Lahore: Real estate agents registered with Zameen.com have reported a stark rise in demand of plots in Defence Housing Authority (DHA) Lahore, where transaction volume has also gone up, along with a decent rise in property prices.
As reported earlier, the DHA Lahore Office resumed its operations on July 22 after remaining closed for almost four months due to the COVID-19 lockdown. While the sudden rise seen in the number of people visiting the DHA office also indicates the existing backlog, many of these transactions are reportedly being carried out by people looking to avail the Construction Industry Relief Package Prime Minister Imran announced earlier in April.
According to representatives of renowned real estate agencies registered with both DHA and Zameen.com, the demand has brought along a 30% to 40% rise in the value of commercial and residential plots in certain phases. Zameen.com has also learned that the rise in demand had been building up from the last several months where many people were just waiting for the DHA Lahore office to resume its operations.
Various sources have confirmed that most of these buyers are looking to avail the relief package – where they have time till December 31, 2020 to invest in the real estate sector and construction industry in order to get the benefit of having to give no explanation on the source(s) of income invested in the property sector. These buyers are inclined towards investing in Phases VI, VII, VIII and IX. Among these, the most noticeably high demand is for plots in Phase VI and Phase VII.
Veteran real estate consultants believe that there is still a good margin for property rates to increase further in DHA Phase VII and Phase IX. We have also learned that the property market is brimming with news on expected possession in certain blocks of DHA Phase IX. It is pertinent to mention here that DHA itself hasn’t made an official announcement in this regard. However, if the abovementioned expectations come to fruition, property rates in DHA Phase IX could experience a noticeable jump in the next six months to one year.
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