Unfortunately, the very reasons that BT despite having the potential, get steps backward after it takes any step forward...
Zardari and Omni groups, Bahria Town barred from trading properties under investigation
https://www.dawn.com/news/1453347
جے آئی ٹی رپورٹ: زرداری، اومنی اور بحریہ گروپ کی جائیداد کی منتقلی پر پابندی
https://www.bbc.com/urdu/pakistan-46671830
This is very bad news, Imtiaz Sb.
But having some 15,000 employees and one of the best admin controlled body by high ranked retired brass and Judges and top talented professionals, Bahria town will be here to stay!
I am not a promotor of MR at all and am direct affectee of the decision but find myself hard to believe that BT is over or is not able to get out of this trouble!
There is 1000 billion, SC wants to take from MR’s pocket and that money is just peanut for him and ultimately, He has to pay to keep his golden hen alive. Who wants to kill a golden hen which lays a golden egg each day?
When people sits at power vehicle, become successful is manipulating for years and years, make break governments, it is quite natural that they think themselves not less than a sacred cow.
That is exactly what is happening with Nawaz, Zardari and the whole flock!
They did not think even in their dreams that one day they would be held accountable in their life spans!
MR in shock, like other flock, and when he would sit think the aftermath, he would do what is supposed to be done.
Bahria town will stay either with Bahria’own domain or with Cantt or with RDA or with DHAs. Already DHA has taken a lot of Bahria phase-8 under its control.
In fact for some people, this is best time to buy in developed Bahria as none of the private developed societies on the face of Pakistan’s earth is clean. Few examples can be quoted, though, such as AWT and some other in twin cities.
Even in Gulberg/IH, some 4,000 Kanal land is in dispute, case is filed against Haji Nawaz Khokhar since a decade and files are being fed with dust in the dark court room’s archives!
There is bad time for investors of BT, may stay for year or two, but In Shaa Allah, loss would find its way to MR’s pocket not with the plot/house owners in near future.
For the investors who want to double their money in weeks/months, this is worst news, of course!
Dear Abdul Qayyum,
I think it will effect only BTK because there is some land issues with MDA and links with Zardari group.
Regards
Dear Nadeem Bhai
Will sure watch
Come visit our office once in Pakistan.
https://drive.google.com/file/d/0Bw0MACgeXBE5amd6NlNVaWRJWUsxdE16Wi1UZVJPVllLXzRn/view?usp=drivesdk
Sure i will visit on my next vacation inn sha Allah.
Regards
Agreed AQ sb with almost all your point! Thanks for sharing the image, I assume the graceful gentleman in the photo to be you?
Just an addition, that part of that flock is also in the sitting Govt (implicitly & explicitly) with the very basic examples like Aleem Khan, JKT, Pervaiz Elahi etc. All that sounds rosy may have consequences of power struggle in the future for example Park View City etc. but I hope nothing to affect the common people and their legitimate money.
The way our Judicial/Political/Establishment System has worked in the past and is working with agenda-driven decision(s) is no secret but lets leave that discussion for some other socio-political thread...
- Bahria Turbulent Times - The Stock Market Similarity
For sure, BT possessed and legitimate part will have less heat felt out of this (considering the overall picture). The problems are that Pakistani real estate with features of stock market where project at times fall or rise in the market based on news. Such news if nothing else just send somehow negative vibes across general public who do not get into the technicalities.
Whether its MRs leaked interview, BT-KHI issues, Takht Pari or whatever MRs mischievous acts, BT is his power hub and that gets tainted at the cost of slow markets, speculations and concern for the investor/end buyer. An example, that just 1 year ago the people who very excited to exchange their property anywhere in Pakistan with BT property now ask questions and show concerns in doing so. All safe on papers and as per law but it just the negative vibes that emerge even if it has to do something with MRs personal issues.
- Legality and Land Issues
The time has come that state must act fairly and with consistency. You cannot attract foreign investment, unless you have consistency of decision and policies. I mean why not ask the respective (CD/RD/LD/etc.) authorities to be also accountable because all such projects were and are executed with a green signal of respective authorities that represent the Govt. I mean even a small TUCK shop has a better policy than our govt. when it switches hands between different buyers/stakeholder (to protect customers/citizens). What is the fault of the common people who invested by verifying all OK for the govt. and when the new govt. comes in all that was good became a black spot.
Take over Bahrias or hang MR, doesn't matter, just ensure state citizen's do not suffer due to state blunders. For example, the current Punjab Speaker guy Pervaiz Elahi is a prime suspect in handing over forest land. Would the SC bother to hunt him down...?
* SC summons ex-CM Pervaiz Elahi in Bahria Town case
https://www.dawn.com/news/1449305
* What about the Ghauri Town? Are we again waiting that for CDA's and Mafia's corruption to be paid off by the common people with their life time savings.
CDA unseals ‘illegal’ housing society
https://www.dawn.com/news/1346054
*Why not SC treats all the same and so much supportive in regularizing, even the illegal in Bani Gala?
Bani Gala regularisation: CDA says 75% of structures need to be demolished
https://tribune.com.pk/story/1871476/1-bani-gala-regularisation-cda-says-75-structures-need-demolished/
The world has moved on to a system where countries can run for effectively almost 2 years without a govt. and state moving on even with the Govt./Admin. shut down.
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* Fun Fact: Belgium owns world record for longest period without a government.
https://brussels-express.eu/fun-fact-belgium-owns-world-record-longest-period-without-government/
* US government shutdown could extend into January
https://www.news.com.au/finance/work/leaders/us-government-shutdown-could-extend-into-january/news-story/1c527395b7227528737a5951545d7c4f
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Here in 2018, any religious/political/organizational leader can bring a crowd on the street to parallelise our system and state. Same like a street criminal that is being nourished to be a Don and Mafia and than Govt. goes after him/her when common people investment/interests on stake.
Unfortunately, in no times state will be on a honey-moon travel with these Mafias only at the expense of common people sufferings...
What is the Supreme court verdict implications for other projects in Bahria such as Saqlain Mushtaq Heights in Bahria Hamlets, will this pose potential problem in buying/selling the flats in future?
In general, legally no issues, IF Land Clear + No violations in the structure.
As I said before, one must think real estate investment in Pakistan as a Stock Market sort. We know in stock markets even a single official tweet can make the stock to rise and fall on the same day.
In such situations, despite being technically all ok, the general perception in the public slows down market and a bit of backfire on the brand and its value. BT KHI is the most recent & prime example of that...
Imtiaz Sb. Thanks for the good word. Yes the fat man is mine. It would be a unique privilege to see you in our office
You are very right on do & must not do stuff by state and the points you brought in are lifelong wishes of each Pakistani who has desire to develop himself and wishes to develop his beloved country.
As we talked before, we are living in a deep, pitch dark and never ending tunnel, encapsulated by land, religious, political, judicial (mostly in lower courts), corporate and media mafia.
I can also quote education component here as our rulers would even like lose power but will never move forward to upgrade education policy as general literacy is like an Arsenic in their foods for their vested interests!
Tell me, sir, in this hopelessness situation, if someone brings up a candle at the other rend of tunnel, who will not see a hope in his/her heart?
IK, whether good or bad, is a candle and we are hoping this candle shall enter in the tunnel, a hope, sir!
We know He is also surrounded by all above stated mafia but I can see positive steps are being incorporated all the times by IK govt.
See Lee of Singapore, Mahathir of Malaysia: They did not bring any angel from sky rather they utilized all in-house resources and developed their countries.
Regarding BTs/DHAs and all other good societies’ problems, foreseen by your learned judgment, are factual but if Habib bank and other private institutions can stay and survive of problems, quality property developers will sure stay even with stock market manipulation/crashes!
@Samra,
I am interested to know why you choose Saqlain Mushtaq heights BT P-8 despite all the controversy surrounding BT and MR in the media when there are similar flats available in DHA P2 which is considered a much safer investment?. I am also considering buying a 3-4 bed flat in this area (BT or DHA P2) hence the reason for this question.
Thanks and good luck with your search
@Rauf,I have naive understanding of property market. The main reason I was interested in SMH as I was thinking its inside Bahria and it can guarantee water, gas and electricity provision. I will appreciate further suggestions.
@Imtiaz sahib, Abdul Qayyum sahib, Nadeem Ahmed sahib,
I have read your answers/contributions to this forum and appreciate the time you and other property experts spend on answering novices like myself. In DHA P2 I have can see on this site various completed flat/apartment projects like Defence Residency, Lignum Tower, Askari flats and some in progress projects like Defence Towers 1&2, Defence Executive apartments, El Ceilo. What is your expert opinion(s) on these projects please?. My main consideration is the location should be very close to shops, restaurents, other amenities as well as being in a safe environment. In my case this will he a holiday apartment and likely to be left unoccupied several months a year.
The apartment projects in BTs, DHAs and GG are all quite attractive and economical! I believe, the apartment projects at these locations have somehow created the taste along with need/demand for apartment-based living that was a no go in Pakistan just a few years ago.
In general, whenever buying an apartment two of the important factors must be considered (i.e., time to resale and for rental, the shorter that time is the better the investment), even if that is not your immediate requirement. Apartments can enjoy one of the best facilities of the society but gain lesser price appreciation over the years compared to plots/houses.
For that purpose, I would say the earlier phases of BT (1 - 4) have been more attractive as being closest to the mainstream RWP + ISB. They sell faster and more in demand for rent. These can be on cash payment but prices more reasonable as they have been constructed earlier and due to recent decline of PKR, most of the current projects have got expensive.
For example, an already built 1000 sq. ft. ready to move in apartment at those places can be around 50 - 55 lakh in cash but on installment and based on current pricing a 1000 sq. ft. may cost you in a range of 65 - 80 lakh at locations that are much far then those.
* As per your scenario for holiday apartment, it would be a good idea if one can put that furnished apartment for rent on short term tenancy basis, while one is away, in case he/she prefers to. A 1000 sq. ft. furnished for short term tenancy in those early phases of BT may yield 35000 - 40000 rent/month approx., easily.
As per my personal views, other may differ, in case you can buy on cash go for BT phases 1 - 4 (more economical, fully developed with best amenities and much better location). In case you prefer installments, in that case either of the options including Phase7/8, Gulberg Greens. DHAs and Bahria Enclave can be best among the available ones!
@Imtiaz sahib,
Thanks much for your kind reply. Your input is much appreciated and the points you raise are duly noted. Since the main issue with BT/MR is the takht pari forest encroachment, I can assume the earlier BT phases 1-6 are safe from the CJ of SC. I have seen short term lets on Air BnB in BT which includes flats as well. Once again many thanks for your most valuable advice.
Takht Pari scenario only possibly impacts some minor parts of Phase 8, if that ever happens. If you look into Google Maps.
Phase 2, 3, 4, etc. are CDA approved:
http://www.cda.gov.pk/housing/society.asp?varId=13
On the legal side, the cat is out of the bag in last SC hearing. MR just has to negotiate the amount he can pay to buy out his litigation and get an all clean chit. That money he would/could simply recover with transfer fees of a new launch or existing BT project within an year. No matter the magnitude of corruption, if you have deep pockets you can simply shop the decision in your favor.
The term 'encroachment' is more precisely 'returning favors'. MR got the Takht Pari land handed under the tenure of Pervaiz Elahi and MR had to return favours too. Encroachments bring along benefits to a lot of hidden beneficiaries. The guy who handed the land is prime accuse and currently a Speaker of Punjab Assembly. That is how this system works, unfortunately...
Experts; kindly advise what is the approximate useful life of an apartment and whether maintenance etc. Is the responsibility of the owner?Further if compared to a shop in commercial area,which option has better price to earning ratio.
Useful life same as that of a house and in some cases more because apartment projects must follow a certain pre-defined structure. Plus large magnitude of development (as compared to) a house means costs are reduced even if quality is better.
In societies, the developer charges monthly fees to look after all the basic maintenance but not any destruction or physical damage incurred by the occupant of the apartment.
Commercial shops, depends on where exactly. Commercial shops can give more but also involve transfer fees and commercial taxes. Furnished apartments can also yield better rental income but furnished ones are mostly for short terms.
@ Imtiaz sahib,
In Europe flats/apartments are sold on a leasehold basis e.g 125 years on newly built flats/apartments these days. Is this the case also in Pakistan and if yes, how long is the lease period please?. Thanks as always for your most insightful replies.