or draw a map in a decade? Why not buy Prism J K L 10 marla with same amount ?
Think about it.
I see 1000s of holders of State life 2 going to courts to protect their land and money so this thing is going to be getting messy for long time to come. with this day and time and dozens of TV channels and social media this type trick cant be hidden for too long.
Dear CMY,
Your analysis and opinion is highly regarded. However, I have issue with one point. You mention “Those who got plots allotted to people with connections will be long gone out Pakistan”. You mentioned this in other forums.
I received a conversion plot , but believe me I don’t have any connections in State Life. In fact it is very hard to communicate with them. Also, I have no where to go other than Pakistan.
I also see many people commenting in this blog and other blogs that they have received conversion plot and they want to get more information such as map, development charges, time of development. This shows that these people who received conversion plots also do not have any connections on the inside.
The rest of your comment may be based on your sources which may be true, you are a better authority on this.
It seems you have received some money in publishing fraud reporting on Zameen.com. 3