Victim of World Trade Center - DHA-2 Islamabad?

Buying Property General Advice
#21

I don't know if any one else is going through the same lease agreement, where the owner neither has the right to sell the property nor one can cancel or modify the lease agreement.

If others have the same objections, Please contact me, for a possible course of legal action.

After this experience, I would advise everyone, never to invest in these luxury branded shopping malls, plazas, commercial project, etc, they will give you surprises through complicated contracts where the owners have no right to modify or change or cancell the lease contracts, indeed they are systematically looting your hard-earned money.

#22

Dear Naveed,

Please send or inbox me all detail even I am not in Pakistan but I will rise your issue with high management.i will support you and try my best.dont stop and share in all social media.all of we can't close eyes.

Regards

#23

These big boys always have flashy offices, colourful ADs and big mouth to spell out fake promises. See margalla tower in Islamabad, the one in F-17...list goes on!

If you want full property rights of selling and renting, invest in plazas which are near completion, with reputable private parties and make a deal. If just started, check for the reputation of plaza owner...a little hard work you will come to know exactly what you wanted to know.

The only care to be taken is: go for best hot location. Every township does have hot n poor locations, no matter how good the development is!

Yes there must be good developers making big projects but failures are more with them compared to the medium size reputable developers who have several done projects with success which speaks up for their honesty.

#24

Sohail: yes, however absured it may sound, this is the reality. They signed this rate with owners for 10 years. Sounds like bonded-labour of medieval times. Is ko kehtay hein, tabdeeli... :)



Isloo, Thanks for your input.
but the tabdeeli is that today atleast we are talking about the loot which was done in last tenure, including this gega mall :)

#25

Sohail: you missed the point bro, so let me go in bit of background.

Al-ghuair Giga, initially designed Giga Mall with small shops (~100 stfq) for some odd reason. But then later, after seeing success of Centaurus Mall of Islamabad, they changed the maps and merged shops into bigger ones. Owners of these units were offered "joint ownership" of larger units with 10 years lease to Alghurair at a flat rate of ~220 per sqft and 10% annual increase. Any downtime or no-rental period was Al-ghurair's risk to take.

At Rs.20,000 per sqft booking price, this amounted to 13% rental yield and that too headache free. Not a bad deal by any measure. So many bros and sis took the option. But Mall went viral overnight making price of new floor 2A booking at 3.25 times (75K) per sqft. This market value brought down rental yield to 3.5% and everybody thought they had been cheated ! ! !

Al-ghurair did get the leased signed at gun-point. Everybody did willingly and builder honored its part. The bad things happened when COVID hit and they passed on loss to shop owners, which is unjustified because contract is for flat rate and any downtime or no-rental is to be covered by Al-ghurair. That is why my suggestion to take legal course because of contract breech.

"Tabdeeli" teaser was just to check if your romance for Donkey King is still alive, and let me say, you did not disappoint me...:)

#26

...

Second that, explained well by Mr Isloo, as much as we can all understand Mr Naveeds frustration and sympathise with such affectees, it is better to understand more and get the full picture before jumping to any conclusions. Mr Zarkon (ref amazon hotel g11) could have easily ended up in a similar situation as Mr Naveed. It appears the main difference here in examples shared in this thread is the lack of or the presence of "due diligence". I doubt if it can be referred to as a scam as its the individuals responsibility to check the Ts and Cs before signing up to any agreement.

As per previous suggestion Mr Naveed could initiate proceedings on rental default grounds, or secondly if a provider/seller has failed to deliver the product you signed up for (Mr Naveed specificaly mentioned shop on floor2 thats been changed?), if that factualy is the case, then that might also be potential grounds for breach of contract, all depends on whats actualy in the written contract. Its unfortunate that innocent or gullible people are duped without making things clearer enough in certain projects.

As they say, if somethings too good to be true, it probably is.

#27

Hahahaha, the love will remain till i see the same bhagore looters on back benches waiting for thier turn to come back.



Ok forget politics, thanks for the explantion on Giga part, so now its clear and I would say buying 20,000 / sqft and for 100 SQFT earning 25,500 is very good + 10% yearlt increment.



In fact Nadeem sb advise on D mall catch my attention so thought to get it clearify, what is your advise on D mall. Now its around 40-60k per sq/ft depend on the floor and location of the shop., they also now added one more floor for the food court on 7th. earlier was only on 6th.

#28

Acha to janab chaRhtey sooraj ke pujari hein...;)

On D-Mall, it is an excellent investment. And let me tell you a secret. Al-ghurair is going to connect D-Mall with Giga through a bridge at floor 2A on Giga-side. Check out which floor it will connect on D side. These two malls will actually become 1 to benefit from each others' customer traffic. A wicked idea indeed.

Success of Giga has jacked up prices of D Mall as well. But it is a class of its own that boutique commercials can not match at all.

#29

No no Isloo sb, you got me wrong, i mean love will remain till the other options we have are the same old tested and flopped units.

D - mall, yes the bridge is connecting to 4th floor of D-mall

#30

Wonder what is benefit of investing in these corporate wide JVs?

Where you cannot resell your investment ?

Where yours paid and promised location changes without your consent?

Where you cannot negotiate your ROI?

Where you cannot decide your rent?

Where you are incapacitated if they stop paying you rents?

درد دل لکھوں کب تک جاؤں ان کو دکھلا دوں

انگلیاں فگار اپنی خامہ خونچکاں اپنا

#31

Seniors and Gurus,

Do you recommend investing here. Considering it’s proximity to Giga mall, how do see the risk relating to oversupply of the retail space. Will that squeeze returns level? Any info on the potential rental returns?

Which floors do you reckon would be better for investment and what’s the per sq.ft price one should expect

#32

Investing where? D Mall?

Yes, it still promises 6% rental yield despite price increase, which is decent. With trend shifting from small (5-8 marla) commercials to large enclosed malls, demand is still higher than supply and not likely to dry in near future.

For current prices Sohail and Nadeem would be better informed.


#33

Thanks yes I was referring to D mall

#34

Dear Isloo sb, Yes it attracted me personally due to location and the fact it will be the part of Gega mall.

Almost finalized one shop there with the guidance and recommendation of Nadeem Bhai, The prices are between 30-60 per sq/ft as per location and floor.

The floor selection is bit tricky as the link bridge between two malls will be on 4th floor can make the upper floors more attractive too.

The rent as per market is expected to be 250-350 / sq ft, if we google the rents in such malls, is easily possible.

#35

Dear Sohail Khan,

Mabrook...Allah tala app ko naseeb kera ameen.My prayers and good wishes are with you ever and forever.

I really appreciate your selection.

Regards

#36

Dear Sohail Khan,

Would appreciate some guidance regarding D-Mall? When is it expected to be handed over? Which floors are expected to return good ROI?

Budget for a 150-200sq ft shop? Transfer and misc charges?

#37

@Isloo1: Regarding the Al-ghurair Giga Mall:

I think it is my moral responsibility to share the most accurate and authentic information.

1) The owners of the units were not offered any joint ownership for larger units.

2) There is no 10% annual increase in the rent, indeed its 30% increase after 3 years. (Those who know a little bit of mathematics knows very well the difference in 10% annual and 30% after 3 years).

3) The lease agreement is for 10 years and extendable by the Alghurair group, without any change, modification or cancellation.

4) The interesting point is that we can not sell the property despite being the owner.

#38

Dear Naveed, please can you share as what is the size of your shop. Did you signed this agreement with GIGA or by forced it put in to place.

As far as resale is concerned, even people are selling and transfering who paid only down payments so why the pocession shops will not be able to resale, bit confusing.

Dear Mansoor, the grey structure is ready so what i understand is if all goes well should handover by 2022. For more details please check or see something on resale.

https://alghurairgiga.com/project/d-mall/

#39

Dear Naveed,

I don't know your story as i told you to share me so i try to help you but you didn't share anything.

It totally wrong information what your shared over here because i purchased shop in resale and share with our friend over here.

In Giga my friend in UK purchased rental shop in Giga mall and it transfer on his name.Your story i discussed with Giga management and they said please share us then we can give you reply in detail.How to invested in Giga if you have accurate and authentic information?

If you purchase shop which at ground they can't kick you because it not land or residential project or you purchase plot file and map is on the way and they shift you another street.

You paid down payment and installments for second floor and they give you shop at 5th floor?

Your story is questionable because first time i heard.Yes plots in Bahria or Dha i heard and face this issue.

Regards

#40

AoA Nadeem bhai,

Appreciate if you could share your contact details. Sent u a private message as well. I’d like to discuss the investment opportunity in D mall in more detail.

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