Gulberg II — Lahore
Phase: Gulberg II | Character: Prime commercial + high-end mixed-use | Status: Fully developed | Most Prestigious Commercial Address in Punjab
§Overview
Gulberg II is widely considered the commercial center of Lahore and the most recognized business address in all of Punjab. The iconic Main Boulevard Gulberg — a 6-lane divided boulevard flanked by corporate towers, luxury hotels, banks, and restaurants — runs through the heart of Gulberg II.
This phase is home to:
- •The most expensive commercial real estate in Lahore
- •Flagship branches of every major Pakistani and international bank
- •Regional offices of multinational corporations
- •5-star hotel properties including Avari Towers vicinity
- •High-density luxury apartment buildings
- •Premium restaurants and lifestyle retail
Gulberg II is the area most commonly referenced when Lahore's "business address" is discussed internationally.
§Location & Boundaries
| Direction | Boundary |
|---|---|
| North | Zafar Ali Road (border with Gulberg I) |
| South | Hali Road / approach to Canal |
| East | Ferozepur Road |
| West | Main Boulevard continuation toward Gulberg III |
Key Road: Main Boulevard Gulberg — the defining artery of the entire Gulberg district
§Key Sub-Areas & Blocks
| Area | Dominant Character |
|---|---|
| Main Boulevard (north half) | Banks, corporate offices, luxury F&B |
| Hali Road | Boutique offices, media companies, lifestyle retail |
| Block B | Residential bungalows (converted to corporate use) |
| Block C | High-rise apartment buildings |
| LDA Avenue I | Mixed commercial and residential |
§Property Rates (2025–2026)
Commercial (Main Boulevard)
| Property Type | Rate / Range |
|---|---|
| Commercial plot (4 Marla) | PKR 12 Crore – 18 Crore |
| Commercial plot (8 Marla) | PKR 22 Crore – 35 Crore |
| Ground-floor shop | PKR 3 Crore – 15 Crore |
| Office floor (3,000 sq ft) | PKR 4 Crore – 10 Crore purchase |
| Office rent (per sq ft/month) | PKR 200 – 500 |
| Retail rent (ground floor, Main Blvd) | PKR 300,000 – 1,500,000/month |
Residential
| Property Size | Purchase Price |
|---|---|
| 10 Marla house | PKR 4 Crore – 8 Crore |
| 1 Kanal house/bungalow | PKR 10 Crore – 20 Crore |
| Luxury apartment (2-bed) | PKR 1.5 Crore – 3.5 Crore |
| Luxury apartment (3-bed) | PKR 2.5 Crore – 6 Crore |
Rental Market
| Property | Monthly Rent (PKR) |
|---|---|
| 1 Kanal house | 200,000 – 500,000 |
| 10 Marla house | 100,000 – 200,000 |
| 2-bed luxury apartment | 60,000 – 150,000 |
| Office (per floor, ~3,000 sqft) | 400,000 – 900,000 |
§Development Status
Gulberg II is 100% developed with a fully mature real estate market. There is no available undeveloped land — all new construction involves demolition and redevelopment of older properties. This drives premium prices and scarcity-based appreciation.
Active developments underway:
- •The Grand Vertical — a high-profile new commercial tower on Main Boulevard, marketed as a flagship commercial development
- •Multiple luxury apartment tower projects replacing older bungalows
- •LDA Elevated Expressway project connecting Main Boulevard to Ring Road (announced 2025, under planning phase)
§Major Landmarks & Commercial Anchors
| Landmark | Category |
|---|---|
| Main Boulevard Gulberg | Premium commercial spine |
| Avari Towers Hotel | 5-star hospitality |
| Packages Mall (adjacent) | Mega retail (in Gulberg III but serves entire area) |
| HBL, MCB, UBL flagships | Banking |
| Multiple foreign bank branches | International banking |
| LDA offices | Government |
| American Express Pakistan | Financial services |
§Apartment Market: Gulberg II
Gulberg II has experienced a structural shift from bungalows to vertical development. As of 2024, Lahore's supply of Grade A and B apartments stands at 1,447 units, primarily concentrated in Gulberg and DHA — up from under 400 units five years ago. New apartment stock averages 1,350 sq ft per 2-bed unit with smart-home packages.
Rental yield for Gulberg II apartments: 7–8% net after service charges
§Investment Analysis
| Metric | Data |
|---|---|
| Annual capital appreciation | 10–14% |
| Commercial rental yield | 7–9% |
| Residential rental yield | 6–8% |
| Liquidity | Very High |
| Market maturity | Fully mature |
| Entry investment (residential) | PKR 1.5 Crore (apartment) |
| Entry investment (commercial) | PKR 12 Crore+ (commercial plot) |
Why Invest in Gulberg II:
- •Scarcest real estate supply in Lahore — no new land available
- •Every corporate tenant wants a Main Boulevard address
- •Infrastructure is world-class and self-sustaining
- •6–8% rental yields outperform UK and Canadian residential markets (3–5% gross)
- •Strong overseas Pakistani investor demand
Risk Factors:
- •Highest entry prices in Lahore; capital intensive
- •Commercial oversupply risk as new towers complete
- •Regulatory changes on floor area ratios could affect tower projects
§Tax Profile — Gulberg II Commercial
| Tax | Rate |
|---|---|
| Stamp Duty (Punjab) | 3% of declared value |
| Capital Gains Tax (open plot) | 15% regardless of holding period |
| Property Tax (commercial) | 10% of Annual Rental Value |
| Advance Tax on Purchase (filer) | 3% |
| Advance Tax on Purchase (non-filer) | 12% |
§Legal & Transfer Notes
- •All properties freehold under LDA Gulberg scheme
- •Commercial use already approved on Main Boulevard frontage — no change-of-use required
- •High-rise construction requires LDA Building Plan approval + NESPAK structural certification
- •Corporate entities can hold property; SECP-registered companies standard practice
- •SPA (Special Power of Attorney) valid for overseas transactions
PPG Investments Team
Pakistan Property Guide