All you need to know about Royal Palm city, Gujranwala

Aujla Associated, the same people who have previously delivered University Town and Canal View Housing Scheme, is developing Royal Palm City. It is a trusted name that delivers what it promises, which makes this a must-have project for investors and homebuyers.

Let’s talk location

The project is located off Main GT Road, near Chan Da Qila, right opposite Citi Housing Gujranwala. At present, it has no direct link to the GT Road, but that will soon change. In order to connect the project with the GT Road, the construction of an underpass has been included in the project’s master plan. Once completed, this underpass will serve as the main entrance to the society.

In addition, the famous Al-Karam Marriage Hall and a railway track are located right behind the project.

In terms of size, Palm City’s management claims that society will span over 4,000-kanals of land, all of which has been required. According to my sources, the developer is acquiring more land, so Royal Palm City is still expanding.

What’s the payment plan?

Royal Palm City has offered plot files on an instalment plan that spans 3.5 years. This includes a 20% down payment, which is coupled with 14 quarterly instalments. The first instalment for these plots was due on December 15, 2016. The developer is also giving a rebate to the plot owners whose plot fall on the society’s boundary.

Check out the payment plan:

The deal with the Director’s Quota Files

These files are issued under the guarantee of Royal Palm City Director Hassan Nazeer Aujala. The payment for these files has to be made in cash. The files include all development charges, no other charges will be imposed on the buyer at any later point.

In terms of price, the Director’s Quota Files are almost 40% cheaper than instalments files. These files, just like instalments files, are transferred in the society’s office but on a PKR 100 stamp paper. The transfer fee for these files is PKR 3,000. For investment purposes, these files are credible.

What are Zamindara cash files?

Zamindara files – a term used extensively in Gujranwala’s real estate market – are files issued to landowners from whom the society buys land. Lately, the practice of issuing files instead of offering cash payments has been picking up pace. The files are essentially issued by the society and in the case of Royal Palm City, plot numbers have also been allotted to these Zamindara files.

Here, Zamindara files have been floating in the market since the last 16 months. These files have been traded a lot as they were cheaper than instalment files. Please note that payment for Zamindara files is to be made in the form of cash. In addition, the society endorses them and they are transferable.

The big sell

what factors make this society better than other projects in Gujranwala. The society promises to offer an unmatched ambience and a long list of luxuries. There will be a lake in the middle of the society with a stunning display of specially planted exotic palm trees and riveting landscapes. In addition, it will also feature world-class dancing lights synched with musical fountains. Royal Palm City promises to offer a luxurious and affordable lifestyle for the people of Gujranwala.

Some of its notable features include 24/7 security with high-tech surveillance equipment and armed men, bio-metric entry and exit points, back-up power generation setup, underground electrification, restaurants and cafés, a palm community club, landscaped gardens, swimming pools, fitness centres, sauna and spa services, palm mall, a palm city zoo, a theme park, central masjid, and a palm city hospital.

Does the society have an NOC?

The society has received all required NOCs to initiate development work. The concerned authority has also granted its approval for the under-construction underpass, which provides access from the main GT Road. Furthermore, Royal Palm City has also received an NOC from the GDA and GEPCO etc.

At the moment, speedy on-ground development work is being carried out in the society as well as on the underpass. From the looks of it, it appears that the underpass will become functional in a couple of months. Nonetheless, on-time development and delivery of the project will be a major task for the developer as the project is huge and the promised amenities are also extensive.

To invest or…

Royal Palm City continues to attract investors and it will entice even more in the future. My reasons rest on the fact that despite being a high-end society it has kept in mind the requirements of buyers that are on a budget. To entertain such buyers, the society offers a good range of plots in terms of sizes and rates.

For small-sized plots, the developer has set the down payment at 12%, which attracts buyers who cannot pay huge sums in one go. In addition to this, Zamindara files, which are essentially cheaper, are available for investors who have budget constraints.

Looking at the volume of trade activity in the project, I am optimistic that the market rate of these files will increase by 100% in the next three years. In other words, this is an opportunity that both short and long-term investors should keep an eye on.

While it is too early for a general ballot or possession to take place, my sources tell me that balloting for the Director’s Quota Files may take place by the end of this year.

On the other hand, another rumour has been making rounds in realty circles that the society may hold a general ballot in the next couple of months. Investors will still have to wait a while before they get possession.