Defence Raya Homes Phase 3 An Honest Perspective
Defence Raya Homes Phase 3 An Honest Perspective
Join us for a sales event regarding Defence Raya homes Phase 3 at our office on Sun 7th Oct 2018 from 2 till 6 pm
Defence Raya is a joint venture project of DHA Lahore and BRDB Malaysia and they have recently launched a limited number of 1 and 2 Kanal Villas in Defence Raya Phase 3 homes. The project was conceived in the heart of DHA Lahore and consists of following:
- Golf course
- Club house
- Commercial Plaza
- Shopping center
- Condominiums
- Defene Raya homes Phase 1
- Defence Raya homes phase 2
- Defence Raya homes phase 3
By the end of this article you will have the answer to two of your questions, firstly is Defence Raya homes a good investment and secondly should I be worried about the construction quality?
Defence Raya Homes a Brief History
Defence Raya launched the Phase 1 of its homes project consisting of 10, 14, 20 and 40 Marla houses in 2008 and handed over possession in 2011. Phase 2 of Defence Raya homes was launched soon after and possession has been handed over as well now. In 2017 Defence Raya launched phase 3 of homes consisting of 1 and 2 kanal houses along with commercial plaza project by the name of fairways commercial.
In terms of market Defence Raya Golf Resort Villas Phase 1 project has not been very successful and even after almost 7 years of possession, you can still see a lot of unoccupied houses specially in 10 Marla and 2 Kanal categories. The project was successful in terms of sales as most people were very enthusiastic to invest in Defence Raya Golf Resort Villas, however the expectations were not met because of low quality/architecture of homes delivered and inability to market the project resulted in a back lash and a lot of investors backed out from investments in the project.
Ever since the lack of follow-up by the developers in Phase 1, Defence Raya homes have not been considered as a good investment and the blunt was felt in the upcoming Phases. Adding to the injury was the strict security policy which would not allow people to enter the society for visits without a pass and therefore things have been really slow as it became more inaccessible for investors and realtors alike.
My Interaction with Defence Raya
I ventured into real estate consultancy in 2011 and while I was doing my research about solid genuine investments I came across Defence Raya. The price of 1 Kanal possession house at that time was merely 2.7 crores, 2 kanal at 4.5 crores , 14 Marla was just at 1.6 crores and 10 Marla at 1.20 crores. I realized that the price is very much justified and the only reason we do not see huge investment bubbles is just deliberate or unintentional neglect by the developer which has failed to involve the real estate investors and realtors to consider it a valid investment and as a result the only people interested in the houses in DHA Raya were genuine home buyers and even those were mostly expats.
I shared my perspective with people who wanted to buy a house in DHA and In 2011 alone I was able to convince more than 20 people to live in Defence Raya Phase 1 and every one of them ended up buying a house in DHA Raya. 2 years later the prices rose to 4.5 crores for a 1 Kanal house, 6.7 crores for a 2 Kanal house, 2.7 crores for a 14 Marla house and 1.7 crores for a 10 Marla house. The 2 kanal houses however were slow to be occupied and till to date they are not 100% occupied.
Phase 2 of Defence Raya homes on the other hand was expensive than Defence Raya Phase 1 homes even when they were far behind in terms of possession only because of optimism in the market that they will have a better construction quality.
I have personally sold more than 25 houses in Defence Raya in Phase 1 and every one of my clients who are living there today are extremely satisfied and happy with their decision.
When it comes to Defence Raya homes I certainly differ from the market perspective and some of the reasons for my disagreement are as under:
I totally agree that the finishing of the houses in Phase 1 was poor but it corresponded with the price of the house as well. So value for money has always been there when it comes to Defence Raya homes.
Every where in the world a property on a Golf course has a premium of atleast 30% from its surrounding areas. So in actuality a 1 Kanal plot in Defence Raya would be atleast 30% higher in price than plots in Phase 6 of DHA Lahore.
In 2011 when the house price of 1 Kanal in Defence Raya was at 2.7 crores, a plot in Phase 6 was roughly around 1.7 crores. If we just add 30% premium the plot price alone in Defence Raya should have been 2.2 crores . So it was a great bargain as you would get a moderately finished 3 story house at the price of just grey structure.
Investors are usually not interested in buying a home, they would rather prefer a fast selling commodity such as an empty plot which offers liquidity and luxury apartments. Therefore since day one Defence Raya has only attracted genuine people who wanted to live there.
The basic concept of Defence Raya is secured and exclusive living so besides facing a back lash from investors DHA Lahore did not altered the main concept.
If you put in some effort and money, you will actually end up living in one of the most exotic, secure and exclusive locations in DHA Lahore as of today.
Defence Raya Homes Phase 3
Defence Raya has recently launched limited number of 1 and 2 Kanal Villas in Phase 3 but I will not go into details and prices as you can see them all on our project page about Defence Raya Phase 3 homes.
The big question now is should you and should you not buy a house in Defence Raya Phase 3 and will it be a good future investment and do I have to worry about the construction quality?
Question 1: Should I buy a house in Defence Raya Homes Phase 3?
My answer is yes you should because a house is a place you should cherish, a place where you can relax and enjoy after a tiring day. You can spend some money at the end of the day and upgrade the finishing in DHA Raya but no matter what you do you can not find a Golf view in homes outside of Defence Raya Golf Resort and Country Club in DHA Lahore.
Question 2: Should I worry about construction quality?
No, you should not even if you are buying in Phase 1 , construction is some thing you can always upgrade. In addition Phase 3 of DHA Raya homes offers you to simply buy the house as a grey structure and can finish it as per your desire and if that is not enough you can just design it all yourself.
Question 3: Is it a good investment ?
Yes, specially if you wish to live in it and you can not come up with lumpsum money to own a house in DHA Lahore. Defence Raya Homes Phase 3 are launched on a 3 years progressive installment plan which will make it easier for you to build yourself a dream house in the heart of Phase 6 DHA Lahore.
There is a lot more to Defence Raya Golf Resort Villas so call us now and book an appointment so we can help you make the right decision.
Captain (Retd) Shahnawaz Yaqub Bhatti
Founder and CEO Imlaak
Mob : +92 333 1717170 ( WhatsApp)
Mob : +92 333 1616160
