The population of second largest city of Pakistan ‘Lahore’ is growing day by day. Lahore has always attracted the investors. The year of 2016 reported a good start for the city in real estate market. Many developmental projects are presently underway in the city. Metro Bus service, orange train (under-construction), underpasses and bridges gives sight of a city enthusiastically engaged in developmental projects.
Current trend in Lahore is to live in independent houses that is the reason apartment complexes are less here but as prices of plots and houses are getting higher and higher, there is possibility that in near future Lahorites would opt to live in apartment complexes.
According to Zameen.com, Lahore plots prices rose up by 13.64% in the last 12 months, so future living trend in the city may be mutual communal spaces. Some future-looking real estate investors are imagining this priority of residents of Lahore, so has started introducing such aspiring projects. T27 Tower, High-end Mall of Lahore and Maisonette are example of such structures and have received positive response from investors. Askari 11 community development and DHA’s Penta Square are other such projects under construction swaggering apartment complexes. In short, city’s housing trend change is unavoidable. Main reasons behind this is increasing population, cost of living, real estate trends, and security & maintenance.
According to the 1998 consensus, Lahore’s population was 5.143 million. Current unofficial guesses estimates that population of Lahore has exceeded 10 million. This high increase ranks the city among the top 50 populated cities in the world. Rapid urbanization from different regions of the country has affected economy as well as land prices getting expensive. That’s why investors are considering to construct such apartment complexes on both small and large plots of land as it take less place and accommodates many at one place at cheaper rates. Apartments are not only affordable but also provide the decent living standard at relatively lower prices.
The present trend is that anyone owing land in Lahore feels pride and society considers it a symbol of financial delight but as soon the city will opt for more apartment complexes, such so-called statuses will be dumped and city will transform in the right direction. Less space will adjust growing population in the cheapest and decent way.
Another significant aspect that cannot be neglected is that apartments provide a sense of security to residents. Although crime rate in Lahore is lower as compared to other cities but still security is important for residential areas. Apartments with a secure gated location provides family a complete freedom to enjoy the life. Concluding, apartments are cheaper and better option to live than independent houses. Future-predictors claim that Lahorites will prefer to live in apartments amid urbanization and high land prices.