According to the analysis, Pakistan's
real estate industry recently saw a huge increase in land prices far beyond
the reach of an individual especially the middle class. Instead of buying a
residence, people prefer to live in apartments. This trend has allowed people
to live in rented houses and apartments. The trend towards building
skyrocketing towers on a limited area has attracted the attention of building
companies due to the massive rise in land prices.
In Pakistan's, major cities such as Lahore, Karachi and
Islamabad, land prices increased that give space to apartments. Karachi has
seen this trend long ago but the people in Lahore and Islamabad are new in
experiencing this trend.
But the concern is not about what is a new trend, the
question is whether an apartment is suitable or not. There's big confusion.
Which of those people are you! Living in apartments or in an independent house?
Houses or villas are of course very costly than apartments.
Apartments have a common property owned by a third party since the house is
independently built on a part of the land. This means that the total price of
an apartment is lower than that of an independent apartment.
However, the trend of luxury apartments in Lahore has also
grown in popularity in recent times, and well-known building firms have begun
to build premium apartments for the corporate community.
Future Brings possibility.
Cracking the Service & Security Code
If we compare services and the security of homes and
apartments, we will be sure that apartments are safer and that they can be
provided more quickly with a telephone call than houses. The apartments are
managed by trained supervisors and security systems 24 hours a day. In
addition, the administration of the apartments will charge each apartment a
certain amount for elevator maintenance and cleanliness. In order to make
everybody comfortable and happy,
No Need to Lose Money with Uninterrupted Electricity
There are electricity generators for fighting massive power
shedding throughout the country in apartments. This ensures that all residents
are free of the hassle of running generators and rely on UPS 24/7 that are the
ultimate power sources, oh! uninterrupted power sources. The running generator
costs for the fuel are included in the monthly maintenance and service fees
payable by all apartment residents.it also sets you free from getting on the
generator on a sudden blackout.
Here You Can Never Have the Neighborhood & Privacy of Your Dreams
There is no doubt that houses have a much higher level of
privacy than apartments. There's more privacy and comfort when it comes to
houses. A neighbor of an apartment can prevent you from sleeping peacefully by
listening to loud music. Furthermore, if you live in a house or go out with
your nightwear or your shorts, while things might not be comfortable in an
apartment. It's just liked your brother lives in the next room and like to
listen to high music with singing. Here you can't do anything.
Changes the Philosophy of Living Space
You are thinking that apartments are congested as compared
to independent houses.
The living space available in a house is much more than that
of an apartment. There is a lawn, a terrace, a garage, a big living room, a
separate drawing/dining room, and much more in a house. But you are basically
not aware of the new luxury apartment like Casa Raina, T27 Tower, Maisonette
and the high-end Mall of Lahore where you will have Fitness Gym, parking area,
and many more.
Population
The estimated population of Lahore is 10 million per
unofficial estimation and the growth rate just over 2%. Thus, it comes among
the top 50 most populated cities in the world.
To settle such a fast-growing population, apartments play
their best role. People have come here from different regions thus populating
the city.
In the meantime, most established residential areas in the
city have reached on concentration point because of the use of sparse and
utilizable agricultural land. Therefore, the development of housing plots is
moving to the outskirts of this ancient city and many developers develop
apartments on both large and small plots. The small land in the main areas of
the city is flourishing with apartments that take more space and are a cheaper
option for living.
Mortgage
If you take a home loan to purchase the property, the loan for an
apartment is easier than an independent property. Lending banks often compile a
list of approved projects in which a buyer can easily obtain the approval of
his loan. In the case of independent
property, lending is difficult.
Final Words
The flat or the house? It's a never-ending discussion. On
both sides, there are valid arguments for supporting the claims. Although the
jury is still ongoing. There is growing demand from some parts of the housing
sector that builders must ensure that the apartments they build have time
constraints for at least 7-8 decades.
Economic factors and a fast lifestyle have made a death
knell for independent housing culture in Lahore. Given the incredible cost of
an independent house, not many buyers are now considering the option for one.
Land prices rocked and nearly impossible to buy a place and build a house in Lahore.
