Located just 3 km from Thokar Niaz Baig, Park View Villas is one of the housing projects that has recently caught the attention of homebuyers as well as investors. Many people have asked me about the status of this project, which is why I have decided to take a closer look at it. So, for a detailed insight into Park View Villas, please read on.
Park View Villas comprises eight blocks: Sapphire, Jasmine, Topaz, Jade, Tulip, Tulip Extension, Gold and Rose.
Sapphire, Jasmine, Topaz, and Jade are 100% developed, while Rose Block is 50% developed and Tulip Block is 20% developed. Gold Block and Tulip Extension show no traces of development right now. It is expected that development work in the remaining area of Rose Block will be started within a year.
According to my sources, blocks such as Sapphire, Jasmine, Topaz and Jade have been approved by the Lahore Development Authority (LDA), but the society management has yet to obtain approvals for the remaining blocks. This is the main reason why you only see four blocks on the master plan of Park View Villas.
However, there’s no need to lose any sleep over this. You do not need to worry about approval status of the remaining blocks because Vision Group, the development firm owned by the Abdul Aleem Khan, is a trusted name in the real estate industry.
Land acquisition status
Many people are of the view that the society management has not acquired all the land required for blocks such as Gold, Rose, Tulip and Tulip Extension. This is true to come extent, but the land acquisition process is underway and unavailability of land should not be a cause for long-lasting concern. You should also note that 50% of the land required for Gold Block has already been acquired.
I have also heard that some private parties have been assigned the task of buying land for the undeveloped blocks. So, those who have invested in new blocks of Park View Villas should not worry at all.
Moreover, as the entire project is located is almost 3km away from River Ravi, you do not have to worry about seepage issues in the locality.
The society management has granted possession for properties in blocks such as Sapphire, Jasmine, Topaz and Jade, while possession is available for 50% of Rose Block’s developed area. It is expected that possession will be granted within 6 months for Tulip Block’s 20% developed area.
Park View Villas has witnessed decent price increase in the recent past and property prices are expected to rise further in the future. Please see the tables below to have an idea about the market value of properties in different blocks:
|Blocks||5 Marla||10 Marla||1 Kanal|
|Topaz, Sapphire, Jasmine and Jade||PKR 3,500,000 to PKR 4500,000||PKR 6,000,000 to PKR 7,500,0000||PKR 14,000,000 to PKR 15,000,000|
|Rose Block (undeveloped area)||PKR 2600,000||PKR 5,000,000||PKR 9,000,000|
|Rose Block (50% developed area)||PKR 3,500,000 to PKR 4,000,000||PKR 5,500,000 to PKR 7,000,000||PKR 10,000,000 to PKR 11,000,000|
|Tulip Block (non-developed area)||PKR 2,300,000||PKR 4,200,000||PKR 7,500,000|
|Tulip Block (20% developed area)||PKR 2,700,000 to PKR 2,800,000||PKR 4,800,000||–|
|Gold Block||PKR 1,800,000 to PKR 2,200,000||PKR 3,500,000 to PKR 4,000,000||–|
Currently, new bookings are open for 5-marla plots in Tulip Extension, while bookings for 10-marla and 1-kanal plots have closed. Five-marla plots are being offered for PKR 2,366,000 with a PKR 591,000 down payment required, while the remaining amount has to be paid in quarterly instalments spread over 2 years.
According to my sources, this particular block is not witnessing much investment activity these day. Those planning to invest here must bear it in mind that they will only be able to get good returns on their investment in the long term.
I think I have provided enough details to help you make your investment decisions. If you still have further queries, post them in the comments section below. I will try to reply as soon as possible. And if you want to invest in the locality, I can help you find a trusted agent as well.