Defence RAYA fails to attract investors in Lahore

01:25 PM | 11 May, 2016
Defence RAYA fails to attract investors in Lahore
LAHORE (Development Cell) - Contrary to popular wisdom, the Defence RAYA project has received a cold response from property buyers.

Defence Housing Authority Lahore in a joint venture with Malaysian firm BRDB recently launched Defence RAYA Golf Resort in DHA Phase 6, where  1-2 Kanal residential villas and 8-10 Marla commercial villas have been put up on sale.

Unexpectedly, Defence RAYA failed to impress customers as many steered clear of initiating the process of form collection and submission at designated branches of Askari Bank.

Observers consider Defence RAYA's history of incomplete projects as a reason for such a poor public response.

However, when contacted at UAN 042-111-800-300, a Defence RAYA representative told Daily Pakistan that  booking had kicked off from May 9 and over 50 forms had already been submitted in Karachi.

She further claimed that the project was attracting customers beyond their expectations.

The prices for one Kanal residential villas in Defence RAYA range from Rs59.2 million to Rs60.2 million. Meanwhile Two Kanal villas are priced from Rs110 million to Rs112 million.

One Kanal residential villas can be booked on Rs 0.3 million down payment, two Kanal villas on Rs 0.4 million down payment, while commercial villas of 8-10 Marla can be booked on a Rs.0.5 million down payment.