High-Rise Developments - An Integral Part of Lahore's Future Skyline
Owning a piece of land and building home on it is one of the biggest wishes of residents of Lahore and they hardly get settled for anything less than that. Developers launch residential societies in order to cater to the typical accommodation & living style of natives, and do not go for the option of high-rise residential developments due to the fear of rejection.
Real estate industry experts state that Pakistan already has millions of homeless people. The State Bank's Quarterly Housing Finance Review also reveals the fact that in 2009, there was shortage of 9 million homes in Pakistan, which has been accumulating by 0.34 million units every year. Lahore is also experiencing the deficit and there is also mismatch in demand and what is being delivered here. To match this demand and in order to provide homes, developers launch residential societies on agricultural land.
Seeing the urbanization in provincial metropolis, developers must shift their focus towards vertical developments. The concept of multi-storey residential buildings is widespread in Karachi. Several multi-storey luxury projects have already been introduced in Lahore to observe people's interest and it is seen that people have started accepting the new living trend, especially the ones who have migrated from other cities
Experts at HomesPakistan are of the view that wealthy investors and property buyers are encouraging the apartment construction trend because high-end projects offer all luxurious facilities and amenities to the dwellers. While, apartments building projects must be designed for lower-income strata, who cannot afford to buy homes for sale in Lahore.
It is witnessed that plots and homes, even in newly launched housing schemes in Lahore, are far out of reach of middle and lower-middle class. Despite being affordable, these residential developments become a mere investment vehicle for wealthy investors. Therefore, developers must focus on the needs of particular segment and develop affordable accommodation projects for them. I believe, multi-storey development is the answer, as they are not just affordable in terms of pricing but multiple families can be adjusted in these vertical projects as well.
Developers should focus now on economical and affordable vertical endeavours to meet accommodation needs of middle income group as compared to launching luxury multi-storey developments for wealthy investors, as apartment developments are need of the hour.