Grand Avenues Lahore Development Work

A project that has a promise “Grand Avenues Housing Scheme”, located on Ferozepur Road, has been keeping a rather low profile in last years. Sector C is a new addition to this project but the development is still in the filling stages and it is expected for sake of attracting the investors when its map is approved.

Map approvals and land acquisition

The maps for all three sectors of the housing scheme haven’t got the approval yet from Lahore Development Authority (LDA). LDA map approvals for old sectors had previously run into delays because of minor land acquisition issues. However, now according to the project administration, land has been acquired for Sector C and the formalities for all three blocks are being fulfilled to get maps approved by LDA in 30 to 45 days.

Market trends and prices

It is sighted that the prices have been on a downward trend throughout the country and Lahore, so it is not unexpected that things have been rather slow in Grand Avenues Housing Scheme as well. The files for Phase II (Sector C) of the project are being sold at about an average of PKR 300,000 below the launching prices. Meanwhile, the prices in other sectors, since our update on Grand Avenue Housing Scheme in October last year have also decreased by around 5-10% and currently stand as follows:        

It seems that the situation is set to remain at least a month or two after elections. However, increase of prices can be expected after that. Possession is available in parts of Sectors A and B, the situation can also be expected to significantly improve once the construction of a significant number of houses have begun.

How should the investors proceed?

If you have already invested in the project, the best approach would be to hold your investment for a bit longer, till the map gets approved and construction begins. The Southern loop of Lahore Ring Road benefits the housing scheme and so will the DHA Phase X.

So, once the elections have been conducted, map approved and the land acquisition issues will resolved, the construction of houses can be expected to speed up. This will result in reasonable price appreciation and decent returns.

For those looking to invest, It is suggested that the project can consider for long-term investments. He recommended Sector A and possession plots for investment, since they will be more easily sold and you can begin construction there as well.

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