5 Marla House

Grand Avenues Housing Scheme: Latest Updates and Upcoming Trends

Grand Avenue is a state-of-art housing project by the VESTA developers that pulls in the investors because of its cutting-edge modern amenities. It is a gated community that offers a creative and well-arranged accommodation style. The indulging ambiance attracts genuine buyers and end-users who desire to live a tranquil life.

The  Developer is known for quality and fast development pace. They have delivered some excellent projects earlier that include Central Park Housing Scheme and Air Avenue. Development in Grand Avenue is a sign of class that justifies their good name.

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Facilities

Grand Avenue has lots of facilities making it a viable option to live. These facilities include 40 feet to 150 feet wide roads and streets, 7% of the area allocated to parks, green belts, a community center, 6 tennis courts, a gymnasium, jogging tracks, Swimming Pool, Bowling Alley and 3-D Cinema.

However, the society has a few concerns too. One of the major concerns is the acquisition of land and LDA approval. Besides that, the society is providing energy own its own and don’t have a regular connection. Natural gas is also not yet accessible either.

Location

Grand  Avenue is situated at a 20 minutes’ drive from Kalma Chowk on central Ferozpur  Road, which is a signal free zone and by a long shot the best area to access central Lahore inside 20 minutes.

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Current Status

In July 2015, LDA notified the general public that Grand Avenue does not possess approval which resulted in distrust of customers and decrease in market demand. The administration of the society has been trying to clear the air ever since.

Recently, the news circulated that Grand Avenue has successfully succeeded in the acquisition of land in all three blocks including sector C. After that all the official procedures have been followed and maps for these blocks are expected to be approved within next two months.

Price Trends

Price trends for real estate in Pakistan have been showing downward drifts in general. All the housing societies have been affected by this more or less including Grand Avenue. However, there were other reasons namely litigation concerns and lack of natural gas in the society. Prices have decreased on average of 10% and plots are currently being sold at a price 300,000 lower than launching prices.

Residential Plots
Plot Sizes Minimum Price Maximum Price
5 Marla 20,00,000 27,00,000
10 Marla 35,00,000 47,00,000
1 Kanal 58,00,000 65,00,000
Commercial plots
Plot Sizes Minimum Price Maximum Price
4 Marla 80,00,000 90,00,000

 

What Is Expected In The Future?

The market for real estate is slow right now and realtors believe it will remain the same until two months after the election 2018. However, once the market becomes normal and demand for property increases there are fair chances that the prices in Grand Avenues will appreciate given the upcoming events.

Until then the society is expected to have LDA approval as well as possession of land and development would have been started.  Besides that, the Southern Loop of Lahore Ring Road and DHA Phase X are set to gravely benefit Grand Avenues housing Scheme.

Readers who have already invested in this society should hold their properties at least until the market for real estate resumes. In long-term good returns are expected. As for the new investors’ sector A is more developed, in demand and hence profitable.

Conclusion

Grand Avenues has the potential to be one of the promising housing societies especially after LDA approval and once market conditions get better. Nonetheless, If someone is up to take a calculated risk then now is the best time to make an investment as prices are expected to appreciate within the next 6-8 months.

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