Even before its official launch, Lahore Smart City has achieved great milestones which many real estate projects were not able to do in the past. This is primarily because of the strong credibility provided to this project by Habib Rafiq developers. However, a number of investors have been asking about the Lahore Smart City NOC, and the LDA approval to this real estate project. This article clarifies all confusion regarding the legal issues of Lahore Smart City and its future prospects for investors.
Lahore Smart City has been recently introduced by Habib Rafiq Pvt. Ltd and it has witnessed a successful pre-launching with thousands of investors pouring in their investments in this project. This shows that Lahore Capital Smart City is a credible housing project that is going to be developed near Ring Road in Lahore.
This article includes the details regarding the Lahore Smart City NOC and all legal issues that arise before a housing society launches.
Corruption and Lahore Smart City NOC Approval
Corruption is not a hidden aspect of Pakistani government agencies, especially the likes of CDA, RDA, and LDA. According to multiple reports, these agencies have been involved in multiple financial irregularities. We are not saying this to accuse any government agency of being a corrupt institution, but we are actually trying our best to state the facts people must be aware of.
In the case of Lahore Smart City approval, the society has not even launched, and it is yet to conduct it launching ceremony. It has been heard time and again that these government agencies have certain people who try to take advantage of new housing societies that are on their way to develop. The interest is entirely monetary and when a society denies paying the required incentives, it has always been labeled as an illegal housing project.
However, this time, Lahore Smart City has been targeted and its witnessing some opposition from these government agencies. Nevertheless, the Lahore Smart City developers are considered to be one of the top real estate developers in Pakistan and they have set out to build an eco-friendly smart housing project in Lahore. Moreover, the Lahore Smart City NOC was approved by LDA in early Feb 2021. This essentially means that the housing society is a safe and legal one to invest in.
Must Read: Real Estate Value to Increase with Rawalpindi Ring Road Approval
LDA Cases on Bahria Town and DHA
Bahria Town and DHA are considered to be two of the top housing projects in Lahore, and they have faced multiple cases by LDA. A large number of cases are still in the trial process, where LDA has put charges on these housing projects. Despite this, the real estate properties in Bahria Town and DHA are growing in value with time.
This shows that government authorities such as Lahore Development Authority (LDA) are just trying to hinder the real estate development in Pakistan. In many cases, these government agencies have been successful in stopping a number of infrastructure projects, causing loss to the economy of Pakistan. However, Lahore Smart City investors need not to worry because Habib Rafiq group will get the Lahore Smart City NOC and it knows how to tackle the likes of such housing projects, and it has been successful in the past as well.
Capital Smart City Islamabad Approval by RDA
When Capital Smart City Islamabad was in the pre-launching process, similar circumstances were faced by this project as well. However, the real estate project on Chakri Road developed into one of the best investment opportunities in Islamabad. The major benefit of this project was its location near to M2 Motorway and the new Islamabad International Airport. After a few months of its launch, the project has gained the NOC approval and developed into a top real estate housing scheme.
Similarly, Lahore Smart City located near Kala Shah Kaku is going through the exact same phase and it is likely to develop into one of the top housing projects in Lahore. The Lahore Smart City location is also perfect for investment as it is located near to Lahore Ring Road it is considered to be an upcoming real estate sensation.
Also Read: Why is Lahore Smart City as Perfect Investment in 2020?
Imran Khan to Set a New Real Estate Regulatory Body
Imran Khan has recently introduced a set of incentives for the real estate sector of Pakistan. These changes are aimed at providing impetus to the economy by creating job opportunities in this sector. However, the PTI government has realized that the current development agencies in Pakistan have not played a beneficial role in the economy.
Therefore, the PTI government has advised the provinces to set up separate real estate regulatory bodies for the purpose. This is a major step towards the growth and progress of real estate in Pakistan and it will definitely provide massive impetus to the rise of real estate in Pakistan that was being affected by Covid19 as well. Recently, Imran Khan has ordered the development agencies to provide NOC’s to all pending housing projects after the formalities are completed. Once this is done, the Lahore Smart City NOC is likely to be approved in a few months as well.
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