The rumour mill’s been abuzz with news that State Life Cooperative Housing Society Phase II is merging with Defence Housing Society (DHA) Lahore. Well, I’m here to report that these stories are baseless, and investors should put their hopes away.
Phase II investors already know that the project has not shown any remarkable progress since its inception. This is largely because development work in the locality never really kicked off.
Recently, developers of the society thought of allotting alternate plots within Phase I to Phase II investors. Ten-marla plots were offered in Phase I against 1-kanal plots in Phase II. The value of these 10-marla plots currently hovers around PKR 4,000,000. Many people took up this option, but many Phase II investors are still stuck in limbo.
At the moment, if you forfeit a 1-kanal plot in Phase II, you can acquire a 4-marla commercial plot in Phase I. Otherwise, the developer plans to give 14-marla, 7-marla and 3.5-marla residential plots in Phase I against the 1-kanal, 10-marla and 5-marla residential plots in Phase II.
Plot owners are expected to get letters from the society to initiate the process within a month or so. However, State Life has not given its official word on the matter. If this deal does go through plot owners will also have to pay development charges at the rate of Rs 50,000 per marla.
The prices of plots in State Life Cooperative Housing Society’s Phase II are as follows:
|Plot Size||Price Range|
|5-marla||PKR 1,400,000 to PKR 1,500,000|
|10-marla||PKR 1,900,000 to PKR 2,100,000|
|1-kanal||PKR 3,000,000 to PKR 3,500,000|
Property prices in this locality have practically remained stagnant for quite some time now. However, I have heard that sale-purchase activity has picked up slightly in the last few weeks.
I still think that State Life Phase II is a risky investment and those looking to invest should remember that this will be a long-term engagement.
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