State Life Insurance Employees Co-operative Housing Society Ltd recently provided an option to allottees of 1-kanal plots in Phase II to get 10-marla plots in Phase I instead. However, this option was not provided to 5- and 10-marla plot holders in Phase II.
On March 1, 2016, the management will ballot these 642 alternate plots in Phase I. Letters have been sent to the allottees to invite them to the balloting ceremony, which will be held at the central park of the society at 1:00pm.
New plots will be allotted in an area adjacent to Phase I’s Block G. However, no dates have been revealed just yet about the handover of possession for these plots.
The society has offered alternate plots in Phase I so that people can build their houses earlier because there are no traces of development in Phase II in the current scenario.
If you were not able to apply for alternate plots in Phase I, you are too late now. Some other option may be given in the future, but nothing can be said for sure.
The prices of plots in State Life’s Phase II are quite low compared to the property values in Phase I. Please see the table below to have an idea of prices in both phases:
|Plot Category||Market Prices in Phase I||Market Prices in Phase II|
|5 Marla||PKR 2,800,000 to PKR 5,800,000||PKR 1,300,000 to PKR 1,450,000|
|10 Marla||PKR 6,000,000 to PKR 8,800,000||PKR 1,600,000 to PKR 1,950,000|
|1 Kanal||PKR 7,500,000 to PKR 13,500,000||PKR 2,650,000 to PKR 3,000,000|
As you can see, there is a huge difference between the market values of 10-marla plots in Phase I and 1-kanal plots in Phase II. As mentioned earlier, alternate plots will be offered in an area located adjacent to Block G, where the approximate value of a 10-marla plot is PKR 6,000,000. This means for giving up a property worth PKR 2,650,000 to PKR 3,000,000 in Phase II, you will get a property that’s worth almost twice as much.
So, once again, those who availed the option have made the right decision, while those of who you didn’t should wait until State Life brings forth a similar plan.
Congratulations, in advance, to those who will have a balloted 10-marla plot on March 1. At the same time, I hope that State Life does not impose any development charges.
That’s all I have to share about State Life and the allotment of alternate plots. If you have any queries in mind, please feel free to converse with me in the comments section below.