Lahore, the cultural centre and the liveliest city of Pakistan, is known for providing quality life to its residents. The new and the modern housing societies and better law and order in Lahore attract immigrants from less peaceful cities like Karachi. Lahore also offers groundbreaking transportation, recreational activities, business, and educational opportunities that pull the residents from less developed cities of Punjab in specific and Pakistan in general. This influx of the people has raised the value of Lahore real estate to quite an extent.
The charm of Lahore is at stake!
The lavish and luxurious housing societies in Lahore are surely inching up the value of Lahore real estate but what about those societies, which are ill planed and poorly developed? These mushrooming, poorly planned, and sub standard housing societies in Lahore are not only burdening real estate business here but also spoiling the iconic charm of the city. Although such housing societies have not harmed the value of property in Lahore, owing to regional unrest in other parts of the country, yet they are a big threat to the properties here.
Many experts believe that the elections of 2013 can bring some solid change in Pakistan. If the deteriorating condition of Karachi real estate gets fixed in near future, the residents of Karachi will give up the idea of shifting to Lahore. Since, these migrants can fly back to Karachi as soon as the Law and order situation gets better there, it will not only increase the demand of Karachi properties but devalue Lahore real estate as well. In such unclear circumstances, substandard housing societies can add fuel to the fire and wreck the realty business in Lahore. Some of the reasons why these societies are not up to the mark are:
Irregular Expansion
Almost 90% of the new housing schemes are not built in accordance to the rules and regulations specified by LDA. These societies are thus expanding the city in an irregular pattern. Mostly, these societies are developing in the nearby areas of Lahore and the abnormal expansion of the metropolis is leading to lack of facilities in these areas. Due to being at far off places from the central city, these societies are deteriorating the infrastructure and design of Lahore real estate.
LDA has specified a period of 5 years for the completion of any society. Around 30% of the plots in the society are financed by LDA and delivered when the construction speeds up. When, after a notice, construction in these societies halts, LDA sells the mortgaged plots and develops the society on its own. Across the Metropolis, out of the 231 societies, more than 70% of the societies are either partially or completely underdeveloped. Many of these societies have been informed through legal notice by LDA that due to lack of resources and funds, LDA will take them over. More than a decade has passed since LDA notified these societies and has so far taken over only Venice housing society and has plans doing the same with Naz Town, Formanities Society and Shadaab society.
Not up to the mark
Although 25% of the societies, out of these 231 colonies planned in Lahore, are completed yet they are poorly maintained. Due to the shortage of electricity and gas supply in the country, government is not ready to give the new electric and gas connections to the newly built units. Moreover, since these development schemes are away from the city centres, they are not up to the mark with respect to the residential and environmental standards.
Stern action on the part of the government is required to contain the growth of mushrooming housing schemes. Government should give more powers to the LDA so that it can give ultimatum to the owners of the underdeveloped communities and take the required actions to stop such practices. LDA should also be given more funds and subsidies to restart the halted projects. It will not only add value to Lahore real estate but the track of overall Pakistan real estate sector towards growth as well.

Author's Bio: 

William King is the director of Lahore Real Estate, Pakistan Homes, Karachi Property and Lahore properties. He has 18 years of experience in the marketing and trading industries and has been helping retailers, entrepreneurs and startups with their product sourcing, promotion, marketing and supply chain requirements.