Lahore Smart City - A Guide to Real Estate Investment and Property Options

An Overview of Lahore Smart City and Its Real Estate Market

Lahore Smart City is an ambitious housing project currently under development on the outskirts of Lahore, Pakistan. It aims to provide state-of-the-art infrastructure and facilities to residents while also incorporating principles of sustainable urban planning and development.

The project is being developed by Habib Rafiq (Pvt) Ltd, one of Pakistan's leading real estate developers. It is spread over a massive area of over 5000 acres and has been envisioned as a "city within a city" that will eventually house over 300,000 residents.

Salient Features of Lahore Smart City

Some of the salient features of Lahore Smart City that make it an attractive option for potential homeowners include:

• Strategic location right along the Lahore Bypass
• Close proximity to the new Islamabad International Airport
• State-of-the-art physical and social infrastructure
• Residential areas, commercial zones, healthcare and educational institutes
• Green spaces, theme parks, sports complexes and other amenities
• Gated community with 24/7 security
• Eco-friendly housing and sustainable urban planning
• High-speed fiber optic connectivity
• Solar power generation and renewable energy solutions

Current Status of Development

The development of Lahore Smart City commenced in 2017 and is divided into multiple phases. Phase 1 is now handed over to residents with development work on Phase 2 already underway. So far, developers have completed:

• Boundary wall and fencing of the entire society
• Construction of 3.5 km boulevard at entrance
• Infrastructure for 60% of Phase 1 including roads, sewage and power
• A mosque, commercial areas, parks and playgrounds
• Possession of 5700+ residential plots in Phase 1

Work is continuing rapidly on Phase 2 where the master community site, school and hospital sites have been marked. Furthermore, a skyscraper, IT tower, financial square and several other projects have also been announced.

Real Estate Options in Lahore Smart City

Lahore Smart City offers residential and commercial real estate suited to varying budgets and requirements. Housing options include:

• 5 marla, 7 marla, 10 marla and 1 kanal houses/villas
• High-rise apartment buildings
• Combo plots for residences and businesses

The developers have used an efficient grid iron pattern of roads to allocate different sectors to different plot sizes. Sizes range from 5 marlas to 2 kanals catering to all income groups.

Commercial real estate options include shopping malls, retail outlets, plazas, and spaces for restaurants, hospitals, schools and other businesses. The Central Business District will house the financial center and IT towers.

Real Estate Prices and Payment Plans

Like other societies, Lahore Smart City offers flexible payment plans over 3 to 4 years. Property prices currently range from:

• PKR 3.6 million for 5 marla
• PKR 4.8 million for 7 marla
• PKR 9 million for 10 marla
• PKR 18 million for 1 kanal

Furthermore, a 25% discount is being offered if full payment is made upfront. This makes pricing very attractive for a society with high-end modern infrastructure.

Booking requires only 10% downpayment with 2.5% on allotment letter issuance. Remaining dues are paid in quarterly installments.

Why Invest in Lahore Smart City?

There are several compelling reasons to invest in a property in Lahore Smart City:

• State-of-the-art urban infrastructure and facilities
• High returns on investment and capital appreciation
• Favorable payment plans and flexible installments
• Discounted prices and secure ownership records
• Developed by a reputable construction firm
• Rapid development work currently underway
• Strategic location of the housing project

In a nutshell, Lahore Smart City represents the future of sustainable suburban living in Pakistan, making it a worthwhile investment opportunity for end-users and investors alike. Early investors can benefit from discounted prices and greater return on investment in the long run.

Frequently Asked Questions about Real Estate in Lahore Smart City

Some common questions that people have about buying property in Lahore Smart City are answered below:

What are the main features of houses in Lahore Smart City?

Houses in Lahore Smart City have several modern design features and amenities. Main features include:

• Spacious room sizes
• Double storey construction
• Marble flooring in rooms
• Fiber optic connectivity
• 24/7 backup electricity
• Underground sewage disposal
• Landscaping and green spaces
• Boundary walls and gated streets
• Proximity to mosques and amenities

What types of payment plans are available?

Lahore Smart City offers very flexible 3 to 4 year quarterly installment plans. Only 10% downpayment is required at booking. The remaining amount can be paid in 12 to 16 equal quarterly installments. Furthermore, a 25% discount is offered if you pay the full amount upfront.

What facilities are currently operational in the society?

As Phase 1 is completely developed, the following facilities are now operational:

• Underground electricity, water and gas supply
• Society mosque
• Parks and playgrounds
• Schools
• Shopping centers and retail outlets
• Restaurants and cafes
• Administrative office and resident facilities
• 24/7 security and surveillance

How is the construction quality of houses?

As one of the top real estate developers in Pakistan, Habib Rafiq has ensured high quality construction using superior materials. Houses have brick/block walls, marble flooring and all modern fixtures & fittings. Each housing unit undergoes thorough checks and inspections to ensure international standards are met.

Is Lahore Smart City approved by relevant authorities?

Yes, Lahore Smart City is an approved private housing scheme. All required NOCs have been obtained from the Lahore Development Authority, Environment Protection Agency and other civic agencies. The land title is clear and legally transferred to the developer. Homeowners can attain secure ownership records.

Conclusion

In conclusion, Lahore Smart City provides an ideal opportunity to invest in contemporary suburban housing equipped with high-end infrastructure and amenities. For end-users, it offers a chance to become part of a sustainable and technologically advanced community. For investors, it provides excellent return potential owing to the rapidly developing real estate market. Given its strategic location, state-of-the-art amenities and flexible payment plans, Lahore Smart City is expected to be one of the most desirable housing societies in the country now and well into the future.

FAQs

What are the different phases of Lahore Smart City?

The development is divided into multiple phases. Phase 1 is completed and handed over. Phase 2 is under development which will have more housing units, amenities and commercial areas. Future phases are also planned as the society expands.

What are the main amenities available for residents?

Lahore Smart City aims to provide a comprehensive community with amenities like schools, hospitals, mosques, parks, sports clubs, shopping centers, restaurants, public transport, banks, fuel stations, sewage treatment and many more facilities within the society.

What makes Lahore Smart City eco-friendly?

The developers have focused on sustainable planning and eco-friendly construction. Green spaces, solar power, effective waste disposal, air quality monitoring, underground electricity and minimal carbon footprint make it an environmentally-conscious project.

Is Lahore Smart City a good investment compared to other societies?

Yes, Lahore Smart City offers very high investment potential due to its brand value, amenities, facilities, payment plans and expected population growth. Capital gains are likely to be substantially higher compared to many other projects.

What is the developer's credibility and past experience?

Habib Rafiq (Pvt) Ltd. is one of Pakistan's most renowned real estate developers with over 40 years of experience and several successful projects across the country.