Blogs

Check out market updates

Lahore Ring Road SL 3 Project Approved

Lahore Ring Road SL 3 Project Approved

The government of Punjab has approved the Lahore Ring Road SL 3 Project under PPP mode. The construction of SL-I & SL-II is underway and both will be opened for the traffic on 14th of August 2017. Southern Loop III, SL-III, will be 8.5 Kilometers long and it will connect Adda Plot to Multan Road. SL-III will pass through Medical City and Bahria Town Lahore. Many residential & commercial areas will benefit this road development project as connecting road network will be improved too.

According to Minister for Planning and Development Malik Nadeem Kamran, the construction of Lahore Ring Road Southern Loop will be a significant achievement in mega infrastructure development of Punjab. Southern Loop III has been approved in the 31st Steering Committee (SC) meeting held at P&D Complex, Lahore. According to Malik Nadeem Kamran, this project will help out to ease traffic problems in provincial capital and at the same time many areas will get easy access.

Lahore Ring Road Northern Loop and property market

Northern Loop of Lahore Ring Road completed in 2010. The areas near to Northern Loop of Lahore Ring Road saw massive price rise. Property prices in Paragon City, DHA and Cantonment Area saw many folds increase. In some cases property prices even increased by 200%. The price hike was due to the easy access to once remote areas.

Lahore Ring Road Southern Loop and property market

Southern Loop of Lahore Ring road is under construction and will be completed by 14th of August 2017. Up till now, Southern Loop of LRR has failed to uplift the stagnant property market. One of reasons is the rise in property taxes introduced in the budget 2016-17. But, many dealers say the price rise will be observed once Southern Loop of LRR is fully functional.

Recommended:
Investment opportunities on Raiwind Road Lahore

(9) Comments

    • RIZWAN
      CURRENT PROPERTY MARKET SITUATION IN KARACHI & PAKISTAN
      Currently property market is stagnant in Karachi & Pakistan. Its due to three reasons. Firstly, higher taxes imposed in budget 2017-18, political turmoil and thirdly economic melt down in Middle Eastern countries where most Pakistani expatriates live. Economy in Middle Eastern countries is melting down due to low price of oil. Pakistani government has increased Capital Gain Tax on sale of property from 10% to 20% and if no CGT if property is sold out after 3 years of purchase. This is why people will hold properties longer and transactions are low. Government is also increasing FBR valuation rates from 1 July 2017 by 30% this will increase the property registration fee. If you want to see how low property transactions in Pakistan are, just compare the new projects launched in June 2016 and June 2017. Last year 13 new projects were introduced but this year its just one project.

      FUTURE REAL ESTATE MARKET SITUATION IN KARACHI & PAKISTAN
      Who are the buyers of expensive properties worth 2 crore or above?
      Three buyers; Businessmen, Pakistani Expatriates and people with black money.
      Businesses are low in Pakistan
      Pakistani Expatriates are loosing buying power due to melt down in their countries
      Massive crack down on black money by Supreme Court.
      I have told many times that PANAMA CASE DECISION will shape the future of Pakistan property market. But very few people agreed it. Pakistan property market is alcoholic of black money.
      Crack down on black money by Supreme Court is already underway. This is why we see very low property transactions; historic low in Pakistan history.
      TWO SCENARIOS
      Firstly, property price will crash to affordable level or salaries will rise. Either we will see sharp property fall 30-40% or property will be stagnant for 4-5 years so that purchasing power increase will make the properties affordable. But one thing is for sure that Pakistan property market is in bubble and can crash.

      Reply
      • RIZWAN

        on   said 

        IN SHA ALLAH HOPE IT CRASHES SO THAT EVERYONE CAN BUY THEIR OWN HOMES AND NOT LIVE ON HIGH RENTS INFLUENCED BY BROKERS AND PROPERTY MAFIA

        Reply
  1. udman Athar

    on   said 

    property market is cooling down and dealers say its almost dead?
    whats the readon behind this property market stagnation?

    Reply
  2. Mazhar Ali

    on   said 

    This is good infrastructure development.
    pleade tell me its effect on property price and any good investment options in this area?

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *