Posted on February 8, 2014 by Bahria Town Online in Articles, Bahria Town Karachi
Bahria Town against all the speculations and expectations did the right thing and didn’t extend the booking date. In a newspaper ad, Bahria Town thanked everyone for the overwhelming response to the biggest real estate launch in the history of Pakistan. Malik Riaz Hussain and Ali Riaz Malik pledged that Bahria Town Karachi will deliver the world class development and community services in Bahria Town Karachi and other Bahria Town Upcoming Projects in Interior Sind; Bahria Town Hyderabad, Bahria Town Nawab Shah, Bahria Town Sukkar and Bahria Town Larkana. They reminded everyone that Bahria Town has a proven track record in Bahria Town Rawalpindi, Bahria Town Islamabad and Bahria Town Lahore.Initially response to the booking was lukewarm and my source told me that Bahria Town Management was quite worried. It was generally because of the registration rigmarole as someone who did not have registration was concerned that he was risking amount paid for buying Bahria Open Registration Certificate if he was unsuccessful in the balloting. It was precisely because of this reason that Bahria Town had to announce that it will refund Rs. 150,000 to the unsuccessful applicants who apply for the residential plots. This initiative was the major catalyst in boosting the booking. Last two days i.e, 6 and 7 February saw phenomenal response and thousands of people booked properties.
There were few real estate brokerage houses like Prism Estate and Builders and New York Real Estate and Builders who were doing Confirm Booking for some profit; initially they charged even Rs. 100,000 but on 7 February were even doing it for Rs. 5000 to 10,000. Both Prism and New York, biggest brokerages in Bahria Town Rawalpindi and called Bahria within Bahria, have opened their offices in Karachi and did massive business. I am not sure what was the arrangement or understanding of these two and few other brokerages with Bahria Town, but one thing is clear as I wrote in my previous articles that almost everyone who applied for the residential plots will surely get. However, there will be balloting for the remaining categories; Bahria Commercial Plots, Bahria Apartments and Bahria Homes. This was the reason Bahria Town promised refund of Rs. 150,000 for the residential plots only as they will not have to refund. Now what these brokerage houses will tell their customers who paid them for Confirm Booking Bahria Town Karachi when everyone who applied for will be successful.
There is a huge group of highly dissatisfied estate agents, investors and common people who traded for months in Registration Certificates and suffered huge losses. A friend of mine bought 57 certificates on 31 January for a price of Rs. 185,000 per certificate expecting it to rise to Rs. 250,000. The price declined to Rs. 80,000 on 5 February and even Rs. 55,000 on 7 February at one stage and then rallied back to Rs. 80,000 by evening. Trust me, there are people who still have hundred of these certificates and were expecting date extension. They are furious at this stage and expect Bahria Town to announce that these certificate are somehow still valid for Upcoming Bahria Town Projects in interior Sindh or Bahria Town Peshawar etc or even for another launching for Bahria Town Karachi. These people are wrongly blaming Bahria Town for their own greed, speculation and now want Malik Riaz, Chairman Bahria Town to bail them out from this quagmire for which they have only themselves to blame. Bahria Town could also have avoided this and in my humble view Bahria Town should not have allowed and facilitated the trading of these Bahria Registration Certificates. It was wrong in the first place and we suggest that Bahria Town should not encourage such a trend for its upcoming projects.
Now that the booking is closed, everyone will wait and ask that as to what is the Date of Balloting Bahria Town Karachi or when will the Map Bahria Town Karachi will come. I expect Bahria Town Karachi Balloting to happen within a month and provisional Bahria Town Karachi Map within three to four months. Since booking is closed now, those who want to buy can do so in resale as there will be hundred of people who must have booked with the hope to make a quick profit and exit. Such folks did not plan on giving any installment and might not even have money for this. Please note that Bahria Town does not bar selling at any stage and have robust systems for Transfer of Property in Bahria Town.
Courtesy.
bahriatownonline.com
Booking Closed in Bahria Town Karachi
By Chaudhry MehmoodThe author is a real estate agent based at Phase V, Bahria Town Rawalpindi and can be reached at BahriaTownOnline@gmail.com
