Lahore is the 26th largest city globally and 2nd most significant in its own country Pakistan. With an estimated GDP of $84billion in 2019, as one of the wealthiest cities in Pakistan. Lahore is a safe city for traveling and adventure, but one can find harmony in its environment that invites people to live their lives to their full potential.
Life in Lahore:
The aura that Lahore presents is inviting that makes one want to reside there. It is a masterpiece of land with a combination of the west and the east in all aspects, from health facilities to transport facilities. Another reason for moving to Lahore would be the educational institutions there. Most institutions there are international schools, and many universities there are ranked in the top 10 in Pakistan, making Lahore the educational capital of Pakistan.
Why Rent And Not Buy:
Rent is an important initiative for all those desiring to live in a house, but the cost demand is higher than they can afford. There are various benefits of renting over buying, such as the cost for maintenance, facilities available beforehand, and location of residence.
Steps To Get a House on Rent:
The method of renting a house starts by getting complete details of the landlord and the tenant, description of the premises, period of tenancy, mode of payment, due date, rent enhancement rate per annum, the purpose of rent, amount of advance payment, secure payment and details of bank account if payment is through the bank.
After an individual receives an application from the landlord or the tenant, the power is in the hands of the rent controller to set a fair amount of rent.
When deciding on the rent of the house, similar houses in the locality on rent at the current time are taken into consideration in the application being made, and the rental value of the house can be decided as per the property tax assessment register of the taxation department.
The house rent prices have risen by 6.21pc from 4.2pc in the past year. This rise in rents marks the gap between housing demand and supply increase in Lahore. Inflation remains amidst the change in family structures. The inflation shows signs in the increasing cost of real estate and construction work lately that’s affecting the house renting market. This increase may cause a crisis for people living in the city. To control rent inflation, the government needs to push individuals who have used incentives to legalize their illegal money and invest in housing.
The internet has made it accessible to find rental places easily in the marketplace. An individual can explore their options and get an anticipated expenditure estimate through the online tools readily available.
Renting in Lahore:
The popular choices of residents in Lahore for renting include one-bedroom apartments and bungalow upper portions. The best locations to pick from in Lahore are DHA Lahore, Gulberg, and Bahria Town.
It is the largest housing scheme in Lahore and is widely seen as a well-planned area of the city. It provides high-end facilities, and educational institutes are known internationally. Its phase 4 and 5 has been catching the eye of tenants.
Individuals rent houses here to keep in touch with the Punjabi culture and remain close to their workplace. It consists of high-rated restaurants, shopping centers, and corporate offices.
It provides unapparelled housing, recreational facilities, and commercial to its residents. Residents wanting to live in a serene housing style prefer Bahria Town for being away from the city commotion but still easily accessible.
It is the most popular among people wanting to rent houses as affordable options can be found, and the society is well connected with all prime city areas. Living in Johar Town is the best option for most tenants cause of its location.
For more information on the real estate sector of the country, keep reading Feeta Blog.