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What’s up with LDA Avenue I? - Zameen News
 

What’s up with LDA Avenue I?

October 22, 2015 • news

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As the Lahore Development Authority (LDA) fights a series of legal battles over land in its 15,809-kanal Avenue I project, plot owners are awaiting some sort of resolution – either in the form of alternate plots, or the clearance of their existing plots.

Recently, a news source reported that the court had withdrawn a stay order on 100 kanals of land in the locality, hinting at the creation of 100 new plots. In order to confirm that, Zameen.com spoke to an LDA official, who told us a different story.

The official, who works at the Avenue I Directorate, denied the “talk of the town”. Simply put, he labelled the report as fake. He said the LDA will continue to pursue the cases in court, and is hopeful that the verdicts will be in the favour of the allottees.

The official of the civic authority also said that certain property dealers are encouraging allottees to sell their plots by highlighting only short-term prospects of the society. He reiterated that the allottees should hold their plots to bag monumental profits in future, admitting the fact that the plot owners have already waited for more than a decade since the inception of the project.

He also said that two rounds of balloting had been held in the recent past, through which alternate plots had been given to plot owners who were affected by the litigation. More plots will probably be handed over only after the resolution of the ongoing court cases, he added.

In terms of location, LDA Avenue I is among the best housing societies in Southern Lahore, and it features plots of 10 marlas and 1 kanal. According to an estate agent based in Lahore, the market price of 10-marla plots in the locality ranges between PKR 3,500,000 and PKR 5,500,000. One-kanal plots cost between PKR 5,500,000 and PKR 9,000,000, he said, except those on the Main Boulevard, which have a value of up to PKR 15,000,000.

The expansion of Raiwind Road is also on the cards. The completion of the project may prove to be beneficial for LDA Avenue I, as the development will possibly create an impetus for price hikes in the locality. However, a major upward trend will only be seen after the resolution of litigation issues, which will obviously change investor sentiment and increase sale-purchase activity, which is not very impressive at the moment.

Meanwhile, we are keeping an eye on the project and will update you as soon as any further information becomes available to us.

In case you have any queries about the locality, feel free to share them with us in the comments section below.