Saturday, April 25, 2009

Lake City Holdings Raiwind Road Lahore Pakistan

I wrote the following article in September 27, 2005 on the launch of Lake City Holdings Lahore Pakistan. It was reproduced from LRE page to almost all the Pakistani Real Estates related website and discussion forums.

Lake City Lahore Trip (September 2005)

Yesterday I managed to visit Lack City Holdings project on Raiwind Road Lahore. The purpose of this trip was to see the actual situation and give a brief report to brothers/sisters visiting this page.

I was hearing about this project about six months ago when one of my friend started his job related to accounts with Lake City Holdings. He could not understand why these big businessmen have joined their hands to start this project which is so far from Lahore city. For me it was not a strange decision as Lahore Master Plan shows Raiwind within Lahore. The developer's group did its home work properly. They bought all the required land and went for LDA approval before launching their product. This is certainly a good and transparent start. Although it is now a binding for every developer to provide each and every detail of its project before launching any housing project but LCH is the first one to act upon the new rules and regulations. Its yet not clear whether they have bought required land for their next phase about which they are claiming but it is obvious that they have either not applied for next phase or LDA did not approve it yet. They avoid discussing about their future project. I have been officially informed that they have only two Bela(s) in their project. You can easily guess what will, totally, be the size of Lake City Holdings. 

Lake City Holdings has launched its Bela Vista Housing project with aggressive campaign on print media as well as on multimedia. Their documentary played on cable networks and digital channels is impressive. Although they prepared it on same lines and actions which is of Bahria Town but it is much better than Bahria Town's documentary as far as quality of recording, script and sound recording is concerned. This lovely documentary makes a mind of every investor so one has some vision of the project when starts ones long journey on a rough Raiwind Road. Same was the situation of mine although I am not involved in any kind of investment in real estate business. 

May be you people will not believe but it is a reality that I would have passed the project if a big board was not put on the main road. Until yet this great project could not construct a single room for their marketing office. Only less than half Kilometer road has been constructed which is even not enough for car parking of the visitors. They are still using a tent as an office for promoting and introducing their project. Yes! We were warmly welcomed and cold drink was offered. The young and professionally trained staff was there to provide required information. I introduced myself to one of the young man Mr. Wasi and requested him to listen me first before starting his presentation. I told him which was already available on their website or what were being presented in their documentary. After that he was requested to provide any information other than that but he very nicely said that he does not have any further information. 
As there was no chance to visit the area (because there was not any WALKING PATH yet made) so we came back to our place.

On the project site one semi constructed small building, semi constructed main gate, less than half kilometer road and an office under tent was there which we could see.
Every thing else is on papers, in documentaries and in the minds of planners. The staff on site was not able to offer any brochers except a two page photo copied paper having information which is already available on website. 
 Now what can be suggested in present situation is:
  1. The project seems to be a safe but a long term investment.
  2. Interested friends are suggested to take advantage of their Introductory Launch Offer but to avail this you will need to pay in lump sump. 
  3. One can start living there as soon as construction is started as Raiwind Road is already a busy road. I think at least 5 years are needed to have some one's dream house. 
  4. Although I have no doubts that Raiwind Road will ultimately have great look and quality development but for the time being it is NOT a proper road with good traffic controlling. There are too many PIND (villages) on Raiwind Road which does not give a nice look.  
  5. Almost all of Lake City Holdings directors are Seth (typical Pakistani businessmen) who are generally not good in spending money where it is NOT directly related to their profit so it does not seem possible that they will contribute in making Raiwind Road. 
  6. The rates of Lake City Holdings are too high especially when market is so cold. 
  7. As they have no track record so we have nothing to guess what and how will be delivered after (about) three years. In this situation the risk factor goes high.
Now almost four years are spent and there has been much activities involved in Lake City Holdings BUT living has not been yet started over there.

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