LDA City, a project by the Lahore Development Authority (LDA), is being developed in collaboration with four partners. It has been embroiled in controversy because of various reasons in the past. Even a NAB case was initiated against the project, causing many to grow wary of whatever it had to offer.
However, according to a society official, the case has been resolved. And it seems like the project is generating some buzz in investor circles. But should you invest here? Let me help break it down for you.
The project is being heavily marketed in newspapers. In a newspaper ad published a few days ago, April 24 was promulgated as the last date to book a plot in LDA City. Please note that these plots were offered on a lump sum payment and were limited in number.
It was also marketed that the master plan and access road for the project were complete. However, the master plan has not been made public yet.
On the other hand, the authority has recently rolled out a public notice asking stakeholders concerned to submit their claims (if any) against the acquisition of land for LDA City in Thay Panju village. The authority has requested stakeholders to submit their claims within 15 days, after which no claim will be entertained.
The prices of plots in LDA City have been experiencing rising trends for the past few months. Currently, the plot prices being marketed in newspapers are as follows:
|5 Marla||PKR 1,590,000|
|10 Marla||PKR 2,290,000|
|1 Kanal||PKR 3,690,000|
According to the society official I spoke to, development work has begun and balloting will be held by the end of 2017. Perhaps the master plan will not be launched before balloting takes place.
The project has also seen an increase in property values because the Lahore Ring Road (LRR) cuts through it. Development work on the road is underway and prices in LDA City will increase further once development work on the road, as well as in the society, progress.
LDA City is slated to be the largest housing project in Pakistan. It will feature an 18-hole golf course, three central business districts, a diplomatic enclave, a theme park spanning 390 kanals, and a mega park spread over 1,000 kanals.
It seems like LDA City is going to be the next big thing in Lahore’s real estate landscape. On the other hand, it must be noted that LDA Avenue I (another project by LDA, located on Raiwind Road) still has litigation issues and file owners with property stuck in the project have been waiting for compensation for years now. The authority should also focus on resolving their issues.
Let’s see how the future unfolds for LDA City and LDA Avenue I. If you have any queries about both the projects, post them in the comments section below. I will answer your queries as soon as possible.