{"id":18569,"date":"2016-01-15T17:40:11","date_gmt":"2016-01-15T12:40:11","guid":{"rendered":"http:\/\/www.zameen.com\/blog\/?p=18569"},"modified":"2017-12-11T12:30:30","modified_gmt":"2017-12-11T07:30:30","slug":"globaco-fiasco-dhas-side-of-the-story","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/globaco-fiasco-dhas-side-of-the-story.html","title":{"rendered":"Globaco fiasco \u2013 DHA\u2019s side of the story"},"content":{"rendered":"<p><a href=\"http:\/\/www.zameen.com\/blog\/wp-content\/uploads\/2016\/01\/DHA-City.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-18281 size-full\" src=\"http:\/\/www.zameen.com\/blog\/wp-content\/uploads\/2016\/01\/DHA-City.jpg\" alt=\"DHA-City\" width=\"600\" height=\"350\" srcset=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/01\/DHA-City.jpg 600w, https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/01\/DHA-City-300x175.jpg 300w, https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2016\/01\/DHA-City-537x313.jpg 537w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>All good things must come to an end, or so the saying goes.\u00a0 Well, this seems quite apt for DHA City investors who were previously euphoric but are now seeing their dreams go up in smoke. Whereas some investors are still enjoying the gains of soaring real estate prices, others are exceptionally stressed as their money is stuck in investments that seem to be going nowhere.<\/p>\n<p>As our previous blog mentioned, DHA City is not even minutely developed and development work does not seem to be commencing any time soon. Moreover, the National Accountability Bureau (NAB) has arrested Globaco (Pvt) Ltd CEO Hammad Arshad on accounts of corruption. The Defence Housing Authority (DHA) signed an agreement with Globaco (Pvt) Ltd to acquire and develop 25,000 kanals of land in the form of DHA City. However, Globaco (Pvt) Ltd was unable to deliver on their part of the bargain.<\/p>\n<p>Want to know the whole scoop? Read on for the details conveyed by a press release disseminated by DHA on January 14, 2016.<\/p>\n<p><strong>DHA City and Globaco<\/strong><\/p>\n<p>Originally, Globaco (Pvt) Ltd, also known as Elysium Holdings, was required to acquire 25,000 kanals of land under a stipulated timeframe.<\/p>\n<ul>\n<li>Land for the families of the <em>shuhada<\/em> and soldiers was to be acquired by November 25, 2012.<\/li>\n<li>Land for the general public was to be acquired by November 25, 2013.<\/li>\n<li>Plots for families ofthe <em>shuhada<\/em> were to be developed by November 25, 2015.<\/li>\n<li>Plots for the general public were supposed to be developed by November 25, 2016.<\/li>\n<\/ul>\n<p>So what actually happened? Out of 25,000 kanals of land, only 11,376 kanal was acquired within the project boundary. Moreover, most of it is inaccessible, scattered in patches and in an area where no appropriate housing scheme can be launched. On top of that, much of the land is still under litigation, thus making it useless for the time being.<\/p>\n<p>Although the land acquired is hardly sufficient, Globaco marked 11,715 plots for civilians and raised a staggering PKR 16.942 billion against them. Numerous files (exact amount still unknown) were issued to partners and facilitators of the project as well.<\/p>\n<p>Conveniently enough (I\u2019m being sarcastic!), Globaco only used PKR 1.82 billion of the PKR 16.942 billion raised to purchase land and PKR 15.18 billion were used by the company for personal purposes<\/p>\n<p>DHA now shoulders a liability of 26,315 plots (11,715 plots for the general public and 14,600 plots for families of <em>shuhada <\/em>and soldiers) and this liability could not be cleared without the help of NAB.<\/p>\n<p><strong>Current status<\/strong><\/p>\n<p>According to the release, DHA\u2019s management fully pursued Globaco\/Elysium Holdings to settle and clear the above mentioned liabilities. However, after no accord, DHA had to refer the case to NAB as Globaco\/Elysium Holdings had committed a criminal breach of trust and had defaulted heavily.<\/p>\n<p>According to reports, Globaco\u2019s management intentionally prolonged the project in order to further gain financial benefits.<\/p>\n<p>In the presser, DHA has advised the general public and the affected families of <em>shuhada <\/em>to properly protect their individual interests and not pay attention to the lies and fabricated advertisements dispersed by Globaco (Pvt) Ltd.<\/p>\n<p>While it is a daunting case and we sincerely sympathise with all those affected, we also encourage investors to properly do their research regarding real estate property before they purchase anything. This was an unfortunate incident and we certainly hope that it is resolved soon.<\/p>\n<p>All the best to DHA City!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>All good things must come to an end, or so the saying goes.\u00a0 Well, this seems quite apt for DHA City investors who were previously euphoric but are now seeing their dreams go up in smoke. Whereas some investors are still enjoying the gains of soaring real estate prices, others are exceptionally stressed as their money is stuck in investments that seem to be going nowhere. As our previous blog mentioned, DHA City is not even minutely developed and development work does not seem to be commencing any time soon. Moreover, the National Accountability Bureau (NAB) has arrested Globaco (Pvt) Ltd CEO Hammad Arshad on accounts of corruption. The Defence Housing Authority (DHA) signed an agreement with Globaco (Pvt) Ltd to acquire and develop 25,000 kanals of land in the form of DHA City. However, Globaco (Pvt) Ltd was unable to deliver on their part of the bargain. Want to know the whole scoop? Read on for the details conveyed by a press release disseminated by DHA on January 14, 2016. DHA City and Globaco Originally, Globaco (Pvt) Ltd, also known as Elysium Holdings, was required to acquire 25,000 kanals of land under a stipulated timeframe. Land for the families&hellip;<\/p>\n","protected":false},"author":42,"featured_media":18281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[2606,2608,2607,312,2248],"persona":[],"class_list":{"0":"post-18569","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-dha-city-scam","8":"tag-fraudulent-real-estate-project","9":"tag-globaco-pvt-ltd","10":"tag-litigation","11":"tag-national-accountability-bureau"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Globaco fiasco \u2013 DHA\u2019s side of the story - Zameen News<\/title>\n<meta name=\"description\" content=\"All good things must come to an end, or so the saying goes.\u00a0 Well, this seems quite apt for DHA City investors who were previously euphoric but are now\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/globaco-fiasco-dhas-side-of-the-story.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Globaco fiasco \u2013 DHA\u2019s side of the story - Zameen News\" \/>\n<meta property=\"og:description\" content=\"All good things must come to an end, or so the saying goes.\u00a0 Well, this seems quite apt for DHA City investors who were previously euphoric but are now\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/globaco-fiasco-dhas-side-of-the-story.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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