State Life Housing Society Phase 1 & 2 Lahore News information, Plot Prices, Development Videos & Location Map

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.