Bahria Town makes Sector F affectees offer they can’t refuse?

About one month ago, an unverified document was extensively circulated among concerned groups of real estate agents and investors. The document read that Bahria Town is looking to adjust those affected by delays in Bahria Town Lahore’s Sector F in Bahria Town Karachi (BTK).
With slight amendments, a similar notice is now pinned to a notice board in Bahria Town Lahore’s main office in Bahria Orchard. At the time it was first released, some had claimed that Bahria Town had put out the document as a feeler to see how Sector F file owners would respond if such an offer existed.
Sector F has been a source of constant frustration for file owners since the last few years. Some of these file owners have also been staging protests regularly to pressurise the management. Due to their persistent demonstrations, many file owners were adjusted in other Bahria Town blocks and projects in Lahore, and some were also offered their cash back. However, many file owners are still waiting for a solution. Could this new offer be the end of this issue? Only time will tell.
Now Bahria Town to confirm that the offer is indeed official and found that the developer has indeed issued the notice. The circular include the following options:
1.    Sector F file owners can acquire the same sized plot in BTK in exchange for their Sector F file. The notification does not specify in which blocks these plots can be acquired.
2.    Sector F files owners can merge Sector F files with an active file in any Bahria Town project (except for those in Iqbal Villas, Quaid Homes, Bahria Sports City, Bahria Golf City, and Bahria Homes [old]).
3.    Get a full refund by submitting an application to the main office.
The options sound good, right? Well there is still a small complication. For starters, Sector F file owners who have been allotted plot numbers cannot avail these offers. And only file owners who have cleared all their dues but have had no plot number allotted to them can avail this offer.
Moreover, no explanation was offered by any Bahria official as to why compensation excludes areas such as Iqbal Villas, Quaid Homes, Bahria Sports City, Bahria Golf City, and Bahria Homes (old). Nonetheless, Bahria Town promises to offer possession in various other BTK blocks by the end of this year. Furthermore, by the end of this month, the developer is also looking to share the final map with those that opt to let go of their Sector F files.
A generous compensation?
Sector F file owners have paid PKR 3,200,000 and PKR 6,200,000 for 10-marla and 1-kanal plot files, respectively. On the other hand, the market value of the plots that Bahria Town is offering in BTK is PKR 6,000,000 and PKR 10,000,000, for 10-marla and 1-kanal plots, respectively. That is a price difference of almost 100%!
There is no information on whether file owners will be asked to pay additional charges to acquire these high value alternate plots.  On the other hand, it is also true that had Sector F not faced delays, the market rate of these plots could have been higher than that of plots in BTK.
If you are still confused as to whether you should ask for your money back or opt to substitute your plot in BTK then let me tell you that a similar deal was also offered to those affected by Bahria Greens in Lahore. Bahria Greens file owners who opted for plots in BTK instead of getting their money back from the developer soon realised that it was the right decision because of the return on investment. I would definitely recommend you do the same.



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