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.
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.
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.
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.