Until recently, form trading in Fazaia Housing Scheme Karachi was at its peak. Then, the developer commenced the balloting of standard and luxury apartments on October 13, after which form traders –some who still have forms in bulk – have fallen silent. Perhaps they are waiting for the launch of new projects.
The developer has indeed promised to launch new projects in the future but no dates have been unveiled in this regard. Existing form holders will be eligible to apply for the said projects and, according to the official website of Fazaia Housing Scheme Karachi, no new membership forms will be rolled out.
While this halt in the form trade can be attributed to many factors, one of the main reasons is that investor focus has shifted, which is mainly due to the sudden plunge in form prices. According to a source, the market price of a standard form lingers at PKR 7,500, while the value of a luxury form hovers around PKR 11,000. These market prices are lower than their original values, which were set at PKR 10,000 for standard apartments and PKR 15,000 for luxury apartments at the time of the launch.
Needless to say, the form market is cold these days. During the peak season, traders made WhatsApp groups and utilised all their time – even nights – to make sure deals matured. However, the very same groups don’t buzz anymore.
A Fazaia Housing Scheme Karachi official told Zameen.com that 8,000 units of standard and luxury apartments were balloted on October 13.
Those who failed to make the cut during balloting even after making the down payments should not worry because the developer will start refunding the down payments within a week or so, the official said.
According to the official, construction work started almost a month ago and the project will be completed within 5 years. However, those seeking fast-track possession will be able to get it within 2.5 years, obviously after their accounts have been cleared.
Refund to form holders
Those who do not wish to apply for upcoming projects will have their membership fees for both standard and luxury apartments refunded. These refunds will be made after the down payments of those who lost the battle during balloting are reimbursed, the official stated.
The developer plans to launch residential plots, commercial plots, bungalows, studio apartments and a shopping mall in the future. So, those who are game for sticking around for a while should wait for the official announcements of the proposed projects. Until then, membership forms are expected to remain undervalued.
And please beware of con men who try to fleece innocent folks by selling fake membership forms! Get the form verified from Fazaia’s office before taking money out of your pocket.
That’s all about Fazaia Housing Scheme Karachi for the day. Rest assured, we will keep you updated about every development in the locality. Till then, we can continue our discussion on the subject in the comments section below.