Exploring Zaitoon Group’s New Lahore City

Zaitoon-New Lahore City has been making waves in Lahore's real estate for some time now. The project faced issues due to slow a start and a few hiccups as Rafi Group separated itself from the task. However, now it appears that the project is ready to become one of the best housing ventures in the city. While this may possibly be true, how exactly is the New Lahore City faring in the market? Here is an update for you:

Currently, the project is doing well as the prices of plots and homes are on a constant rise. The trend will also continue in future due to the development of phase III that is expected to start in next 2-3 years.

Current Status:

Phase I is finished while Phase II is around 90% to completion and is expected to finish soon.

The two phases have all the facilities such as electricity, gas, water, and sewerage system. Ownership is available in Phase I and Block A, B and C of Phase II. 10 to 15 houses are being built in Phase II while Phase I has 10 houses developed as of now. Moreover, six plazas are being developed in the society and each plaza has its own parking, so the commercial development is also going well at the moment.

Phase III and Platinum Enclave in Phase II are at the booking stage, and the vast majority of the forms has already been sold. The planning and work on these is in advance stages as well. It will be about eighteen months before we see any real improvement in Phase III.

The developers have also announced a subproject under the name Zaitoon Villas in Phase II. Over 100 houses have already been booked in this project. The actual plan was to build houses over a span of three years which is also the duration of payment plan. However, great interest from investors has left the developers with no choice but to increase the construction pace and, as a result, just in six months the possession of these units is available with just 30% payment due.

Key Blocks:

Despite the fact that Phase I is first from the gate, Phase II is more popular right now.

Why?

Phase I turned out to be somewhat overrated because of its nearness to the gate and its transformation to overseas block. Blocks B and C in Phase II are the most in demand since they neighbor NFC Housing Society Phase II and are totally developed as well. The 3-and 5-marla plots in the society have the most in most demand.

Here are the current prices of available plots:

3 Marla: PKR 1,500,000 – 2,000,000
5 Marla: PKR 2,500,000 – 3,000,000
10 Marla: PKR 3,500,000 – 4,500,000
1 Kanal: PKR 7,500,000 – 10,000,000

What’s The Future Of This Project:

Costs are going up at a quick pace and so is the development of the scheme. The region where New Lahore City is situated is seeing a great deal of new housing projects and this has sparked a competition there. Every scheme is trying to outdo the other in terms of facilities and price – which is something worth being thankful for investors and genuine buyers.