Lahore’s real estate has been expanding far beyond its traditional boundaries. Localities around Raiwind Road have been making great progress and attracting a large number of investors and buyers. During the last few months, the rating of Raiwind on Zameen.com Search Popularity Trends has increased from the 10th position to 4th. Al-Kabir Town here has remained at the top throughout.
The success of this project can be attributed to a number of factors, because of which the project has retained its importance.
Where is it?
Located on Raiwind Road, Al-Kabir Town comprises of two phases which aren’t bounded in the same vicinity. Both of these are located in populated areas. Phase I is right next to the Beaconhouse National University, whereas Phase II is opposite Lake City. The approach of both phases is such that it falls on the main road, making it easy for residents and visitors to access the locality.
Phase-I has already been completed, comprising two blocks; A and B. Phase II is larger with its eight blocks; A, B, C, D, E, Ali, Usman, and Umer. The most prominent feature that is making investment here attractive is the availability of smaller residential plots of 3 and 5 marlas. The prices of these are also competitive, a 3-marla plot costs PKR 1,500,000, while 5-marla plots cost PKR 2,500,000.
Development in Phase I is complete and possession here is also available. A large number of people have already settled here. With the construction of roads, streets and plotting done, all utility connections are provided except for gas.
It is a common practice that the gas connection for any housing society is given after three years; by this rule, Al-Kabir Town has one more year to go before gas connections will be provided to the residents.
In Phase II, development work is complete in blocks A, B and C, in D it is ongoing, while in the remaining it is yet to be announced. Possession in Phase II’s A and B blocks is yet to be announced. The project will have a commercial area, but it is yet to be announced in both phases. According to Ahmad Hassan from The Property Magnates, a shopping mall will be included, but that will take about 3-4 years. He expects, however, that for the ease of the residents in Phase I, a small grocery mart will be established, facilitating all day to day needs of the residents.
Prices and Projections
Right now, the per marla price of a plot is PKR 500,000, which hints at a healthy investment potential. On offer are 3- and 5-marla plots, which are significantly smaller plots compared to the general market. According to Hassan, these sizes have been introduced to cater to lower income brackets. Hassan quotes that a 3-marla plot helps people attain land, the value of which eventually increases over time, helping people to buy a larger piece of land later on.
The price increases here in the last year hint that the project is providing ample opportunities for this. Since its inception, there hasn’t been a dull moment in the project’s market activity. Up until now, most property dealers have earned a profit of PKR 600,000-700,000 on both 3- and 5-marla plots.
The instalment plan for both plots spans over 3 years, with monthly instalments as low as PKR 25,000 for 3-marla and PKR 41,000 for 5-marla plots. To bring in even more clientele, Phase II’s Umer Block has been introduced with a different instalment plan which spans over 5 years, with even smaller monthly instalments of PKR 10,000 for 3-marla and PKR 20,000 for 5-marla plots.
Al Kabir Town has great many opportunities for people looking to invest. On offer are plots with payment plans that can be suitable for the greatest number of people. If you are looking for a short-term investment, this is the place you should be headed to!
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