Nab recently published a public notice against university town, also freezed their bank account and asking to public for filing the complaint or claim against ut. What is that issue, is it not an approved housing society, how much will it effect the ut members?
There should be no worries for University Town (UT) allottees/investors at all.
As per my information, the society (i.e. UT Management) had applied Additional Development Charges (ADC) to some of their bonafide members. As part of this process, the society had informed to these members to pay-off the ADC else their registration of the plot(s) might be cancelled. The society sent three reminder notices to those members who hadn't paid the ADC and then cancelled their plots.
In the start of this year, the prices in University Town got doubled & it gave a wake-up call to certain members. When they contacted the society, they were informed that their plots were cancelled & they can refund their deposited amount. These members then went to NAB for restoration of their plots.
After this, NAB initiated the enquiry (which was reported in some of the newspaper). UT officials then met with relevant people in NAB and agreed to restore the plots of these members (upon receiving their payment against ADC). As part of this process, some of the plots have now been restored as well. Once this process is completed for all members in question, hopefully the issue will be sorted out from NAB end for once & all.
Though some news came up against UT in the newspaper & they were circulated on WhatsApp groups as well but it didn't show any negative impact on the prevailing rates of UT plots. As most dealers/investors were aware of true picture of this situation so there was no panic - the sale/purchase in UT is still steady. Hopefully, after Eid it will gain momentum as deadline (for New Airport as well as Metro Bus Service) of 14th August 2017 is approaching.
Let me know if anyone has had any questions & I 'll try to answer them as per my information.