Spread over about 20,000 kanals of land, Lahore Motorway City (LMC) is a cooperative housing society that has been rather unfortunate in not attracting the right kind of interest so far. Its rather remote location has also contributed to the effect. Still another factor that may have hampered the interest in the housing scheme was the fact that it does not have approval of LDA, instead it has been approved by TMA, which makes it perfectly legal but which still contributed towards some lack of interest.
LMC is divided into five blocks, P, Q, R, S, T, and U, and has 2,500 residential and commercial plots and constructed homes as well. These have been further divided into S Blocks Home (and its own extension) and T-Prime and Trust Prime, both extensions of Block T.
Update on development and possession
According to Nadeem Nazir of Realestix, development is complete and possession is available in large parts of the housing scheme. Possession is available on almost all the plots available on ground, though plot files are being traded in some blocks as well.
All the basic utilities—underground electricity, water, and sewerage –are available except gas. Gas connections are not available even though the surrounding areas do have gas. Umer Farooq, an experienced realtor working in DHA Lahore and Lahore Motorway City explained that as more houses are constructed there, gas connection will become available soon. Development has been completed Block S Homes and you can shift there.
How the market and prices stand
The market of Lahore Motorway City has been slow like the rest of the real estate sector. The prices have been stable for quite a while, and for now, considering the uncertain state due to the supplementary budget the state is set to continue for a while longer. After that, the market could be expected to pick up. Currently, the prices stand as follows:
|Plot Size||Prices in PKR|
Options for investors
Farooq felt that commercial property is a great option for investors to consider. Rental value of the property is great here, even though it might take some time before returns become feasible after a significant population has shifted there. There are a number of commercial options, including plazas that can be considered here.
Nadeem, on the other hand, recommended residential property but he added that considering the slow state of market and uncertainty, any investment in LMC will have to be medium- to long-term but it will provide high margin of returns in that time. It is a great housing scheme and once the market picks up and infrastructure improves, it will provide good returns.
What are your views on Lahore Motorway City? Do you have any questions about it? You can talk to us in the comments section. You can also head to the Zameen Forum for a detailed conversation.