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New Lahore City: Current Situations & Problems

New Lahore City

New Lahore City, located on Canal Road, has seen significant development with the successful delivery of Phase 1 and Phase 2. However, the ongoing development of Phase 3 and Phase 4 has encountered several challenges. This blog explores the current situations and problems faced by investors and residents in New Lahore City.

Development Delays in Phase 4

The development of Phase 4 in New Lahore City has been delayed due to several factors. The economic crisis in Pakistan has severely impacted the progress of the project. Additionally, frequent changes in the project’s management have contributed to the delays, causing frustration among investors who are still waiting for possession of their plots.

Investor Concerns

Investors who invested in the Platinum Enclave in 2018 are particularly affected, as they are still waiting for possession. The delay in file delivery has caused the property prices to decrease, leading to a lack of investor interest and a halt in development charges payment.

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Decreased Property Prices

The delays have resulted in a significant decrease in property prices within the project. Investors are hesitant to invest further, leading to a stagnant market. To address these issues, it is recommended that investors engage in discussions with the developers to find a resolution and expedite the possession process.

High Grid Station Charges

The developers of New Lahore City have implemented grid station charges in Phase 1 and Phase 2, amounting to PKR 130,000 per marla. These high charges are causing financial strain on residents and are seen as unjustifiable by many. The developers should reconsider these charges to ease the burden on investors.

Recommendations for Investors

Given the current challenges, CDB Properties advises investors to consider alternative investment options such as Bahria Town or other nearby societies. However, for those who wish to invest in New Lahore City, Phases 1, 2, and 3 still present viable opportunities.

Conclusion

New Lahore City faces several challenges, particularly in the development of Phase 4. The delays, decreased property prices, and high grid station charges are significant concerns for investors and residents. For those seeking reliable investment opportunities, consultation with CDB Properties can provide valuable insights and assistance.

For booking and further details, contact CDB Properties. We offer free consultation services to investors to help them make informed decisions.

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