I heard that no one is actually the owner of the land/plot one purchases and all plots are sold on 99 years long lease basis. Does it matter? Thanks
Yes, same is what I understand. Land ownership remains in the name of Ali Malik S/O Malik Riaz. This is the reason no bank will give you house loan.
Also heard that Malik Riaz is trying to open his own bank so he can start financing these houses internally and also find new ways to loot billions more from common Pakistanis.
Malik Riaz has already bought Escorts Bank. By the way all society land ownership is withheld with society. People only get qabza.
Its not only bahria but all properties in Pakistan is 99 year lease to citizens. As Pakistan is 71 year old so we shall find out what happens once we celebrate 99 year of independence :)
Please correct me if i'm wrong.
It’s like fools paradise…isn’t it?
There is a difference between milkiyat and lease, bahria gives qabza. CDA plots are on permanent milkiyat of owner
Agreed with Asad Malik above, even in CDA the possession in on 99 years lease I think,
And in Bahria I have seen that people have taken loans against their plots, but I think its not easy
YC,
So why you can't use Bahria house as a collateral and get loan from bank? While on the other hand all banks will happily give loan for CDA as well as for DHAs.
Not same lease bro. Bahria never gives you ownership in their lease.