Tuesday, December 13, 2016
Thursday, December 8, 2016
Friday, September 9, 2016
Lake City offers possession in M2 (A)
Lake City offers possession in M2 (A) – where is the society headed?
Lake City is one of the most sought after housing projects on Raiwind Road and now enjoys excellent access because of the development of Alternate Route. Possession is handed over for 10-marla plots in Block M2 (A) of the society on Friday September 9, 2016, which probably means that the block will now be approached by home buyers instead of investors.
Usually, property prices in a particular locality experience a jump after possession, and the same can be said for M2 (A). Please the see table below to have an idea of prices before and after possession:
| Plot category | Price range before possession | Price range after possession |
| 10 marla | PKR 7,000,000 to PKR 8,000,000 | PKR 8,000,000 to PKR 9,000,000 |
As you can see that prices of 10-marla plots in the locality have increased by PKR 10,000,00 after possession and it is expected that these plots will hit PKR 10,000,000 mark within 6 months or so because of the fact that this sector is adjacent to Ring Road.
Previously Lake City offered possession of 5-Marla plots in sector M7(b) where prices are now around 4.5 Million +
Previously Lake City offered possession of 5-Marla plots in sector M7(b) where prices are now around 4.5 Million +
Which blocks are next in line for possession?
It is expected that Blocks M3 (a) will get possession in coming month, however, no official statement has been given by Lake City in this regard.
Development work is almost complete in both blocks, located along the Alternate Route. Property prices have already increased manifold in these blocks, but there is still a room for further growth. The table below will give you an idea of current prices in the said blocks:
| Block M3(a) | |
| 12 marla | PKR 7,500,000 to PKR 8,500,000 |
| 14 marla | PKR 8500,000 to PKR 9,000,000 |
| 1 kanal | PKR 10,500,000 to PKR 12,500,000 |
On the other hand, possession for 5-marla plots will be handed over in Block M7(c) within 6 months. Currently, the market value of on-ground plots in the block is PKR 3,500,000 and you can expect a price surge upon possession for this particular plot category.
Though 5-, 7- and 10-marla plot files are up for grabs on instalments in Lake City, if you are still on the lookout for on-ground plots, you need to head to M8, where 5- and 7-marla plots are available on cash payment for PKR 3,000,000 to 3,500,000 and 3,800,000 to 4500,000 respectively. However, the area is undeveloped and Lake City will take some years to complete development work in the block
Tuesday, August 16, 2016
Al-Wahab Garden is declared illegal by LDA
Al-Wahab Garden is declared illegal by LDA
Al-Wahab Garden is declared illegal by LDA. So it is
advised that buyers should avoid buying property in illegal extension
otherwise they will be held responsible for their losses.
Lahore Motorway City (Extension) is declared illegal by LDA
Lahore Motorway City (Extension) is declared illegal by LDA
Lahore Motorway City (Extension) is declared illegal by LDA. So it is advised that buyers should avoid buying property in illegal extension otherwise they will be held responsible for their losses.
via express.com.pk
Monday, August 15, 2016
PM performs groundbreaking of Shorkot-Khanewal section of M-4 motorway
PM performs groundbreaking of Shorkot-Khanewal section of M-4 motorway
Prime Minister Nawaz Sharif on Saturday performed the groundbreaking of Shorkot-Khanewal section of M-4 motorway.
The project will be completed at a cost of about Rs20 billion over a period of two years.
PM wants power projects ready by tenure’s end
“Reduced distances will boost the economy,” PM Nawaz said as he addressed the inauguration ceremony. Lauding the efforts of all those involved in development projects across the country, the premier claimed, “No one in the world calls Pakistan a failed state anymore.”
After completion, the project will improve Pakistan’s vital north-south road network, promote economic growth, create employment opportunities and ensure regional connectivity.
“We are not working for a particular class, instead we are working for the entire nation. Everyone from labourers to the common man will benefit from these projects,” PM Nawaz said. “The nation is out of the state of despondency and is now treading the path of hope.”
PM performs groundbreaking of China-Pakistan Optical Fibre Cable project in G-B
The M-4 Faisalabad-Multan motorway, which is 240 kilometers long, is divided into four sections. Faisalabad-Gojra and Khanewal-Multan sections have already been completed, while work on Gojra-Shorkot section is underway. Work on the fourth section of Shorkot-Khanewal will begin today.
The M-4 is also a step towards positioning Pakistan to act as a transit artery for goods moving between the port city of Karachi and Gwadar in the south, to Torkham on the northern border with Afghanistan. It will eventually link the ports with land-locked regions of Central Asia.
Via tribune.com.pk
Wednesday, August 3, 2016
FBR notifies property valuation rates for 16 cities
FBR notifies property valuation rates for 16 cities
The Federal Board of
Revenue [FBR] notified fresh property valuation rates for 16 major cities of
the country, Tuesday, providing a new base for the collection of withholding
and capital gains tax.
It notified rates for Lahore, Multan, Gujranwala, Faisalabad,
Sialkot, Islamabad, Karachi, Hyderabad, Sukkur, Sargodha, Mardan,
Abbottabad, Peshawar, Quetta and Gwadar.
Property valuation deal violates 2013 SC ruling
The authorities picked 21 cities for determining fresh, but slightly
compromised, property valuation rates during its negotiations with the
representatives of the real estate sector. The rates of the remaining
five cities are expected to be notified in the next few days.
The rates have been notified with effect from July 31. Withholding
tax rates range from 1% to 4% while the CGT rates are in the range of 5%
to 10%.
The government and the realty sector representatives had agreed to
increase the rates, which are higher than Deputy Collector [DC] rates
but far lower than the prevailing market rates. These rates will become
the base for collecting withholding taxes from the sellers and
purchasers of the properties and the capital gains tax on profits made
from these transactions. President Mamnoon Hussain has already
promulgated an Ordinance to give effect to the deal, which also includes
tax amnesty on past transactions.
The government will not ask the source of income from those who invested in the real estate sector before June 30 this year.
Karachi
The government has divided Karachi into nine categories for the
purpose of collecting taxes. The A-1 category including residential
plots, commercial, industrial and flats carry the highest values and the
lowest valuations have been fixed for category VIII properties.
In Karachi the category A-I’s per square yard residential open plot
rate has been fixed at Rs35,000. Constructed residential property rate
is Rs40,000 per square yard, commercial open plot at Rs100,000 per
square yard, constructed commercial plot Rs67,000 per square yard and
flats/apartments rate is Rs5,000 per square foot.
The A-I residential areas are civil lines, Clifton quarters excluding
Shireen Jinnah colony, Defense House Authority [DHA] from phase one to
four, Dhoraji cooperative housing society, Garden East quarters, KDA
Officers Housing Society, KDA scheme 1 and 1A, Karachi Administrative
Housing Society, Karachi administrative cooperative housing society,
Mohammad Ali Cooperative Housing Society, Muslim Colony, Pakistan
Employees Cooperative Housing Society, Sindh Muslim Cooperative Society
and upper Gizri PS Girzri.
The FBR has notified Gwadar city rates, which are being developed as
part of China-Pakistan Economic Corridor [CPEC], in terms of per acre
and square yards. The maximum per acre price is set at Rs15 million for
airport road land followed by Rs13.8 million for SHS commercial. The
maximum per 1,000 square yard rate has been notified at Rs5.4 million
for Marine Drive Ankara Junubi and new town housing scheme.
Islamabad
For Islamabad, the FBR has notified the residential areas rates in
the range of Rs15,000 per 200 square yards to Rs57,150 per 2,000 square
yard plot. For the commercial properties, the new notified rates in
Islamabad are in the range of Rs13,000 per square foot to Rs123,750,
depending upon the locality. For flats and apartments, new rates have
been set up to Rs4,930 per square foot.
The Islamabad Bahria Enclaves rates have been notified in the range
of Rs4 million for 272 square yard plot to Rs8 million for 500 square
yard plot.
Rawalpindi
The posh residential localities rates in the Rawalpindi city have
been notified in the range of Rs225,00 per Marla for Phase VIII Bahria
town to Rs600,000 Executive Meadows Phase III of Bahria Town. For most
of the Bahria town phases, the per marla rate is up to Rs375,000. The
residential city centres, like Satellite town, are priced at Rs1.4
million per marla for taxation.
Lahore
There are vast gaps between the per marla residential prices in Lahore, ranging from Rs168,000 to Rs3.8 million per marla.
Taxing real estate: Govt forms body to address concerns of property dealers
The residential property at Azam cloth market has been priced at
Rs3.8 million per marla. The fruit market Badami Bagh per marla rate is
Rs2.37 million, circular road residential are rate is Rs2.2 million,
Lyton road Rs1.6 million, Hall road Rs1.4 million and Tempal road Rs1.2
million.
The commercial properties per marla prices in Lahore also vary,
ranging up to Rs5.6 million in Lyton road. However, yet these prices
seem very low than the prevailing market rates.
Peshawar
In Peshawar, the notified prices for residential areas vary from as low as Rs22,000 per marla to Rs1.1 million in Saddar bazaar.
Hyderabad
Hyderabad property valuations have been notified on the pattern of
Karachi but the rates are relatively lower than in the country’s largest
metropolitan. The notified rates for Sukkur are even lower than
Hyderabad rates.
Published in The Express Tribune, August 3rd, 2016.
via The Express Tribune
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