Khayaban-e-Amin Latest Updates

Khayaban-e-Amin Latest Updates

Khayaban-e-Amin is one of the many societies in the south of Lahore that are cashing in on the developments related to Lahore Ring Road (LLR).

If you visit the society, you will be mesmerised by how wide and smooth the main boulevard is. It’s irresistibly posh and the arched streetlights give it a completely unique look. In fact, all the areas that are visible on the front side all seem rather sellable. However, there is another side to the picture.

Despite the fact that the project was launched several years ago, the developer has not offered complete possession in most of the blocks. Furthermore, work is pending at various ends and many blocks are still awaiting the initiation of development work. Some months ago, plots for sale in Khayaban-e-Amin were so cheap that it was considered a low cost housing project.

Except for Blocks A, K and L, 100% possession is not available any of the blocks. Partial possession is available in Blocks B, C, D, M and N and few others, while development work is yet to start in Blocks A-1, Q, P and R. Since the project has reached the secondary market, many folks who own or deal in property in Khayaban-e-Amin believe that the developer is using delay tactics to put off development work.

Surprising March stats

During the past few years, Khayaban-e-Amin remained the cheapest place to buy property in the neighbourhood. The lack of investor interest in this project was due to the reasons explained earlier. However, there has been a rather startling development seen recently; in March 2016 alone, the average property rate in Khayaban-e-Amin went up by 18.66%. Even more interesting is the fact that this price appreciation has come forth without any solid reason, except for that fact that work has commenced on the LRR’s southern loop.

It is interesting to note how the LRR route has impacted various societies in different manners. For instance, recall how LRR’s route affected Bahria Town. Unlike Bahria Town, this final LLR route has breathed a new life into Khayaban-e-Amin, where the asking price of a 5-marla residential plot jumped up from PKR 2,359,207 in February to PKR 2,862,413 in March 2016.

The story is the same for 10-marla and 1-kanal plots, which witnessed 17% and 19% price ascents respectively. At the moment, a 10-marla plot is being traded at an average market rate of PKR 5,128,462, while the rate a plot that enjoys good location can go as high as PKR 5500000. The highest asking price in the 1-kanal category is seen in Block C, where you can find a good one for PKR 12,500,000. On average, the current sale price of 1-kanal plots stands at PKR 7,245,000.

How does the future look?

Here’s what I am wondering: can the current activity convince the Khayaban-e-Amin administration to speed up development work in blocks that have been awaiting possession for the last several years? Apparently, there shouldn’t be any hurdles as the society has also been granted an NOC by the Lahore Development Authority.

Basking in the light of this sudden activity, the administration immediately increased the transfer fee for these plots from PKR 10,000 to PKR 25,000. But can this activity last? I am not very sure.

I think the current demand and price appreciation seen in Khayaban-e-Amin has given the developer a golden chance to attend to pending issues and attract more buyers. Availing this opportunity will not just earn them goodwill but also a trustworthy status among real estate developers in the southern parts of Lahore.

I personally believe that the society has great future potential, but in order to realize this dream, the management needs to pace up the development work. To those who wish to invest in this particular project, I recommend buying plots awaiting possession in Block C. Bear in mind that this is a medium-term investment.