Blue world city is in news that the society did fraud, expert reviews on this please as i am going to buy some files over there and is it safe to invest in blue world city?
Blue world CEO message replying to rumours
https://youtu.be/KdtAnuenG9A
Capital smart city had same status before September 2019 when they didn’t have NOC.
The only issue with BWC was, is, will be related to overselling. Even if NOC obtained for X Kanals does that ensures land acquired for all sold files or majority of them?? Not sure ...
Its sort of a normal practice for private housing projects! Though in that budget, development speed and promotion is impressive from BWC!
Blue World City has acquired massive land according to the local community reports and they have also purchased land on the motorway adjacent areas. As per news they are striving hard for NOC and pushing RDA foe the same at every level they can go.
On Site machinery for development has also been increased and as of today the work is done on shift by shift basis.
If they got the NOC the rates will jump and it will have a positive impact if the Ring Road work kicks off.
Conculsion: Better to get some thing with 10% deposit. Risky as far as NOC is concerned but more risk yields more gains.
They did not defraud anyone per se as far as I know. The only problem is that the project does not have NOC yet. The other issue that I have heard of is that they may not have enough land for the files sold but as Imtiaz sab pointed out that is normal practice for housing schemes. You could wait and buy when the NOC is available but the prices may be relatively higher then. As Khalid sab said, it’s about risk rewards, you make the choice as per your investment goals.