Editorial
FOREWORD
Editor IbrahIm Suheyl assistant Editor Samra ZulfIqar
I
t gives me great pleasure to present to you the sixth issue of Zameen.com magazine. This edition holds a special place in our hearts because it marks a half year since the magazine was launched, and I am proud to see that it has achieved new heights with every issue since. but as we prepare to print this issue, the political situation in the country has taken some very nasty turns and our economy is suffering as a result. The property market, too, has experienced decreased activity over the course of the month. In order for our readers to understand this situation and its effects on the real estate sector, this issue includes a candid interview with a real estate expert. my hope is that it will provide you some great information that cannot be found elsewhere. This month’s market report focuses on the rental section of the Pakistani real estate market. We have identified the most popular areas for rental homes across the country with the help of Zameen.com’s search statistics, and included the usual updates on property prices and price trends in the report as well. This issue’s cover Story features the wonderful community of Paragon city, which is a city within a city. I hope the many details we have provided about the society will help you make the smart decision of considering it for you and your family.
WritErs ZaIn nadeem ahSen Ghufran Khan
CrEativE CrEativE HEad Sabeen alI dEsignErs muneeb IjaZ ammar Toor
dEvElopEr advErtising HEad, dEvElopEr BusinEss aSIm IfTIKhar
agEnt advErtising rEgional HEad (nortH) ahmad bhaTTI rEgional HEad (soutH) maShood rehman salEs ManagErs (CEntral) Kamran ShehZad haSSan ahmed
ManagEMEnt CHiEf ExECutivE offiCEr ZeeShan alI Khan CHiEf opErating offiCEr Imran alI Khan ExECutivE CHairMan GIlleS blanchard disClaiMEr
This month’s featured properties hail from lahore, and the eclectic bunch that comprises this month’s feature stories talks about gold versus property in terms of investment, what sort of paints would be best for your home, and architecture. I hope you will enjoy the read!
ibrahim suheyl editor
although every reasonable care has been taken to ensure the accuracy of the information contained in this publication, neither the publisher, editor nor their employees and agents can be held liable for any errors, inaccuracies and/or omissions, howsoever. We shall not be responsible for any loss or damage, whether direct or indirect, incidental or consequential arising from or in connection with the contents of this publication and shall not accept any liability in relation thereto. The views by our contributors expressed here are their personal opinions and do not necessarily reflect Zameen.com’s views. unless otherwise noted, all artwork and ad designs printed in Zameen.com magazine are the sole property of Zameen.com pakistan and may not be reproduced or transmitted in any form, in whole or in part, without the prior written consent of the publisher.
printEr The fortune Productions Suite no 3-4, 1st floor, barket centre, royal Park, lahore
COnTEnTS CovEr story
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ParaGon cITy: a comPleTe cITy all on ITS oWn
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news stories
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speCial feature
One-on-one With a Real Estate Expert
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featured property
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featured property
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28 30
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My Home
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Defence Shopping Mall
37 Market report
The Stars of Pakistan’s Rental Market
feature story
Gold or Property? Take Your Pick
feature story
Repaint before it faints!
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feature story
Faiz Qureshi & Associates: Combining Inspiration and Innovation
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featured agents
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Classifieds
QUAID RESIDENCY IN ZIARAT INAUGURATED
HAWKESBAY TO GET AFFORDABLE HOUSING SCHEME
Ziarat: Prime minister mr nawaz Sharif inaugurated the rebuilt quaid residency in Ziarat on august 14, 2014 and hoisted the national flag there.
KaraCHi: The lyari development authority (lda) has planned to launch an affordable housing scheme of 10,000 single- and double-storey houses in the hawkesbay area.
The quaid residency had been damaged in a terrorist attack last year, and the government rehabilitated the building to its original shape. according to a news source, rehabilitation of the structure has been undertaken by prominent architect mr nayyar ali dada at a cost of rs 140 million.
according to a news report, the housing scheme would feature all civic facilities, with modern and strong structures. moreover, the houses would be offered to the public on easy instalments, said lda director General mr agha maqsood abbas in a meeting.
RESIDENTIAL SOCIETY TO BE BUILT AT TALUKA SHAH BANDAR KaraCHi: around 55,000 acres of land has reportedly been identified initially at Taluka Shah bandar to develop a residential community by the name of Zulfiqarabad. according to a news source, the Sindh Government has planned to expedite the work on the project and remove any bottlenecks that might obstruct its development. The news source reported further that Sindh chief minster mr qaim ali Shah had directed the officers concerned to procure the required private land for the project and transfer it to the management of the project as quickly as possible.
ILLEGAL CONSTRUCTION PROHIBITED IN SECTORS G14, G15 islaMaBad: The authorities concerned have barred the construction of illegal houses in Sectors G-14/1,2 and 3 and G-15/3. according to a news source, Saddar Sub-divisional magistrate ms rabia aurangzeb had issued orders to prohibit construction and loading or unloading of construction materials in the sectors, saying that a swath of land falling in these sectors had been acquired for the development of a housing scheme of the federal Government employees housing foundation. The news source reported further that the construction of houses in the sectors had been on hold for two months.
DEFCLAREA MEMBERS ORGANISE IFTAR DINNER
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he distinguished members of the defence & clifton association of real estate agents (defclarea)® organised an Iftar dinner at Saffron lawn, clifton on july 24 with Pakistan Tehrik-e-Insaf mna dr arif alvi as chief Guest. another event was organised on july 25 at Tulips hall on Shahra-e-faisal. The organisers of the first event were Shelter Group’s mr muhammad younus rizvi, mehenti corporation’s mr muhammad Ziker mehenti, Tooba estate’s mr abdul Sami Khan, and rufi estate’s mr raja mazher hussain.
organised by mr Zafar Iqbal of jawwad corporation, mr nasir ali Khan of Tooba estate, mr afraz Khan of Trust estate and mr Siddique qureshi of Siddique enterprises.
The second Iftar dinner was
These auspicious gatherings
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provided the real estate agency owners operating in defence housing authority (dha) and clifton with valuable opportunities to network and broaden their scope through interaction with each other.
news stories
PUNJAB GOVERNMENT TO DEVELOP PUBLIC PARK IN GUJRAT
the house was situated in a congested area and could not be accessed easily through the narrow streets.
LDA DECIDES TO APPROVE ONLY QUAKE-RESISTANT BUILDINGS
gujrat: The Punjab government has planned to build a grand public park in Gujrat near the chenab river at a cost of rs 120 million. according to a news source, the park will be named after chief minsiter mr Shahbaz Sharif and will span 95 acres. a noobjection certificate has been obtained from the railways authority for the establishment of the park. The news source stated further that the proposed park would feature jogging tracks, an artificial lake, an open swimming pool, gazebos, seating arrangements, and toilets.
CONSTRUCTION BEGINS IN PARK ENCLAVE AFTER 3-YEAR BREAK islaMaBad: The Park enclave project contractor has begun construction work in the locality after a three-year break in proceedings. a news source has reported that the development work in Park enclave had been planned to be inaugurated on august 14, but political unrest led the capital development authority (cda) to start construction work sooner. It was reported further that the Park enclave project had been planned to be completed in december 2013, however, it had been put on hold because of financial constraints and mismanagement in the civic authority.
IDEA TO CONVERT ACTOR’S ANCESTRAL HOUSE INTO NATIONAL HERITAGE SITE TURNED DOWN pEsHaWar: The department of archaeology and museums has reportedly turned down the government’s plan to convert actor dilip Kumar’s ancestral home in Peshawar into a national heritage site, stating the project was ‘unfeasible’. according to a news report, Information and national heritage minister mr Pervaiz rasheed had received an order from Prime minister mr nawaz Sharif to convert dilip Kumar’s house into a national heritage site. The news source reported further that in a letter to the ministry of Information and national heritage, the department of archaeology and museums had asserted that
laHorE: The lahore development authority (lda) has decided that it will approve only earthquake-resistant buildings with adequate safety arrangements in future. according to the changes made to the lda building and Zoning regulations 2008, it has been made mandatory to structure new buildings in a way that prevents total collapse and minimises damage in the event of a natural disaster.
CDA FINALISES BIDDING PROCESS TO HIRE PARK ENCLAVE CONTRACTOR islaMaBad: The capital development authority (cda) has finalised the bidding process to hire the contractor for Park enclave. according to a news source, the civic authority opened bids submitted by three contractors in the presence of their representatives. The lowest bid came in at around rs 1.2 billion, which was made by chaudhry abdul latif and Sons. The news source reported further that in the next phase, the comparative statements of bidders would be prepared and forwarded to the cda chairman.
COMMISSIONER OFFICE LAUNCHES ANTI-ENCROACHMENT COURTS KaraCHi: The Karachi commissioner office has established anti-encroachment courts to deal with the menace of illegal occupation of public sites in Karachi. according to a news source, these courts have been developed under six deputy commissioners who have been given authority to arrest illegal occupiers and send them to jail under the criminal Procedure code Section 107. The news source reported further that the Karachi commissioner had directed the officers concerned to arrest habitual encroachers around jinnah hospital. The commissioner also told the deputy commissioners to start a campaign against wall chalking.
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news stories
GOVT TO ESTABLISH THREE DRY PORTS islaMaBad: The government has planned to develop three dry ports at the Wagah, chaman, and Torkham border points within 36 months at a cost of over rs 20 billion.
The news source reported further that Prime minister mr nawaz Shairf had also objected to the building of the house during his visit to naran.
SHC SUSPENDS LEASE OF FOREST LAND
according to a news source, the development of these ports would make Pakistan the third country in the South asian region to have dedicated dry ports for handling passengers and goods traffic at its borders. The news source stated further that the development of dry ports at the borders was a part of the Strategic Trade Policy framework announced in 2012.
COURT DIRECTS CANTONMENT BOARDS TO TAKE ACTION AGAINST UNAUTHORISED CONSTRUCTION
KaraCHi: The Sindh high court (Shc) has suspended the provincial government’s administrative orders to lease out 16,800 acres of forest land to badin agro development farm.
KaraCHi: a district and sessions court has ordered the clifton and Saddar cantonment boards’ officers to take action against illegal high-rise buildings around delhi colony in clifton. according to a news source, a plaintiff had claimed in court that illegal construction was underway in collusion with the cantonment boards.
according to a news source, a lawmaker from the area had taken the issue to court. The plaintiff’s counsel told the court that the status of the 16,800 acres of land in question had been changed from forest to agricultural by the authorities in order for them to be able to lease it out.
reportedly, the court told the directors general of the cantonment boards to give instruction to the officers concerned to take action against the illegal high-rise buildings, which had been built without approved plans from the relevant authorities.
moreover, the plaintiff’s lawyer claimed in court that forest land could not be handed over to the revenue department under the law. The news source reported further that the court ordered respondents of the case to submit their comments.
KMC TO BEAUTIFY MAJOR CORRIDORS KaraCHi: Karachi metropolitan corporation administrator mr abdur rauf akhter farooqi has ordered the relevant departments to start beautification work in corridor I. according to a news source, the administrator told the officers concerned to repair and carpet roads, underpasses and overpasses, and plant trees on central pavements. he also told them to maintain street lights and take necessary action for the removal of garbage. The news source reported further that work on the beautification of corridors II and III would begin after the completion of work on corridor I.
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CAR DEALERS ENCROACH THOROUGHFARE KaraCHi: commuters passing through ma jinnah road are facing trouble as car dealers have parked their vehicles for sale on the road with absolute impunity and have illegally occupied part of the thoroughfare. according to a news source, illegal parking of vehicles by the car dealers affects traffic flow on ma jinnah road, which is one of the important thoroughfares connecting various areas of the city. moreover, some residential structures on the road had been reportedly converted into commercial buildings to accommodate car accessory shops.
DISTRICT ADMIN BARS NHA FROM BUILDING HOUSE ON RIVER COURSE
CM BLAMES KMC FOR POLLUTION IN KARACHI
MansEHra: The mansehra district administration has barred the national highway authority (nha) from constructing a luxury house on a river course in Kaghan Valley.
KaraCHi: Sindh chief minister mr qaim ali Shah has put the blame of high pollution in Karachi on the Karachi metropolitan corporation (Kmc).
according to a news source, the district administration had stopped the nha by claiming that the house was being built on the river course after diversion of the flow of water to a nearby settlement, which could cause a public nuisance.
according to a news source, the chief minister gave these remarks in a meeting at cm’s house. he also stated that local Government minister mr Sharjeel memon was neglecting water and sanitation issues in Karachi.
zameen.com
news stories
LDA TO HOLD BALLOT TO COMPENSATE LDA AVENUE I AFFECTEES
construction companies has been completed, and the civic authority has now asked the ministry of Planning, development and finance to release funds for the project. The news source reported further that an interchange would be built at Golra mor and the 2km road would be upgraded to 10 lanes at a cost of rs 1 billion.
CENTRAL JAIL WALL YET TO BE BUILT laHorE: To allot alternate plots to lda avenue I affectees, the lahore development authority (lda) has planned to hold a ballot sometime after eid. according to a news source, the total number of affectees is around 4,000, and the number of plots created through an extensive exercise hovers around 2,000. The news source reported further that the civic authority would hold the ballot through a third party to avoid any allegations and doubts.
CDA TO RESUME WORK ON MARGALLA AVENUE PROJECT islaMaBad: The capital development authority (cda) is expected to resume work on the stalled margalla avenue Project soon. according to a news source, work on an 8-km patch of margalla avenue from GT road to Sector d-12 had stalled due to land settlement issues with local villagers. now the civic authority has planned to take a detour of 2km to 3km. a cda member engineering told reporters that the development work on margalla avenue would restart immediately after eid-ul-fitr.
BRIDGE OVER JHELUM RIVER FACES CONTROVERSY MuZaffaraBad: a bridge over the jhelum river drew flak from the azad jammu Kashmir (ajK) opposition over it being named the ‘Zulfiqar ali bhutto bridge’. according to a news source, the cable-stayed bridge connects chattar to naluchi and neighbourhoods of Gojra. Since the mid-80s, the foundation stone of the bridge has been laid twice, but construction could not begin because of various obstacles. The news source reported further that the bridge had finally been opened for traffic after construction on the second day of eid-ul-fitr. however, the ajK administration’s notification about naming the bridge after Zulfiqar ali bhutto has drawn criticism from opposition parties muslim conference and Pakistan muslim league-nawaz.
CDA PLANS EXPANSION OF KASHMIR HIGHWAY islaMaBad: The capital development authority (cda) has planned to expand the Kashmir highway from Golra mor to GT road. according to a news source, the process of prequalification of
KaraCHi: The Karachi central jail remains vulnerable to militant attacks, as the Karachi metropolitan corporation (Kmc) has yet to construct a 1,100-foot protection wall along the chowrangi overpass. according to a news source, the construction is being delayed as the jail officials have not yet relocated their houses and offices to allow the Kmc to build a link road there. Kmc administrator mr abdur rauf akhter farooqi told reporters that the jail administration had asked the Kmc to build and furnish a house for the prison IG for the staff relocation to take place. he said further that the Kmc had built 96 apartments for jail staff and a state-of-the-art house for the prison IG.
CDA APPROVES CONSTRUCTION OF METRO BUS DEPOT
raWalpindi: The capital development authority (cda) has given approval for the construction of a metro bus depot spanning 15 acres at a cost of rs 1.5 billion. according to a news source, the depot would be set up at Sector h-9 near Sunday bazaar, and construction work would begin soon. The news source reported further that the depot would accommodate 64 buses, besides housing a diesel filling station, workshop, service station, and a restaurant.
CDA DEMOLISHES ILLEGAL CONSTRUCTIONS islaMaBad: The capital development authority (cda) has razed illegal structures in Shah allah ditta and on both sides of margalla avenue. The buildings were built in violation of the zoning regulations of the civic authority, according to a news source. The news source also reported that the anti-encroachment team of the cda dismantled illegal roads approaching the illegally built houses in Pind Sangriyal, near Sector d-12. moreover, it removed illegal sale points of construction material in Sector e-11.
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special Feature
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n view of the unstable political situation in the country, the stakeholders of the real estate sector might be concerned about the status of the market and what all of this means. To get an expert opinion on this situation, as well as on the general happenings in the real estate market, Zameen.com interviewed rashid associates ceo mr rashid mukhtar, who is a highly experienced and reputed real estate agent based in lahore. We would like to thank him for taking the time to enlighten us with his views on the real estate market of Pakistan. mr mukhtar began his career in real estate in 2001 at nazir estate, where he worked until 2013. he started rashid associates in 2013 in defence housing authority, lahore. Zameen.com: do you think the current political instability in pakistan is likely to affect the inflow of investment from local or foreign investors? rashid Mukhtar: Genuine buying and selling activity continues even during times like this and irrespective of political stability or instability in the country. however, it is also true that the overall market activity slows down a bit amid such crises,
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as investors hesitate to transact until the political set-up gets streamlined. currently, property prices are stable, but in my view they might go down in under-development areas that don’t offer possession yet, and that too in case the situation worsens. foreign investors may also step back if this situation progresses as it is. Zameen.com: What is the current investment scope in the market and which areas do you suggest for investment? rM: In lahore, defence housing authority is an investment haven where you can invest with the hope of good returns without trepidation. State life Phase II can also be considered for long-term investment because of its proximity to dha Phase IX. balloting has taken place in State life Phase II but possession has not been given yet.
special Feature
for people with an investment range of rs 2.5 to 3 million, I suggest investment in dha Phase IX, where they can find 5marla no-possession and non-balloted plot files within their range. however, if you have an investment budget of rs 3 to 5 million, 5-marla plots in Phase VI and 10-marla plots in Phase VII are great options in the current scenario. I would also suggest people to consider investing in the limited 5-marla files currently on oer in Phase V, which may provide handsome returns. Zameen.com: What changes do you suggest to the government for the improvement of the realty sector? rM: The government has recently levied further taxes on property, which has had an adverse effect on market activity. I suggest the government revise the property taxes to make way for increased circulation of money in the real estate sector. another major issue that prevails among the real estate agents is that they are not united. I suggest the formation of an association of property agents and a government-led regulatory authority to standardise the real estate sector, most importantly commission rates. Zameen.com: What is the impact of infrastructure development on property prices in a given area? rM: Infrastructure developments play different roles for different societies. for instance, the development of the lahore ring road definitely increased the market value of most properties in localities close to it, but some societies suffered because their access routes became extremely complicated as a result of the development of the lahore ring road. however, I believe that city infrastructure plays an important role in dictating overall property prices, with a rule of thumb being that the better the infrastructure, the higher the value of property. Zameen.com: What makes a real estate agency a great real estate agency? rM: real estate agencies should be transparent with their clients and should always be ready to serve their clients in the best way possible. In my view, a good real estate agency maintains proper records of all dealings and keeps its clients posted about all the expenses and taxes involved in a property transaction, without any intention of fleecing them. I suggest every real estate agency to act professionally and to focus more on the provision of quality services
than on making commission through every means possible. only then will your real estate agency become a great real estate agency. Zameen.com: Where do you see the pakistani property market in the next five years? rM: I believe that the real estate sector of the country could witness uppish trends in the coming time. This is because many localities that are currently under development might be available to buyers and balloting might happen in others. others, still, could hand over possession of plots. all of this will generate more activity and draw genuine buyers into the market. Property prices maintain a fair connection with development progress, balloting, and possession. here, I would also like to shed some light on a wrong perception that with balloting, the prices in a locality suddenly go up, which in my view is not a theory that’s set in stone. balloting can sometimes lead to an oversupply of plots in the market, as investors rush to liquidate their investments as soon as plots have been allotted in the hope of decent returns. as a result, suddenly there are hundreds of plots on the market, and when this number exceeds demand, a sort of reverse demand-supply gap emerges that leads to a drop in property prices. How do you think property portals such as Zameen.com are adding value to the real estate business? rM: I believe that Zameen.com is playing a constructive role in creating market awareness. Today, buyers are highly aware of property developments and prices, and Zameen.com deserves appreciation for keeping the people posted about market trends. In my view, people trust Zameen.com and consider it a trustworthy source of real estate information, which was a desperate need of the Pakistani real estate sector.
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cover story
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cover story
PARAGON
CITY A complete city all on its own
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ameen.com magazine makes it a point to feature only the most awesome projects from around the country in its cover stories, and this month we have something extra special for you – even by our own punishingly high standards. The immense popularity of Paragon city and the fact that it is the premier choice for personal residence or investment is due to its prime location and serene environment. With an exponential increase in the population of lahore and the construction of the ring road, Paragon city has attained a pivotal position in the city. fast and easy access from any corner of the city supplemented by a speckless, dirt-free environment has made it as central as mall road. Its noise-free and calming environment gives you the feeling of unmatched peace of mind. Its unique and central location not only makes it a first-choice living option but also an unrivalled option for investment, and 600 to 700 families have already moved in. With the highest construction credentials, Paragon city is a class apart. The society features every utility such as water, electricity, telephone, natural gas and a state-of-the-art sewerage system, all of which are underground, making Paragon city free of cluttering wires. The society also houses educational and financial institutions of the highest calibre, along with vast roads, a network of streetlights, parks, mosques, hospitals, playgrounds and commercial areas. a complete community all on its own, Paragon city is a beautifully planned and expertly developed residential project that is brimming with potential. Within its folds, it includes a treasure trove of residential goodness spanning more than 7,500 plots ranging in size from 5 marlas to 4 kanals, all of which are ready for possession and development. This vast area includes several dierent subcommunities with various plot sizes and home configurations on oer.
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cover story
Paragon city is situated in an ideal, prime location opposite dha Phase VIII on barki road. The distance from Paragon city to major areas is as follows: allama iqbal international airport:
5-minute drive
abdullah gul interchange:
5-minute drive
fortress stadium:
10-minute drive
dHa H Block Commercial area:
10-minute drive
Multan road:
25-minute drive
This ensures a quick and uncluttered commute and distance from the city’s overwhelming bustle. The serene surroundings of Paragon city and its enviable location are not the locality’s only attractions, however.
ContaCt noW
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info@pargoncity.com.pk
sales@paragoncity.com.pk
111-608-608
0320-5455477
042-37167310
0321-4456190
zameen.com
Paragon city provides a wide range of town planning, architectural design and layout preferences in Super luxury, luxury, regular and economic housing solutions and land unit options. The executive block, Imperial block, Grove block and Woods blocks of Paragon city have been completed and more than 300 families have already moved in to enjoy some of the highest living standards in the city. The executive and Imperial blocks oer 2-kanal and 4-kanal plots for luxury farmhouse-style living, and all development work such as roads, sewerage systems, streetlights, water supply and natural gas supply are complete. Parks and beautiful mosques also dot the landscape at Paragon city. being built jointly by Imperial builders and Paragon city, the Imperial Gardens project is also almost complete, with more than 250 families living happily in their homes. Paragon city is now looking forward to the construction of orchard block and the Imperial block extension, both of which are open for booking and are receiving a high level of client interest. With limited plots of 5-marla, 10-marla and 1-kanal cuttings available for very reasonable prices, it would be a wise move to book your plot immediately! Within the executive block also lie the Parklane homes, which are built on 5 marlas each. each Parklane homes is priced at PKr 7,500,000.
cover story
The Paragon broadway is the hottest business district in the area and caters to a wide range of enterprises. built on a 120-foot wide road, it aims to fulfil the needs of the modern business with its revolutionary infrastructure, and businesses from around the city are gravitating to its pull. It offers 4- and 8-marla commercial plots which are selling out very quickly. The high Street block is a vast commercial area bursting with potential for businesses. Within it lies the high Street mall, which is a mixed-use development comprising retail shops, executive offices and condominium apartments with signature facilities like escalators, elevators, food court, play area, swimming pool, health club, grocery store, parking space and much more. The under-construction Shamsi Plaza also promises to be a great commercial and business option that will add to the lure of Paragon city for businesses. multinational brands, banks and successful retails businesses have a great opportunity on their hands with all these commercial options available at Paragon city.
every block at Paragon city features separate commercial areas, parks, and mosques. Paragon city also introduces the concept of a fail-safe, underground electricity system and a self-contained environment. a WaPda grid station is also scheduled for construction at Paragon city, which – together with the society’s state-of-the-art underground electricity infrastructure – would minimise the electricity issues currently being faced by everyone else in the country. The development also boasts excellent infrastructure and a network of wide roads expertly designed to keep all the communities at Paragon city easily connected. Its community centre houses restaurants, a bowling alley, swimming pools, banquet hall, a health club complete with gymnasium and sauna, tennis and squash courts, billiard and card rooms, meeting and conference rooms, and 50 guest rooms. Paragon city also guarantees a secure environment through the provision of a foolproof electronic security alarm system to every apartment and house.
Paragon city is home to several renowned educational institutions of the city. The lahore college of arts and Sciences, better known as lacaS, has a campus in Paragon city and lahore Grammar School also has a highly acclaimed branch in the society. In addition to that, The city School, rosans Islamic School and Suffah School also operate campuses in Paragon city. The Punjab Group of colleges and the university of central Punjab have obtained land for their campuses in Paragon city as well. The Paragon hospital is under development as well, and lahore’s renowned hameed latif hospital is also set to open its doors to residents and land has already been acquired for the purpose. This is a self-sustaining city within a city that has absolutely everything one could need available in it. We suggest you pick up the phone and make sure you and your family have an ideal home in Paragon city as soon as possible!
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featured property
MY HOME An economical option on main GT Road
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ow who wouldn’t like to live in a gated community that features economically priced, yet immaculately designed, midend residential dwellings that are ideally located on main GT road? If you are looking for an economical home for your family without stepping too far from central lahore, athar builders proudly presents my home – a gated community that is the perfect option for those on a budget.
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the heart of lahore in the Walled city area.
aMEnitiEs
loCation
The amenities on offer in this gated community clearly makes it one of the best bargains on the market. The project features 235 superbly designed 5-marla villas that are being developed using the most modern urban planning concepts. each villa offers three bedrooms with attached bathrooms, a kitchen, a powder room, and spacious dining and drawing rooms.
The residential project is ideally located on main GT road and is also accessible from canal bank road. The canal bank road leads my home residents directly into the shopping and business districts of lahore, while the spacious GT road makes it extremely easy to get to
The villas are surrounded by attractive green areas that are perfect for family recreation or a pleasant walk in the evening. apart from the aura of security that pervades this gated community, my homes also oers
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featured property
24-hour security surveillance and comes complete with a community centre, a mosque and lush green lawns.
affordaBility The basic structures of the villas are already in development and the developer promises complete possession by december 2014. The speedy development of the villas, reinforcing the promise of timely delivery, is the very fact that makes the price tag so much more attractive. The payment plans of my home are just as convenient. The developer offers two payment plans to investors and home buyers, both featuring 18 easy instalments in varying order along with a down payment of 10%. The total cost of a 5 marla villa is PKr 5,200,000.
distinCtion Keeping in mind the lack of trust that comes with houses made by private developers at times, athar builders offer a one-year structure warranty on all the villas at my home. In this inflation-ridden economy, the amenities and facilities available at my home offer a great breath of fresh air in the form of affordable housing that caters perfectly to the current requirements of the average Pakistani. Such opportunities in these troubled times are hard to come by, so what are you waiting for? call the numbers mentioned below right now if you don’t want to see someone else living your dreams!
propErty typE
priCE rangE
5-marla Villa
PKr 5,200,000
location map
Call noW +92-321-8431316
zameen project listing Zameen id: zameen.com/np/184 City: lahore Construction status: under construction price: PKr 5,200,000
visit www.zameen.com for more information
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featured property
DEFENCE SHOPPING MALL d
This perfectly placed shopping mall on main boulevard dha, just before the dha main entrance on jinnah avenue, is the most prominent building of the neighbourhood and there is hardly any chance you will miss it when entering dha.
defence Shopping mall is all set to get its zing back and nothing can stop that from happening this time. after fixing the issues that had kept the mall under hibernation for a while, rafi Group co ltd is now hard at work making sure defence Shopping mall reclaims its well-deserved spot in the thriving commercial sector of dha lahore. If you have had a dream of owning a shop in a nice commercial setup in dha lahore, this could be your once-in-a-lifetime chance. finding such a good deal with such a tempting price tag is not the only remarkable factor about these shops available for sale in defence Shopping mall, however.
The mall was inaugurated in 1998. back then, it was one of the few major commercial projects of the city. just as expected, defence Shopping mall created quite a buzz in the city and many brand stores and designer shops claimed their spot here to serve a very fine class of shoppers.
With a car parking space for 450 vehicles, a built-up area of 180,000 square feet, especially designed floors for shops, fast lifts, beautifully designed interior and a wellmaintained security system, defence Shopping mall offers a perfect setting for your enthusiastic business ventures.
however, over the last few years, the mall had maintained a low profile. but now, we have news for you.
as of recently, keeping in view the rising energy crises in the country, rafi Group has made arrangements for a 24/7
efence Shopping mall is the answer to the rising commercial activity in dha lahore and its surrounding areas. Its huge presence on the road leading to the most promising residential develo pment of the city has earned defence Shopping mall a high level of popularity.
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supply of electricity with solar panels meant for the whole building, so your business does not have to face the consequence of load-shedding. now, with peace of mind, you can focus entirely on your business from the convenient and well-established address of defence Shopping mall. The iconic building of defence Shopping mall that defines the skyline of dha main boulevard, lahore is set to become the major commercial and shopping centre of the area, and the developer has taken the first step in this regard by offering shops for sale that have huge demand among retailers of luxury lifestyle items such as furnishing, clothes, accessories, home-ware, handicrafts, interior, rugs and carpets, imported bags, shoes and fragrances, and gift items. buyers here apparently don’t have a limited shopping budget, so retailers would be ideally placed to advance their businesses. Shops in all five floors, including the ground floor, upper ground floor, mezzanine, first floor and second floor are available for sale. The wide price range of these shops and respective floors will help you choose the best shop according to your budget. It is your time folks, defence Shopping mall is waiting for you!
LOWER GROUND FLOOR Area Price Range 0.4 - 1.3 Marla Shop PKR 810,000 - PKR 4,215,000 UPPER GROUND FLOOR Area Price Range 0.4 - 0.8 Marla Shop PKR1,200,000 - PKR 3,168,000 FIRST FLOOR Area 0.4 Marla Shop
Price Range PKR 800,000
SECOND FLOOR Area 0.2 - 0.9 Marla Shop
Price Range PKR 360,000 - PKR 1,672,000
MEZZANINE Area 0.2 - 0.9 Marla Shop
Price Range PKR 400,000 - PKR 1,960,000
aBout tHE dEvElopEr rafi Group co ltd is a well-known and respected name in the real estate sector of Pakistan. The developer is primarily known for bringing international construction practices to the country and has revolutionised the construction sector of Pakistan with various renowned commercial projects such as central Plaza, empress Tower, landmark Plaza, empire centre, hall road centre, city car centre, rafi Plaza and Zaitoon Plaza. The developer also has a couple of well-known residential projects to its name such as new lahore city, which is one of its latest projects.
location map
Call noW +92-42-35712667 +92-42-35712668 +92-42-35712669 +92-42-35712670
zameen project listing Zameen id: zameen.com/np/187 City: lahore Construction status: complete price: PKr 360,000 - PKr 4,215,000 visit www.zameen.com for more information
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Market report
MarKEt rEport
THE STARS OF PAKISTAN’S RENTAL MARKET as is the case nearly everywhere else in the world, a lot of Pakistanis are not in a position to own a home of their own, big or small. So they choose to rent a place instead, which has contributed to the development of a thriving rental market across the country. Pakistan’s major cities of lahore, Karachi and Islamabad all offer great options for renting, with certain areas much more popular than others in that regard. This report – in part – will take a look at the areas that are the most popular with renters across the country. our readers keenly await monthly updates on property rates and other related information from Zameen.com, and this information will be part of our report as well so we can help you make the best and the most well-informed decision. So let’s get to it.
ovErviEW rental rates function a little differently than property prices. In essence, both gain or lose value based on the location, facilities, and state of a given property, but rental prices fluctuate less often than property prices, which actively respond to a wide range of external factors. below, we will analyse the search trends for rental properties across the three major cities for the month of july 2014. let’s see who comes out on top.
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laHorE
LOCALITIES FOR RENTAL HOMES IN LAHORE JULY 2014 laHorE Cantt led the pack with 16.61% of the total searches in lahore
dHa laHorE came in 2nd with 12.82% of the searches for rental homes in the city
gulBErg was the third-most popular locality for renters with 9.92% of searches
joHar toWn netted 8.02% of rental searches to come in 4th place
ModEl toWn
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pulled 6.86% of searches to round up our list in 5th place
Market report
So far in 2014, lahore’s popular localities have had a slow but steady year with the exception of lahore cantt, which has been consistently gaining in value since april. In july 2014, prices for 1-kanal plots in cantt crept up another 0.24%, while those of bahria Town and lda avenue I went up 2.96% and 4.91% respectively. Prices in dha dropped a minute 0.12%. cantt was also the most expensive locality for homes in lahore, with an average sale price of rs 36,679,083 for a 1-kanal home.
AVG PRICES OF 1-KANAL HOMES IN LAHORE IN 2014 LOCALITY Cantt DHA Lahore Johar Town Bahria Town
AVERAGE SALE PRICE 36,679,083 34,336,785 27,895,452 26,592,756
RENTAL YIELD 4.17% 4.34% 5.10% 3.95%
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AVG MONTHLY RENT 125,724 124,364 118,174 87,429
LOCALITIES FOR RENTAL HOMES IN ISLAMABAD JULY 2014 sECtor f-11 bagged 10.53% of searches for rental homes to come in 1st
sECtor f-10 came in 2nd with 5.44% of searches for rental homes
dHa islaMaBad grabbed 3rd place with 4.69% of searches for rental homes
sECtor E-11 was almost neck and neck with dha with 4.64% of searches
sECtor g-9 came in 5th with 4.04% of searches for rental homes
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Market report
Islamabad’s situation took a bit of an about turn in some areas. In Sector f-11, which has been flying high all year, the prices of 1-kanal plots dropped 4.74% in july. conversely, Sector e-11, which had been struggling so far in 2014 gained 8.63% in july. bahria Town also posted a modest increase of 3.88% while dha Islamabad gained a strong 9.85% in july. on the housing front, f-11 maintained its place at the top of the table with an average sale price of rs 63,319,964 for a 1-kanal house.
AVG PRICES OF 1-KANAL HOMES IN ISLAMABAD IN 2014 LOCALITY
AVERAGE SALE PRICE
AVG MONTHLY RENT
RENTAL YIELD
F-11
63,319,964
187,405
3.56%
E-11
59,878,884
186,301
3.74%
G-11
55,182,619
173,667
3.79%
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KaraCHi
LOCALITIES FOR RENTAL HOMES IN KARACHI JULY 2014 dHa KaraCHi came in 1st place with a narrow lead, netting 14.99% of the total rental searches
gulsHan-E-iqBal was a close 2nd with 14.32% of the total searches for rental homes
gulistan-E-jauHar grabbed 11.67% of the total searches to come in 3rd
Clifton came in 4th place with 8.40% of searches going its way in july 2014
nortH naZiMaBad was 5th on the list with 4.40% of the total searches
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Market report
The real estate market of Karachi presented a mixed picture in which the more established societies suffered small drops in prices of 1-kanal plots, while new entrants such as dha city continued their good run. Prices for 1-kanal plots in dha Karachi dropped 2.57% in july 2014, following a downward trend that began in may 2014. Since then, prices in dha Karachi have dropped a total of 6.72%. Same-sized plots in both Gulshan-e-Iqbal and Gulistan-e-jauhar also lost 1.14% and 1.87% in value respectively over the course of july 2014. This gradual drop in prices in the established areas could be because the narrow pool of investors that drives the market in all these areas has had its attention pulled towards
new investment opportunities such as dha city, which has gained 6.48% during the same time period. bahria Town Karachi, where only plot files are currently being traded, has also been heavily marketed in Pakistan’s largest city and has therefore been a focal point for investors ever since its much-celebrated launch. however, localities like dha Karachi are inherently strong ones with a lot to offer. With several new projects in and around dha on the cards, prices are likely to bounce back as new opportunities emerge and the market picks up pace on the back of increased buying and selling activity towards the end of the year.
ExpErt analysis i am surprised to see that prices haven’t fallen more than they have. things have been largely stable and undisturbed, even though a lot of negative factors have combined over the course of the last few months
Zameen.com co-founder and ceo mr Zeeshan ali Khan said the size and scope of Pakistan’s rental market had increased in recent years because buying property was no longer an option for many people due to the high prices. “owing to high property prices, higher taxes and the increased cost of utilities, renting is much more feasible for many people now,” he explained. he said the rental market would gear up now that ramadan and eid had passed. “no one wants the inconvenience of moving in the middle of ramadan if they can help it, so the rental market is usually very slow during that time. but now that eid is
behind us, the usual activity should return to the rental sector largely unaffected by whatever else is going on in the country,” he added. “as far as market prices are concerned, I am surprised to see that prices haven’t fallen more than they have. Things have been largely stable and undisturbed, even though a lot of negative factors have combined over the course of the last few months,” he said. “The annual budget, ramadan, and the political instability have all played a part in bringing market activity down to a crawl. In this sort of situation, one would have expected prices to come down but the market is showing great resilience,” he added.
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feature story
SAMRA ZULFIQAR
g
old has always been expensive. at least we thought so, but none of us knew that buying a 10-gram gold bar would one day cost as much as a used Suzuki fX.
It was in 2012 when the price of gold went truly beyond public reach. Gold was being traded for as high as PKr 60,736 per tola (over 11 grams) and those who were able to invest in gold at that time thought they would be making a smart move at the right time if they jumped in with both feet. but ever since touching its highest ever price in october 2012, gold rates have come down by 22.25% and this trend, despite some random gains here and there, continues. Theories abound about some strong international forces keeping gold rates from falling below a certain level because if gold value crashes, the uS dollar would also collapse and these forces do not want this to happen. but theories are just theories, so let us look at hard facts instead. Gold trade has a very long history and dealing in gold means nothing less than dealing in gold. If we analysed gold price trends since the beginning of the new millennium, we could call it the best investment option hands down. and just when gold was being traded at its peak rates, the other great investment option in Pakistan, property, was plummeting in value across the globe. but things have changed lately. real estate markets across the globe
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had a comeback in late 2011 and shortly after the commencement of this recovery, gold rates started to plunge. The changing face of the international social and security situation has increased people’s desire to procure a piece of land in their homeland. This is especially true in the case of immigrants. That desire may be the very reason why Pakistan’s real estate sector experienced a massive boom followed by the events of September 11, 2001. even today, overseas Pakistanis are some of the biggest stakeholders in the property sector of Pakistan. Sadly, selling gold is hard, especially if you have invested in gold jewellery and also, of course, if you are a woman. on the other hand, if you are a salaried individual like me, you might be a little short of cash to invest in commodities other than gold. as a woman, other than gold jewellery, there are only a few things in the world that can give you such a high. I have recently been able to buy a gold jewellery set studded with delicate rubies, and seeing it sparkle in that velvet jewellery case gave me a couple of hypnotic moments until I found out that gold prices had dropped yet again, which simply meant that this rubystudded gold pendant with earrings and ring was now worth much
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Sadly, Selling gold iS hard, eSpecially if you have inveSted in gold jewellery and alSo, of courSe, if you are a woman. on the other hand, if you are a Salaried individual like me, you might be a little Short of caSh to inveSt in commoditieS other than gold
less than the PKr 85,000 I paid for it a couple of days ago. bad investment indeed. just to keep the rest of you from making such a bad move, I have decided to give you a comparison of gold and property rates during the last five years and save you from the pain which I am going through right now. between january 2009 and october 2012, the value of gold increased by 144.79%, while during the same time, the average price rise seen in the value of 10-marla plots in Pakistan was a mere 45.33%. Interestingly, in january 2009, when the per tola value of gold was PKr 24,811, the per marla rate of residential plots in Pakistan hovered around PKr 241,532. but in october 2012 when gold touched its peak value of PKr 60,736 per tola, the rate of residential property in Pakistan was PKr 351,025 per marla on average. Seeing this disproportionate rise in price was enough to convince investors that gold was a better investment option than property. To the disappointment of some and surprise of many, gold
prices started to come down from the october 2012 levels and the process is still continuing after almost two years. The gold jewellers and women, of course, had some of the worst years of their lives when lack of business and no addition of gold in their jewellery inventory respectively was a matter of serious concern for both. The rise in property prices, on the other hand, is showing no signs of taking a breather. according to Zameen.com’s stats, the average rate of 10-marla residential plots in Pakistan have increased by 60.22% since october 2012. as of july 2014, the per tola value of gold was PKr 47,219 and the average per marla rate of residential plots in Pakistan was PKr 562,415. now comes the biggest question of the investment world: how would an average gold buyer invest in property whose value has now reached its highest in the last five years? Sell the gold, of course, because the pace at which gold prices are decreasing makes it a very dangerous investment bet. Property, on the other hand, has a brighter future because prices have not gone down in the last five years and sustained demand will not let it happen for at least a good while. Samra Zulfiqar is the Assistant Editor at Zameen Media (Pvt) Ltd
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stain-resistant characteristic, which allows easy cleaning of the surface without any need to repaint it in case it gets stained.
ratEs Interior paints come in many forms, from simple wall emulsion to ‘super texture’ types. according to the rates provided to us by brighto Paints, these paints cost between rs 675 and rs 2,400 per gallon, with the simple wall emulsions being the cheapest and the super texture paints the most expensive.
aMount ExtErior paints ‘Weather shield’ paints are usually used to paint the exterior façade of a house and as the name implies, they provide resistance and durability against harsh weather, fungus, dirt, algae and alkali. They come in both acrylic and oil-based compositions and become water-resistant upon drying. almost all exterior paints are formulated in a way to suit exterior masonry surfaces with cement, concrete, gypsum, and plaster renderings. Weather shield paints also have the unique characteristic of repelling ultraviolet (uV) rays from the sun, which is why these paints do not fade out easily.
The paint required to cover any internal space, such as a bedroom, varies largely on the basis of the type of emulsion used. however, as a rough estimate, we can say that one litre of interior wall paint may cover an area of 160 ft2 per coat when mixed with a suitable solvent such as water or oil.
faCtors tHat dEtErMinE tHE aMount of paint rEquirEd following are the factors that determine how much paint is required to cover any interior or exterior space. quality of paint – a high-quality paint may appear costlier, but it may save you some dime as less of it will be required to get a good finish.
ratEs according to rates provided to us by brighto Paints, 1 gallon (3.78 litres) of paint will cost you around rs 2,095 and a drum containing almost 16 litres of paint will cost around rs 8,130. The rates, of course, may vary from one brand to another but we recommend brighto Paints for their superior quality.
grey structure – The grey structure of your house is likely to require more of the weather shield paint as compared to an already painted surface. number of coats – Increasing the number of coats will obviously increase the amount of paint required.
aMount
diffErEnCE BEtWEEn aCryliC and oil paints
one litre of paint can cover a surface area of 155 ft2 per coat. however, the amount of the weather shield paint required to coat the exterior of your house depends on many factors that vary from structure to structure, and which we will discuss in detail below.
acrylic and oil-based paints are discerned on the basis of vehicle or binding agent used in their composition. In oil-based paints, oil acts as a binding agent, while in acrylic paints water serves to emulsify an acrylic polymer, which then acts as a binder in acrylic paints. This is the basic reason why oil paints are called ‘oil-based’ and acrylic paints are called ‘water-based’. another practical difference between the two is their drying time. oil paints require more time to dry up, and fast evaporation of water causes water-based acrylic paint to dry in a matter of minutes. moreover, solvents such as spirits and turpentine are usually used to dilute oil-based paints. These solvents also come with some level of toxicity, which is why they are avoided to some extent. There you have it, all the necessary information you need to make the right decision when it comes time to repaint your home!
intErior paints Interior paints are of various types, each with different characteristics, rates, and finishes. Some people find the matte look preferable, while some deem glossy finishes to be easier on the eyes. choices vary, and so do the types of interior paints. These paints come in a variety of finishes with respect to the different levels of specular reflection. Paint manufacturers use different terms to differentiate between the ranges of paints they offer. however, the most common names from dull to shiny levels of paints are flat, matte, silk, semi-gloss, and high gloss. however, these terms are not standard. like exterior paints, interior paints are both water- and oil-based. There are also perfumed paint varieties and ones that come with a
Zain Nadeem is a Senior Content Developer at Zameen Media (Pvt) Ltd
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AHSEN GHUFRAN KHAN
h
ave you ever felt that you are a tad low on options when it comes time to have your new house designed? or maybe your trusted contractor (commonly known as raj) is not skilled enough to translate your dream house into reality. If this is the case, perhaps a professional architect might be the help you need, and let us tell you why. after all, your hard earned money is on the line when it comes time to finally build your dream home, and this is not something that should be handed over to someone who is not qualified to handle it. for instance, near jinnah hospital in lahore lies a gated community called al rahim homes. This society has been developed by top architectural firm faiz qureshi & associates, and
the design alone is enough to make one realise the obvious benefits of employing a good architect. These extremely aordable 5-, 7- and 10-marla homes come with an extensive choice of modern design options that perfectly cater to every family size, lifestyle and need. every home is airy, spacious, comfortable and contemporary and the overall architecture and the quality of material used in their construction is of the highest standards. faiz qureshi & associates offer complete planning, designing, developing and decorating services, which is an ideal offer because having everything in one place is likely to save you a lot of hassle running around trying to find the right individuals for each stage of your project.
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Think about it for a second. Wouldn’t it be wonderful if your room was designed and built in a way that required the least expense on interior décor? and when the time came for said interior décor, wouldn’t it be wonderful if the architectural firm you employed also did that?
oversights and problems. for instance, your kitchen comes with a proper ventilation system that can simply blow away all the smoke that makes you cough while cooking, and the overall outlook of the cabinets and floors simply makes it the most inviting space in the home.
Imagine having no need for a false ceiling because your actual celling has dedicated sockets for all sorts of lighting, makes the room attractive, and is really good to look at while you lie on your back on your comfortable bed.
and what use is a patio without a lawn or proper outdoor furniture? and what use would be that balcony for you that fails to accommodate your favourite chair or coffee table? you can avoid worrying about things like that when you hire the services of faiz qureshi & associates, because they are highly trained professionals who understand space dynamics and aesthetics completely.
What if there is already a custom-built led TV niche in your wall which looks like it was made particularly for your TV? and nothing protrudes unnaturally from the walls or the ceiling, and everything works in harmony with the original structure of your house. This is what faiz qureshi & associates do. your living room can feature attractive, custom-designed corners that could even facilitate little indoor fountains, or perhaps a post or a pillar that reaches for the ceiling so that your indoor plants can snake along them, giving everything a natural outlook. When faiz qureshi & associates design your home, there are no
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This are not just castles in the air. With an excellent track record and a portfolio to be proud of, faiz qureshi & associates are guaranteed to provide you the best value for your hard-earned money. So what if you are low on ideas and want a fully constructed house that will look pleasing and attractive to all? The successful projects of faiz
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qureshi & associates will help you realise that you really don’t need to do much once you have hired them.
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faiz qureshi & associates are not just limited to residential developments; the firm also deals in the design and development of commercial properties. for instance, the Toyota Sahiwal motors building, designed by faiz qureshi & associates, screams quality and artistic creativity. This building is what the firm calls a ‘3S facility’, providing sale, service and spare parts all under one roof.
The state-of-the-art equipment is so expertly embedded in the building that everything works in complete harmony and the concealed smoke vents that the firms has so perfectly installed provide the building with an absolutely smoke-free mechanical workshop. hiring an experienced and well-reputed architectural firm may sound expensive at first, but in the long run you actually end up saving a lot of money that would otherwise have been spent on repair and
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Such brilliant incorporation of different aspects of a commercial body into a single building, in the precise way faiz qureshi & associates has done, is something that would not be possible without great architectural skill and prowess.
maintenance of a substandard and poorly designed house. our recommendation? do not think twice about consulting faiz qureshi & associates before you starting your project, or chances are that your money might end up tied into a structure that you cannot stand inhabit. Ahsen Ghufran Khan is a Senior Content Developer at Zameen Media (Pvt) Ltd
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