Being a housing project primarily meant for retired army officers, Askari schemes tend to have a high occupancy rate.
For the most part, this is mainly due to their incorporation of well-managed security systems.
The iconic ‘family’ ambience of Askari housing is another widely-cited reason why many people prefer to live within them.
Currently, Askari XI is considered the hottest Askari scheme in Lahore among potential-tenant circles. For some investors, the high occupancy rate (mentioned) and the handsome rental income offered combine to make the society a solid investment option.
If the idea to buy property here has also crossed your mind, please read on below to get then full inside scoop on the scheme.
Askari XI is located on Bedian Road, adjacent to Defence Housing Authority (DHA) Phase V. The society is easily accessible from Lahore Ring Road’s Nawaz Sharif Interchange terminal. It can also be approached via the Kamahan-Lidher Road network.
While the society is home to over 250 apartments, it also features a number of fully functional houses.
Located in Block A, these houses are available in sizes of 10- marla, 12-marla, and 1-kanal.
Block B features 3- and 4-bedroom apartments.
Block C, on the other hand, offers 2-bedroom apartments reserved for the families of shuhada. Also, the flats in this block aren’t available for sale; due to being under the combined ownership of the same families.
All these blocks come with their separate boundaries, and fully-monitored entry and exit points.
Each of the apartment towers in Blocks B and C come with a ground floor, plus seven floors on top. They contain two high-speed elevators and reliable power backup arrangements.
To the residents’ great relief, the society received gas connections about a month ago. This major development has significantly jacked up rental prices of Askari XI apartments.
Askari XI features a centralised commercial area – conveniently located in the middle of the residential zone.
Generally speaking, the scheme’s management prefers to allot living space in the community to families.
Askari XI also has a school and a central masjid.
Bedian Road, the main transportation route that provides access to the development, is rich with all sorts of commercial venues. These further enhance the society’s living appeal.
Market trends – as they stand
As a general observation, for each apartment that’s vacated in the scheme, a number of tenants quickly queue up to rent it. Sometimes, tenants book these apartments in advance. And this happens despite the fact that the landlord is required to do a thorough background check before the agreement gets finalised.
While it hardly ever takes much time to find a new tenant for apartments here, finding buyers for apartments on sale is another story. This process takes time, and so if you’re willing to sell your property here, do consider planning your time in advance.
Please note: not many apartments make it to the secondary market for resale due to the high rental yields they offer.
Furthermore, those looking to sell an apartment here aren’t often willing to settle for rates that are less than the market price.
A look at rental rates/yields and market price
To help you get a better understanding on the soiciety’s return on investment (ROI) profile, please study the table given below.
It provides details regarding the market price range of each unit, its monthly rental price, and the estimated annual rental yield.
|Type||Size||Price in PKR||Monthly rent in PKR||Annual rental yield|
|House||10-marla||19,000,000 – 20,000,000||50,000 – 55,000||3.23%|
|House||12-marla||24,500,000 – 25,500,000||60,000 – 70,000||3.12%|
|House||1-kanal||35,000,000 – 40,000,000||85,000 – 90,000||2.8%|
|Apartment||2-bedroom||not for sale||20,000 – 26,000||—|
|Apartment||3-bedroom||11,500,000 – 15,000,000||40,000 – 50,000||4.07%|
|Apartment||4-bedroom||13,500,000 – 18,000,000||45,000 – 55,000||3.81%|
The handsome annual rental yield of 4.07% in Askari XI is currently the highest that you can find for 10-marla (3-bedroom) homes in Lahore.
When considered holistically, the rental yields for 4-bedroom apartments in the society are noticeably higher than those being offered by other projects (of similar standing) in the city.
The increased demand for living an ‘apartment lifestyle’ among tenants also depicts that future buying trends in Lahore may be headed in a different direction. If anything, the popularity of Askari XI’s apartment units bears testament to this fact.
If you have any feedback to share on this article or a query for us, please let us know by leaving a comment below.
For more information on buying or renting an apartment in Askari XI, you can also get in touch with Major (R) Mehbood-ur-Rehman of Arazi Real Estate, by calling him at +92-307-552-3726.