NEW LAHORE CITY is a project of Millennium Land Development owned and managed by Rafi Group and Zaitoon Group. Both (Rafi and Zaitoon) Groups already have a great name in construction industry. They are the pioneers in construction of plazas in Lahore. Commercial Plazas in Lahore like Empire Centre, Rafi Plaza, Central Plaza, Empress Tower, Defence Shopping Mall and Landmark Plaza are on Rafi Group's credit.
On the other hand Zaitoon Group's projects are not only very well known but now taken as landmarks in Lahore City. These are Zaitoon Plaza, Japan and Lucky Centre, Centre Point, Land Mark Plaza.
Rafi Group taken a step further when it started a land development project - Green Acre Farm Housing Scheme.
Rafi and Zaitoon group joined hands to start a residential project with the name of New Lahore City couple of years ago. The rates and options of different size residential (5, 10, 20, 40 Marla) and 5.3 Marla commercial plots announced at the time of booking are reproduced here.
New Lahore City is the last existing residential project on Lahore Canal Road along side Multan Road. Its main entrance gate is situated on 3 Km from NFC phase 2 and 4 Km from Bahria Town Lahore. A high quality road on Canal Road now links it to Bahria Town Lahore. Around 2 km Grand Avenue of New Lahore City is fully functional with few property offices there. I remained in the area for more than two hours but no visitor / customer was seen there.
On the back of these property offices there is an area of around 200 kanals which is fully developed. Other than that there is no development seen though out the New Lahore City. As it is surrounded by villages so there is almost no chance that it will be having any significant expansion near canal road.
New Lahore City announced its Premier Enclave on relatively high rates only few months ago. There were rumors in the market that its management succeeded in buying a chunk of land in which Bahria Town was highly interested for its Sector F. If it is true then newly launched Premier Enclave would be much deeper and almost touching and connecting Sector F of Bahria Town Lahore. The on gound situation of the project also suggests that it would be at least 5 km away from Lahore Canal Road.
The standard of present development (other than its 150 ft Grand Avenue) is of quite normal level. The developer could not succeed in completing its first phase yet. The pace of development work is not noticeable and almost no machinery seems on work. It is obvious that project is not likely to shape up within next 3 years. The pioneer members are still waiting for balloting and their desperation will obviously increase if the situation remains the same.
The Society will also be having access from Sui Gas Phase 2, Bahria Town Lahore and NFC Phase 2. The location of New Lahore City will be more attractive after the construction of Lahore Ring Road.
Recommendations
It seems that the developers will wait for the construction of Lahore Ring Road in the area before announcing final plan and starting the development. It is, therefore, a long term project. There are many better options of investments available in the market in this rate and range.
No comments:
Post a Comment