Real Estate investment is always fruit full and cannot return into loss if you have holding power. People are investing in Real Estate from centuries. Minimum investment for a residential or commercial property should not be less than 5 years. 10 years is more than enough time to get a handsome return in Real Estate investment.
Area which is not balloted yet or has been balloted and on ground or not on ground, and possession is not granted by the builder, developer or Authority.
Prices of files may fluctuate sharply as per market conditions. Files are usually booked on installment plan for 3 years cost of land and 3 years for development charges in most cases. One should be clear before investing in file that how much time is required for holding.
Area where physical possession, where construction can be started immediately, is granted by the builder, developer or Authority.
In common after ballot dealers or agents sell or buy file with plot number and treat it as PLOT. But practically we have experienced that developer, builder or authority can change any full and final given plan due to any technical reasons, immoral practice or to oblige someone specifically Govt. Officials / Army Officials, Authority Officials, in such case plot number change. I think that plot should be only consider where possession is granted and construction can be started immediately. Any investment before possession should be treated as FILE.
Physical possession Plots are more stable in different conditions of market as compare to files or Plot files which shows more fluctuation in different market conditions . Plots files are called which balloted and plot numbers are allotted but still possession is not granted by Builder, Developer or Authority for living.
A Society can be defined an area having Urban planning with following amenities or facilities for residential cum commercial purpose:
Road Network
Commercial Area
There are Three Types of Society Developments in Lahore:
1. Developed by Authority, Lahore Development Authority (LDA) Faisal Town Lahore, Garden Town Lahore, LDA Avenue 1 Lahore, Johar Town Lahore, Allama Iqbal Town Lahore etc or Defence Housing Authority (DHA)
2. Developed by Cooperative Body, Wapda Town Lahore, NFC Lahore, Model Town Lahore etc.
3. Developed by Private Company Bahria Town Projects, Urban Developers Projects, Izhar Monnoo Developers Projects etc.
Lahore Development Authority (LDA) is prime developer and true Master Planner of Lahore. The Lahore Development Authority was created under the LDA Act 1975 duly approved by Punjab Legislative Assembly. Previously it was Lahore Improvement Trust (LIT).
Defence Housing Authority (DHA) is a parallel authority in Lahore in cantonment area and delivered A class housing and commercial projects with state of the art developments and facilities.
Cooperative Bodies like Wapda Town, NFC Lahore, UET and many other also contributed best living standard for Ordinary Man at low cost.
Private Builders / Urban Planners like Bahria Town, Urban Developers Eden Builders and many other also delivered state of the art developments and facilities in Lahore.
Before investing / buying plot / home / commercial in any society you to have to consider followings: .
Is Housing Society is registered with Securities & Exchange Commission of Pakistan (SECP) or Cooperative Department? .
Is Society land transferred on Society name in Revenue Record? .
Is Housing Society has valid NOC from Local Development Authorities (LDA / CDA / GDA / MDA / FDA as per approved map? .
Is Housing Society has made arrangements for development work like Water, Gas, Electricity & Sewerage etc. on site? .
Pre-Launch bookings are highly not recommended. You must wait for official launch of booking by publicly advertised in major newspapers with confirm location, booking schedule, installment time frame and tentative time for possession (year of possession).
Before investing in any project you must keep eye on newspaper warnings ads by Local Authorities against projects which are not approved. Usually these local Authorities has a list of approved Housing Societies, as well as Unapproved Housing Schemes lists. You may also visit Local Authority Office and can verify about the scheme before investing.
The term balloting was generally used for assigning plot numbers to the allottee for a said project in Pakistan Real Estate. In General Ballot mean decide the allocation of something to applicants by drawing lots.
Booking ballot mean, when a project is being offered on installment plan and people apply for the booking and ballot held for successful and unsuccessful applicants, called Booking Ballot.
Plot Number Ballot mean a draw in which numbers allocated to each allottee against its file, in other word Map issued with plot numbers.
Now a day people are often trapped in the name of ballot by Agents / Developer / Builder / Authority. It is recommended to ask Agents / Developer / Builder / Authority before booking any project that it will be a confirm booking or there will be booking ballot, also when Plot Ballot will be held?