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.



Comments

Post a Comment

Popular posts from this blog

PAEC Foundation Housing Project’s problems about to end?

Image
Located on Canal Bank Road in Lahore, PAEC Foundation Housing Project has been facing delays for many years now. The society’s management could not handover possession of property here, despite completing development work to a large extent. During 2013, there were many rumours that possession was on its way, but nothing happened. These rumours then resurfaced during 2016, but once again, no practical steps were taken to move towards possession. The real problem behind the delays was the supply of electricity. However, now there is light at the end of the tunnel. The Water and Power Development Authority (WAPDA) will finally supply electricity to the society, which means that possession will be granted here sooner rather than later. And what makes me believe that? WAPDA issued a demand notice to the society’s management for the supply of electricity, and the management has settled its accounts with the authority. According to a source, electricity wires have bee
Read more

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 s
Read more

Why should you invest in Zarghoon Housing Scheme, Quetta?

Quetta, the prime most city that falls on China-Pakistan Economic Corridor (CPEC) leading to the western borders, is somewhat ignored in the entire concept of economic revolution we look forward to from the development of Gwadar. Not just that many investors fail to gauge the city’s importance, a big number of the local folks are also seen buying land in Gwadar. Looking at the rates of property in Quetta that could change soon. The announcement of DHA Quetta certainly will spice things up here, the real estate market nonetheless continues to serve genuine buyers. To throw light on one such project that currently interests genuine buyers, this exclusive piece on  Zarghoon Housing Scheme , which a project of Quetta Development Authority. A pretty fine location Zarghoon Housing Society is located near Hanna Bypass in Nawakili. It has a network of extensive road network spread around it. Many established housing societies including Jinnah Town, Ashiana Housing Scheme, Al Rehman T
Read more