Lahore: Prime Minister Imran Khan on December 31 announced his decision to extend the historic construction incentive package – revealed in April last year. Within days of the announcement, both demand and price in the local property marketplace are seen to increase. Here’s how:
Construction Industry Relief Package
The sections of the package that have been extended include the fixed tax regime and the facility available to builders and developers which allows them to not to reveal their source of income. In case of the same facility for first-time buyers, the provision has been extended to March 2023. What this means is that builders and developers now have an extra year to complete the projects they register(ed) with FBR – until September 2023.
What’s the impact of the extension of DHA Lahore?
Real estate underwent a relatively slow cycle for the period running between mid to late 2016 and early 2020. However, following the announcement of the incentive package/amnesty scheme in April, a turbulence filled with excitement was witnessed in the local property marketplace
In DHA Lahore, the demand almost doubled and so did the prices within a matter of months. In the old phases of DHA Phase 1 to 4, the surge is miniscule. However, in the phases beyond that: Phase 5, Phase 6, Phase 8 and other newer blocks, the change has been nothing short of phenomenal. The prices of properties are seen to increase by up to PKR 10 million in these phases, according to local realtors.
The on-ground sources have also attached a lot of significance to the extension. A large number of projects are in process under the incentive package and the extension will allow them to be registered – or avail the package in other ways.
How to benefit from the brewing property demand in DHA Lahore?
An expert also predicted that the prices in phases like DHA Phase VI will see another surge over the next four months; further stating that it is the right time to invest in DHA real estate. This means that significant gains are expected in Defence Raya 18 Green Condominiums located in DHA Phase 6 as well as in the Air Avenue Luxury Apartments in DHA Phase 8.
As official marketing partner of these two projects, Zameen.com has all the information you need on them. To learn more about pricing options, details of the instalment plans or options for investment you can reach out to our 24/7 helpline: +92-21-111-333-333 (for PAK) and +971 4 4378010 (for UAE).