Paradise Valley – the largest and prime residential community of Faisalabad – is moving forward in the right direction with its development work. This blog gives you the latest update on its development status, the upcoming ballot, and a sneak peak on expected rise in demand and rates. If you looking to purchase a plot or two in this society, do read on. If you are not, this blog may change your mind.
Paradise Valley Phase III is an extension of Paradise Valley Phase I and II, which are known best for their excellent town planning and high quality development work. For Phase III, the developer has bigger plans.
The society spans 650 acres of land on Lahore-Sheikhupura Road, just outside of Faisalabad Toll Plaza. According to Engineer Muhammad Sardar of Qasim Property Linkers, after the successful talks with the concerned department, Faisalabad Toll Plaza is to be shifted a little further away to allow Paradise Valley to formally become part of Faisalabad. The construction cost of the toll plaza will be paid by the developer, said Sardar.
The initiative was taken to help people avoid checking in on the toll plaza each time they move to and from Paradise Valley III to the main city – a move widely appreciated by the stakeholders.
At the moment, the developer is busy constructing the society’s main entrance, where work is being carried out 24 hours a day, according Muhammad Aoun Azam of Rukh-e-Sana Real Estate & Builders. Sardar also says that the society’s front on Lahore-Sheikupura Road spans 22 acres, much of which will used for landscaping and beautification.
According to Azam, development work is being carried in Block A only, where roads are being paved. On the status of other blocks, Azam said that the developer will launch the remaining blocks after conducting plot number ballot in Block A. With regards to the expected ballot, Sardar said that its date will be announced in the next week. Approximately one month after the ballot, the developer will launch plots in Block B.
The demand for plots in Paradise Valley Phase III is lukewarm because, according to Azam, property buyers in Faisalabad normally don’t prefer buying property without an allocated plot number. While Sardar believes that demand is not low, only that the project targets buyers having bigger budgets, the number of which is much, much smaller than the buyers eyeing budget options.
Deal for commercial plots
The developer has recently launched 50 commercial plots out of a total of 250 plots. The project is considered to be great for commercial investment, as extensive and meticulous planning is being carried out for it, and shopping malls, fine dining options, a recreation centre, and service providers will be setting up outlets here, inviting avid buyers from all over the city.
These 4-marla commercial units offered on a two year payment plan have a price tag of PKR 10,000,000, where the buyer is required to pay 20% of the total amount as down payment and the remaining in 8 quarterly instalments.
Residential plots in Paradise Valley were launched in September 2017, and its inventory is still available for sale. It means that many buyers are waiting for the ballot to allot plot numbers so that they can pick their options accordingly. Based on the number of buyers who are anticipating the ballot in Paradise Valley, Sardar is certain that there will be premium on these plots as soon as plot numbers are allocated.
Here, the per marla rate of smaller plots is PKR 600,000 which decreases with the increase in plot size. In other words, if you purchase a plot in Paradise Valley before the ballot, you can buy a 10-marla plot at PKR 6,000,000, 1-kanal plot at PKR 10,000,000, 2-kanal plot at PKR 22,000,000, and a 4-kanal plot at PKR 44,000,000. Don’t forget; the amount has to be paid in a two-year payment plan.
When there is more information to share on Paradise Valley Phase III, you will find it on Zameen Blog. In the meanwhile, if you have any questions, let us know through your comments. You can also discuss the prospects of investing in Paradise Valley Phase III with other interested buyers on Zameen Forum.