With 15.2% growth in the last 6 months, 5 marla houses in Lahore have become town’s new craze. The experts at Zameen.com analyze the reasons behind the mounting popularity and value of 5 marla residential units in the city.
The houses equal to or smaller than 5 marla in secondary locations remain exempted from the tax net this year as well. This has very well elevated the value and demand of smaller houses as the trend of investing in 5 marla houses instead of the bigger ones has been seen on the rise in Lahore property sector.
According to Zameen.com’s data, value of 5 marla houses in Lahore has increased by 15.2% since January 2013. With such impressive spike in sale price, there is no reason why developers and investors wouldn’t like to cash on this opportunity and supply the market with enough residential units of 5 marla in size to meet the current roaring demand. As of June 2013, the average sale price of a 5 marla house in Lahore property market has crossed Rs 6.6 million mark.
As per the data maintained by Zameen.com, the average month on month rise in value of 5 marla house has been 3% since the beginning of this year. The highest spike was recorded in late May 2013 when the sale price of 5 marla residential units experienced a 6.6 % rise.The property analysts and real estate experts at Zameen.com believe that for the next few months to come, the value of finished 5 marla residential units and plots is likely to increase further.
These experts also suggest that for short term investment and quick returns, investing in residential plots and houses of 5 marla could be a wise option.For bigger residential and commercial units, the ratio of property tax is different. And in order to promote the idea of giving up evading tax, it should be thoroughly considered to reduce the tax imposed on the property sector as well as discourage the unlawful practices for tax evasion with a more mechanized and transparent system.