For Citi Housing Faisalabad’s investors, we have good news: property possession has been offered for plots in Phase I. The cherry on top of the cake is that the developer has managed to offer possession even before the promised time. Needless to say, the pace of development work and the way finances were dealt with for timely completion are commendable.
According to sources, Citi Housing has offered possession of 2,900 plots. Please note that these plots were allotted to the respective file owners a couple of months ago. Back then, the developer invited these owners to submit PKR 100,000 against each marla to get a plot at the desired location. This amount would be subtracted from their remaining instalments, according to this limited time offer.
Many people responded jubilantly to this offer and within weeks, all 2,900 plots were booked. According to the deal, plot owners would get possession earlier than the rest of the society and this is exactly what has happened! All of this has created a high demand for plots for sale in Citi Housing Faisalabad.
Concerns of the files owners
However, despite this good news for owners of 2,900 plots, thousands of other Citi Housing file owners are still confused about future of their investment. The overselling of files has lately become a widespread trend in the real estate game and while we all have reservations against buying something that is not on ground, the fact remains that Citi Housing and Bahria have genuinely adjusted their investors. In the case of Citi Housing, a project well received by folks of Faisalabad who are tired of load shedding, files were oversold by a large percentage.
To adjust these file owners, some of who were so uncertain about their investment that they even stopped paying quarterly instalments, Citi Housing will launch Phases II and III. The timeline for the launch of these phases has not been shared yet.
According to Qasim Property Links CEO Eng. Mian Muhammad Sardar, Citi Housing has acquired about 1,400 kanals of land near Sumandari Bypass Faisalabad. The developer also has additional land adjacent to Citi Housing Phase I, which it will launch as Phase III. The approval for Citi Housing’s Phase II, located near Sumandari Bypass, has been granted and development work will start some time in this month, Sardar added.
Ideally, the plot files of these two phases shouldn’t be offered in the market until the existing file owners are adjusted. I am looking forward to seeing how the developer moves ahead its plans.
The ‘remaining instalments’ glitch
The possession of these 2,900 plots was announced on March 1, 2016. But there is a glitch. Almost 5 quarterly instalments are still due and only those plot owners who clear the remaining amount in a lump-sum-payment can get possession. For 5-marla residential plots, the pending amount (which was to be paid in 5 quarterly instalments) amounts to PKR 769,000. To get possession of 1-kanal plots, plot owners have to pay a sum of PKR 1,292,000.
According to Sardar, about 36 plot owners have received possession of their plots so far. He expects that about 600 plot owners will avail this offer by the end of March. Due to the response in the market right now, it is likely that Citi Housing’s Phase I will become one of the hottest areas to live in Faisalabad.
Perks for homeowners
Citi Housing has announced free connections for Sui gas, water and electricity for the first 100 people who start the construction of their houses. The installation of metres for electricity, Sui gas and water amounts to a PKR 100,000 expense. So the first 100 owners who start constructing their homes can save this expense.
Moreover, the map of the first 100 houses will also be prepared free of cost. This offer has spiced things up even further in Citi Housing Faisalabad!
If you haven’t been able to book your plot in Citi Housing’s Phase I, stay rest assured that Phases II and III will be launched soon. So stay tuned.
Note: Some of the information quoted in this article has been provided by Qasim Property Links CEO Mr Mian Muhammad Sardar. He is available at +92-300-600-8589.