I would request Real estate Experts to share their advice on current scenerio of Malik Riaz with Judiciary and his resignation as chairman of Bahria town.
As Bahria town is largest housing society in atleast Asia with lakhs of people involved & billions of Rps invested.
Any expert advice could be of great help for investers for (both local and foreign).
If we take Bahria Town project and Malik Riaz as 2 separate entities it becomes very simple. A very good project (so far) by a very very controversial person. Don't want to comment on the personal side of this matter.
As far as investment advice is concern I think we should stay away from Bahria until the final verdict.
@Syed Ibrahim
Stay away from developing sectors of BT like Enclave , Phase 8/9? OR should we also stay away from developed sectors like Safari Villas and Bahria phase 1-4? Too till the verdict is out?
I think Malik Riaz has done a suicide attack in which I think he has only killed himself. The worst I think that can happen in this case is that both Arsalan Iftikhar and Malik Raz can go to jail. And I think that a lot of problems can arise for Bahria Town specially in the case of DHA valley. So it is better to stay away from newer projects of Bahria Town for the time being.
BT is a good concept itself but unfortunately it is being run by capable but extremely greedy and unscrupulous people, who don't care about people and are only interested in money and power. These people think that they are a law unto themselves.
I would avoid BT projects especially where you don't get a physical plot on the ground, and instead just get a promise of a plot at some stage in the future.
IT means phase I to VI are still safe heavens as these are nearly fully developed and still at low prices compared to other developed areas in Raalpindi and Islamabad.
But I think we can't separate Malik Riaz from Bahria town as BT is PVT ltd company fully owned by Milk Riaz, his wife and son.With Malik Riaz resigning and transferring his shares to his wife, only active shareholder will be his son. This can affect future prospects of BT.
Its not the CJ but Malik Riaz in thick soup which to investors are like alarm bells.
Ali MEYAAR Builders
well now some ppl are telling this can also effect the developed sectors of bahria like phase 1-4 and safari villas as BT was investing from the profits of new schemes like phase 8/9 and enclave to the maintaince of developed phases e.g. phase 1-4 and safai villas for marketing purposes… i don’t know how true this is ! as BT is taking 2000 Rs pm from residents for maintaince … it’s makes one think how can this little fee from few thounands house holds support such a big town’s minatance???
Lets say that 5,000 houses are in this area and if each pays 2,000 per month then it totals 10 million per month. Assuming average wage is 20,000 per month then BT can employ 500 people just from this money.
Malik Riaz is an old fool.He has prepared his own down fall from disgrace.It looks as if he was given some wrong advice.He wanted to take on the judiciary by opening a pandora box of Arsalan.Soon nothing will be left as his empire crumbles.Advice is don't invest in any phase of BT,if possible withdraw investments from BT now and invest in other viable business.There is more to come of malik riaz as the story unfolds.
momee,
@Arshad … well i think it’s just not about people as they are sadly the least expensive resource in the country … it’s maintaining grid stations, water tankers, power lines, sewege lines, roads, street lights, clubs and btw i heard BT entire workfoce is in thousands not 500… so how can this fee of 2000 do the trick when Malik raiz is jailed or run from the contry and BT has to close down because of the current situtation??
Grid station, sewage lines etc. are paid from development charges imposed when a phase is developed and not from monthly management charges. Once developed little further maintaince should be required.