Lake City Takes Over State Life Phase 2: What You Need to Know
Exciting news for property investors and plot holders! Lake City has officially taken over State Life Phase 2, including Phase 1, Phase 1 Extension, and Phase 2. This merger brings significant changes and opportunities for current and future investors. In this article, we provide detailed information about the merger, plot details, development charges, and the benefits for plot holders.
Merger Details
The merger between Lake City and State Life has been approved, and the management transition will occur within the next one and a half months. Lake City will completely manage and oversee the development and operations of the State Life phases. This change is expected to bring enhanced development and better management practices.
Plot Details and Development Charges
Phase 1
No significant changes are planned for Phase 1. Plot holders in this phase will continue to enjoy the same plot sizes and development charges as before.
Phase 1 Extension
Phase 1 Extension includes plots of 10 Marla, 5 Marla, 3.5 Marla, 4 Marla Commercial, and 8 Marla Commercial. Owners will receive plots of the same size in the extension with existing development charges. No additional development charges beyond those already imposed will be required.
Phase 2
Residential Plots
- 14 Marla plots: These will now be 8 Marla, requiring PKR 16 Lacs in development charges.
- 7 Marla plots: These will now be 4 Marla, with PKR 8 Lacs in development charges.
Lake City aims to complete the development within 36 months, targeting December 2024 for NOC approval. The remaining development charges will be payable in installments over approximately 36 months.
Management and Development Timeline
Lake City is committed to completing the development within 36 months, with a target to secure NOC approval by December. The development costs will be managed through the sale of commercial plots, and remaining development charges will be payable in installments over approximately 36 months.
Plot Details and Development Charges
Phase 1
There will be no changes in plot sizes or prices for Phase 1.
Phase 1 Extension
- Residential Plots: Plots of 10 Marla, 5 Marla, 3.5 Marla, and 2 Marla will receive equivalent-sized plots in the extension.
- Commercial Plots: Plots of 4 Marla and 8 Marla will remain unchanged.
- No additional development charges beyond those already imposed.
Phase 2
- (1 Kanal to 14 Marla): Plot Holder will receive 8 Marla plots with a development charge of PKR 16 Lacs.
- (10 Marla to 7 Marla): Plot Holder will receive 4 Marla plots with a development charge of PKR 8 Lacs.
Phase Two Development
The development of Phase Two is a significant milestone for those who have been holding files for an extended period. Development will commence in the coming months.
- Plot sizes have been revised to 4 Marlas for 7-Marla files and 8 Marlas for 14-Marla files.
- Improved infrastructure and a direct link to Phase One via an underpass are planned.
Phase One Extension
No significant changes are planned for the Phase One extension (Blocks J, G, and FF).
- The existing development charges of PKR 525,000 for 3.5 Marlas and PKR 10 Lakh for 10 Marlas remain unchanged.
- Commercial plots of 4 and 8 Marlas will retain their previous development charges.
Merging with Lake City
The merger with Lake City has been finalized, and a memorandum of understanding will be signed in the future. Lake City will oversee all operations and may rename the development. Development charges will not be applicable for merging, while the existing charges will be carried forward.
Payment Plan
- Development charges for Phase Two will be paid in five installments after 20% of the work is completed.
- Phase One extension members have the option to pay development charges in six-monthly installments.
Other Features
- Phase Two will have its own dedicated grid station and underground electricity infrastructure.
- The estimated completion time is 36 months after the merger with Lake City.
- Prices for 4 Marla (previously 7 Marla) and 8 Marla (previously 14 Marla) plots have been revised, offering better value for investors.
After the Merger: State Life Phase 1, Phase 1 Extension, and Phase 2 Real Estate Updates
Assalamu Alaikum! Welcome to the latest update from the View Lahore Real Estate platform with Mohammad. You can contact me at +92 32141 77720. In our previous video, we discussed the merger of State Life Phase 1, Phase 1 Extension, and Phase 2 with Lake City. Today, we’ll dive into the current market situation, including buying and selling rates and the impact of this merger on property prices.
State Life Phase 1: Current Situation
Phase 1 is a fully developed area with residential plots of 5, 10 marla, and 1 kanal, as well as 4 marla commercial plots. The merger with Lake City has not significantly affected the prices here.
- 5 Marla Residential Plots: PKR 90 lakh to 1.25 crore
- 10 Marla Residential Plots: PKR 1.60 crore to 1.90 crore
- 1 Kanal Residential Plots: PKR 2.35 crore to 3.50 crore
- 4 Marla Commercial Plots: PKR 2.25 crore to 5 crore
These prices depend on the location and block within Phase 1. The area remains a prime investment opportunity with well-developed infrastructure and amenities.
State Life Phase 1 Extension: Price Changes
The merger has brought about a noticeable change in the prices of plots in the Phase 1 Extension. Prices have increased by approximately PKR 5 lakh.
- 5 Marla Residential Plots: Previously PKR 55-60 lakh, now increased by PKR 5 lakh
- 10 Marla Residential Plots: Available for investment
- 3.5 Marla Residential Plots: Available for investment
- 4 Marla Commercial Plots: PKR 65-70 lakh to 1.25 crore
This phase offers a great investment opportunity, especially for commercial properties at a relatively lower price compared to Phase 1.
State Life Phase 2: Investment Opportunities & Rates As of 7th June 2024
Investors have eagerly awaited Phase 2. The merger with Lake City brings excellent news and potential for development.
- 14 Marla Files (now 8 Marla non-developed plots): Current buyer price is PKR 37-38 lakh
- 7 Marla Files (now 4 Marla non-developed plots): Current price is PKR 21-22 lakh
Investing in Phase 2 is highly recommended due to its reasonable prices and the promising development plans by Lake City. The area will feature underground electricity and minimum 40-feet road infrastructure, making it a highly desirable gated community.
Conclusion
In conclusion, the merger of State Life with Lake City presents numerous investment opportunities across Phase 1, Phase 1 Extension, and Phase 2. With the current market prices and future development plans, now is an excellent time to invest.
For buying selling files please call Lahore Real Estate ® with full confidence.
Ch Mujahid Yasin (CMY)
Lahore Real Estate ®
+923224929992
+9242111111040
MB-46 Main Boulevard DHA Lahore Phase 6 Near DHA Lahore Head Office.
State Life Phase 2 Lahore Files Prices Update | File Price In Lacs | Call | Last Updated |
7 Marla | 23 | M. Asad +923214177720 | 14 December 2024 |
14 Marla | 43.5 | M. Asad +923214177720 | 14 December 2024 |
Residential Plots For Sale In State Life Lahore Phase 1 | Last Updated | ||
Residential Plots For Sale In State Life Lahore Phase 1 Block B | Last Updated | ||
Residential Plots For Sale In State Life Lahore Phase 1 Block C | Last Updated | ||
Residential Plots For Sale In State Life Lahore Phase 1 Block D | Last Updated | ||
Residential Plots For Sale In State Life Lahore Phase 1 Block E | Last Updated | ||
Residential Plots For Sale In State Life Lahore Phase 1 Block F | Last Updated | ||
Residential Plots For Sale In State Life Lahore Phase 1 Block G | Last Updated | ||
Residential Plots For Sale In State Life Lahore Phase 1 Block J | Last Updated | ||
Commercial Plots For Sale In State Life Lahore Phase 1 | Last Updated | ||
Commercial Plots For Sale In State Life Lahore Phase 1 | Last Updated | ||
Residential Plots For Sale In State Life Lahore Phase 2 | |||
State Life Lahore Housing Scheme Block Wise Information | Residential Plot Size | Plot Price In Rs In Lacs | Last Updated |
A | 5 Marla | 110 to 135 | 15/12/2024 |
A | 1 Kanal | 275 to 350 | 15/12/2024 |
A-Ext | 5 Marla | 90 to 125 | 15/12/2024 |
B | 1 Kanal | 300 to 350 | 15/12/2024 |
C | 1 Kanal | 275 to 325 | 15/12/2024 |
D | 1 Kanal | 235 to 290 | 15/12/2024 |
E | 1 Kanal | 250 to 325 | 15/12/2024 |
F | 10 Marla | 160 to 190 | 15/12/2024 |
G | 10 Marla | 155 to 190 | 15/12/2024 |
G-Ext | 5 Marla | 32 to 40 | 15/12/2024 |
G-Ext | 10 Marla | 60 to 80 | 15/12/2024 |
J | 10 Marla | 65 to 135 | 15/12/2024 |
AA | 14 Marla | 42.5 to 3.5 | 15/12/2024 |
BB | 14 Marla | 43 to 43.5 | 15/12/2024 |
CC | 14 Marla | 42.5 to 43 | 15/12/2024 |
EE | 7 Marla | 22 to 23 | 15/12/2024 |
FF | 3.5 Marla | 18.5 to 20 | 15/12/2024 |
JJ | 14 Marla | 43 to 43.5 | 15/12/2024 |
State Life Lahore Housing Scheme Block Wise Information | Commercial Plot Size | Plot Price In Rs In Lacs | Last Updated |
F-Main-Comm | 4 Marla | 200 to 300 | 15/12/2024 |
F-Main-Comm | 4 Marla | 350 to 500 | 15/12/2024 |
G-Ext-Comm | 4 Marla | 60 to 100 | 15/12/2024 |
G-Ext-Comm | 8 Marla | 135 to 250 | 15/12/2024 |
J-Ext-Comm | 4 Marla | 65 to 110 | 15/12/2024 |
J-Ext-Comm | 8 Marla | 140 to 275 | 15/12/2024 |
IMPORTANT NOTICE FOR STATE LIFE LAHORE
State Life Phase 2 Lahore & Lake City Merger: NAB Case Approval (Updates as of 8th November, 2024)
The recent merger of State Life Phase 2, Lahore, and Lake City has brought exciting news for investors and property holders who have been waiting for clarity. The merger was approved in the Special General Meeting (SGM) held on June 2, 2024, and has since moved forward with significant updates.
Key Highlights of the Merger
- NAB Approval and NOC Received: The merger’s most significant hurdle was gaining approval from NAB (National Accountability Bureau), which has now been cleared. Lake City has obtained the NOC (No Objection Certificate) for the merger, signifying a major milestone in this transition. This approval paves the way for Lake City to officially take control of State Life Phase 2.
- Changes in Plot Sizes and Layouts: As part of the merger, plot sizes in State Life Phase 2 will be adjusted to align with Lake City’s offerings. The popular 7-marla plots will be converted to 4-marla plots, and 14-marla plots will be adjusted to 8-marla configurations. These changes make the area more compatible with Lake City’s layout and offer better options for investors.
- Phased Transition: The integration is taking place gradually. Initially, Block AA, BB, CC, and JJ in State Life Phase 2 will undergo re-coding to fit the Lake City structure. Over time, letters for the new plots will be dispatched to existing State Life plot owners, making the transition official.
- Rising Property Values: Following the NOC approval, property prices in this area have shown an upward trend. The current market situation indicates it may be a favorable time for plot holders to sell their holdings at a profit, particularly those who have been on the sidelines waiting for a more lucrative exit.
Lake City Expansion and Future Prospects
- Lake City Integration: Lake City will incorporate all areas of State Life Phase 2, as well as extensions in Phase 1 (including G and J Blocks). After the completion of this process, Lake City will replace the existing State Life branding with its own, providing consistent management and services across the entire region.
- Development in Extensions: Lake City is not just integrating the land but is also introducing its planning standards to these areas. Developed sectors in Phase 1, such as those offering 5, 10, and 1-kanal plots, remain at peak market prices due to consistent demand. Notably, G Block and J Block in Phase 1 have experienced stable or increasing prices, making them attractive to end-users.
Current Market Prices Phase-1
- Residential Plots:
- 5-marla plots in developed areas: Prices range from PKR 9 million to 12.5 million, depending on location and amenities.
- 10-marla plots: Prices vary from PKR 16 million to around PKR 21.5 million.
- 1-kanal plots: Starting from PKR 23.5 million and can go up to PKR 37.5 million in prime locations.
- Commercial Plots:
- 4-marla commercial plots
- 8-marla commercial plots
Investment Opportunities and Recommendations
For clients looking to convert their holdings into cash or reinvest, DHA (Defense Housing Authority) offers lucrative options. This period presents an opportune time to sell State Life Phase 2 properties at a good rate, given the upward trend in prices post-merger. Moreover, investors can explore DHA properties that align with their budgets and investment goals, which continue to be highly desirable.
Final Thoughts
With the successful NAB clearance and NOC, the merger between State Life Phase 2 and Lake City marks a promising chapter for property holders and investors alike. As Lake City continues to transition and develop this area, the region is set to benefit from enhanced infrastructure, increased plot sizes, and rising market demand. For those interested in buying or selling within State Life or Lake City, this merger opens numerous possibilities.
Issuance of NOC From NAB Regarding Merger of State Life with Lake City
Lake City Takes Over State Life Housing Scheme (Update: June 05, 2024)
Summary: Big news for Lahore property investors! Lake City has acquired State Life Housing Scheme, including Phases 1, 1 Extension, and 2. This merger brings changes and opportunities for plot holders. Here’s a breakdown:
Merger Details:
- Lake City takes complete control of development and operations.
- Management transition expected within 1.5 months.
Plot Details & Development Charges:
Phase 1: No changes to plot sizes or development charges.Phase 1 Extension: Equivalent-sized plots offered with existing development charges.Phase 2:
- Residential:
- 1 Kanal plots become 14 Marla (PKR 16 Lac development charge).
- 10 Marla plots become 4 Marla (PKR 8 Lac development charge).
- No commercial plots in Phase 2.
Development Timeline:
- Lake City targets completion within 36 months and NOC by December.
- Development costs covered by commercial plots; remaining charges paid in installments (over 36 months).
Key Benefits:
- Faster development expected under Lake City management.
- Improved infrastructure planned, including a direct link to Phase 1.
- Revised plot sizes in Phase 2 may offer better value for investors.
Looking to Buy or Sell?
Lahore Real Estate can guide you through the current market transition. Contact us for safe and reliable property transactions.
Note: Delays and risks are possible due to the ongoing management change. We recommend exercising caution with token money transactions.
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