ALL THE UPDATES ABOUT STATE LIFE, PHASE II AFTER (AGM)!

After Annual General Meeting (AGM), people are showing a strong interest for investing in State Life Cooperative Housing Society Phase II. The meeting was preceded on March 11, 2018 by Muhammad Asghar, the president of State Life Cooperative Housing Society. The Annual General Meeting was as productive as anticipated by people. Here are the details about the destiny of State Life Phase II project, decided in the meeting.

 

Remarks of AGM

 

During the AGM, the committee members presented their views about the future of the project. After listening to each person, they stated conclusion remarks, listed below;

  • State Life Phase II will progress toward becoming State Life Phase I Extension.
  • Phase II will be developed and conveyed in the following two years.
  • Proprietors of 1-Kanal plots will get 14-Marla plots instead, while 10-Marla and 5-Marla plots will narrow into 7-Marla and 3.5-Marla plots respectively.
  • Those hoping to get ownership in one year will get a 10-Marla plot against their 14-Marla plot.
  • The proprietors of 10-Marla plots seeking to get ownership in one year will get that by making due with a 7-Marla plot.
  • A new map of the society has been designed and sent to the Lahore Development Authority for approval.
  • After getting approval from the authority, the new society map will be shared in following three months.

 

Read also: From Bahria town to DHA – The property owner’s perspectives

 

New offers Presented in AGM

 

If a person owns a 1-Kanal plot file of State Life Phase II, he will get a 14-Marla plot instead along with the possession after two years. And in case one wants early possession i-e within a year, then person had to give away 4-Marlas and need to settle on 10-Marlas instead of 14.

The deal for the 10-Marla plot holders has become 7-Marla now and in case of early possession these 7-Marlas will be reduced to 5-Marlas.

 

The Impact of Old Offers Made in 2016

 

The offers of early possession, presented in AGM were made back in 2016 too, where 642 plot owners were selected to grant early possession. After the determination procedure and the resulting delays, these 642 plots are closer to be handed over, most probably by July this year. Right now, work is being done out and about system, where street covering is yet to be begun while the rest of the development work has been finished.

 

Market Process

 

It has been found in the past that after the AGM, the advertise interest for plots in State Life Phase II spikes. This has additionally been the situation this time. The market right now has more buyers and no dealers. Potential purchasers are planning to make short-term investments, while the proprietors, some of whom have been sitting tight for quite a long time to see their speculations develop have to hang on somewhat longer to get better returns. At the end of the day, there is little development in the market, but even then, there are some people who want to contribute in this venture.

 

AGM Effects on Plot Rates

 

The intrigued buyers are citing a rate higher by 25% than the cost recorded a few months back. Right now, there are two kinds of plots accessible in State Life Phase II (now called the State Life Phase I Extension); the 642 plots for which ownership is expected in the following three months, and every other plot for which development work is yet to be started. Here are the rates of residential plots, for which ownership will be given in July:

Plot Size                                                         Price Range

10 Marla                                                          PKR 3,800,000 – PKR 6,200,000

5 Marla                                                            PKR 2,700,000 – PKR 3,000,000

 

For other plots, the market value is given below;

 

Plot Size                                                         Price Range

14 Marla                                                          PKR 2,400,000 – PKR 3,600,000

10 Marla                                                          PKR 1,550,000 – PKR 1,700,000

3.5 Marla                                                         PKR 1,000,000 – PKR 1,250,000

 

Development Cost

 

In the AGM held a year ago, the development cost measured for each Marla was PKR 50,000 from which 40% of the dues were to be paid by society whereas the engineer had to pay the remaining 60%.

In the current AGM, points of interest on development charges for underdeveloped plots haven't been shared. Additionally, insights about welcoming applications for 500 plots are not accessible yet.

That’s all we had to share about the updates of the state Life, Phase II after AGM. For further updates keep visiting us at rightdeed.com.

In case of any query or feedback, let us know by your comments in the given section below.

 

Read more: Ferozepur City – Will New Changes In The Plan Encourage Investment?

 


3 Comments

  • Abdullah Imran

    May 30, 2018 AT 07:13 PM

    what are the facilities available here?

    Muhammad Imran

    June 8, 2018 AT 10:52 AM

    its a worthy scheme

    syed ahmad

    June 21, 2018 AT 05:17 AM

    i think so

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