State Life Phase 2 Lahore

Annual General Meeting (AGM) was heralded on March 11, 2018 by Muhammad Asghar, the president of State Life Cooperative Housing Society. After this meeting it has noticed that, people are showing a strong interest for investing in State Life Cooperative Housing Society Phase II. The Annual General Meeting was as productive as anticipated by people. Today we are going to share the details and main points of this meeting also the current situation of this project.  Here are the details in this regard:

Remarks of (AGM) Annual General Meeting

• During the AGM, the committee members presented their views about the future of the project. After listening to each person, they stated conclusion remarks, listed below;
• State Life Phase II will progress toward becoming State Life Phase I Extension.
• Phase II will be developed and conveyed in the following two years.
• Proprietors of 1-Kanal plots will get 14-Marla plots instead, while 10-Marla and 5-Marla plots will narrow into 7-Marla and 3.5-Marla plots respectively.
• Those hoping to get ownership in one year will get a 10-Marla plot against their 14-Marla plot.
• The proprietors of 10-Marla plots seeking to get ownership in one year will get that by making due with a 7-Marla plot.
• A new map of the society has been designed and sent to the Lahore Development Authority for approval.
• After getting approval from the authority, the new society map will be shared in following three months.
• Read also: From Bahria town to DHA – The property owner’s perspectives
• New offers presented in AGM
• If a person owns a 1-Kanal plot file of State Life Phase II, he will get a 14-Marla plot instead along with the possession after two years. And in case one wants early possession i-e within a year, then person had to give away 4-Marlas and need to settle on 10-Marlas instead of 14.
• The deal for the 10-Marla plot holders has become 7-Marla now and in case of early possession these 7-Marlas will be reduced to 5-Marlas.

Market process

• The market right now has more buyers and no dealers.
• Potential purchasers are planning to make short-term investments.
• The proprietors, some of whom have been sitting tight for quite a long time to see their speculations develop have to hang on somewhat longer to get better returns.
• At the end of the day, there is little development in the market, but even then, there are some people who want to contribute in this venture.

AGM Effects on Plot Rates

The intrigued buyers are citing a rate higher by 25% than the cost recorded a few months back. Right now, there are two kinds of plots accessible in State Life Phase II (now called the State Life Phase I Extension); the 642 plots for which ownership is expected in the following three months, and every other plot for which development work is yet to be started. Here are the rates of residential plots, for which ownership will be given in July:

For other plots, the market value is given below;

Development Cost

In the AGM held a year ago, the development cost measured for each Marla was PKR 50,000 from which 40% of the dues were to be paid by society whereas the engineer had to pay the remaining 60%. In the current AGM, points of interest on development charges for underdeveloped plots haven't been shared. Additionally, insights about welcoming applications for 500 plots are not accessible yet.

That’s all we had to share about the updates of the state Life, Phase II after AGM. For further updates keep visiting us at Apex Group “Converting Dreams into Reality”. In case of any query or feedback, feel free to contact us at Apex Group “Converting Dreams into Reality”