Update (19th December 2019): After quoting a tentative date for mid-November 2019, Capital Smart City, Islamabad has finally announced a definite date for its first plot ballot. The ballot will be held on the 21st of December 2019 at 11 am at the Capital Smart City Project Site. The ballotting ceremony will be followed by lunch and the results will be available on Capital Smart City’s official site after they have been announced. You can also watch the event LIVE via their Facebook page and YouTube channel.
There is great news for all the buyers, investors, and business-minded people interested in Capital Smart City, Islamabad. The Capital Smart City plot ballot for its Overseas and Executive blocks has been announced for mid-November 2019, and while no date has been set as of yet, we will update you on the latest news as it develops. For now, let’s talk a bit more about what terms and conditions apply on the Capital Smart City ballot and plot possession as of the latest updates. We’ll also elaborate on details with respect to the project itself.
Capital Smart City Plot Ballot for November 2019
A letter has been issued by Future Developments Holdings (Pvt.) Limited (FDHL)—the developers of this megaproject—announcing that they have decided to hand over the project, phase-wise, well before its date of completion, which was originally set for 2022. The decision was taken considering the rapid pace and progress of the development work. Nearly 450 machines are being used by the labour on-site to speed up the development, and three sectors each of the Overseas Block and the Executive Block will be ready for possession by the first quarter of 2020. Possession will then continue on a quarterly basis.
Terms and Conditions for the Capital Smart City Plot Ballot
Keeping the information shared above in mind, balloting of plots for the developing sectors of the Overseas and Executive Block will be held in the middle of November 2019. Here are some of the terms and conditions associated with the plot ballot of Capital Smart City:
- Choose your plot’s location on the map
- Eligibility for overseas and executive block ballot
- Issuance of an acknowledgment receipt
- Last date for the payment of dues
- Possession of plots in Capital Smart City
- Discount on development charges
- Free-of-cost consultation and selection of villa design
- Discount on club memberships
- Warning for unpaid instalments
- Surcharge on late instalments
Let’s discuss each of these terms and conditions in a little more detail to give you a better view of the bigger picture.
Choose Your Plot’s Location on the Map
All interested parties who have paid 100%, 50%, or even 40% upfront for their investment in Capital Smart City will be allowed to choose the location of their plot on the map without a location ballot. However, the due instalments must be paid by the 15th of October for them to earn this advantage.
Eligibility for Overseas and Executive Block Ballot
The condition stated above is applicable, in particular, to those who have stakes in the Overseas and Executive Block, as they will only be eligible for balloting if all their due instalments have been paid by October 15th 2019 as per the payment plan for plots in Capital Smart City. Please note that during the ballot, priority will be given to plot files that were booked before the 1st of January 2019.
Issuance of an Acknowledgement Receipt
Since there are only a limited number of plots available for balloting in the first phase, an acknowledgment receipt will be issued by the developers to confirm your eligibility for the upcoming ballot.
Last Date for the Payment of Dues
The company also reserves the right to modify the last date for payment of the instalments due and might close payments well before 15th October, so you should not wait for the last date to clear your outstandings.
Possession of Plots in Capital Smart City
Once the plots are balloted, anyone who has paid a minimum of 60% of their due instalments will have a right to apply for possession of the plot. You will, however, be required to submit an affidavit stating that all the remaining payments will be made on time, along with post-dated cheques for all the following instalments. Failure to live up to your end of the commitment will give the company the right to change the location of the plot as per their liking and convenience.
Discount on Development Charges
As announced by FDHL, the first 200 members of the project will be given a 50% discount on development charges, with 25% of the discount being given up-front at the start of the construction of the villa’s foundation, while 25% discount will be offered upon moving into the constructed property.
Free-of-Cost Consultation and Selection of Villa Design
The company has further announced that it will facilitate all parties concerned with the project by offering them the opportunity to select a detailed architectural design for their villa free of cost with help from DSA Architects—a world-renowned firm that has offices in South Africa, the UAE, and Portugal. Investors of Capital Smart City will save an estimated PKR 2 lakh on design and construction costs with the provision of this facility.
Discount on Club Memberships
There’s also further good news for all the founding members/investors of the project, as they will be offered an exclusive discount on the membership and facilities of Capital Golf & Country Club, along with being offered the same at Royal Orchard Clubs in Sargodha, Sahiwal, and Multan.
Warning for Unpaid Instalments
A warning note issued in the notice also clarifies that all such plot files where a minimum of two instalments have not been paid by the 15th of October would be blocked and cancelled as per the terms and conditions of the booking. A refund will be issued to all such parties within six months.
Surcharge on Late Instalments
It is also important to note that a surcharge is now being charged on all late instalment payments as per the terms and conditions stated in the booking form.
About Capital Smart City, Islamabad
Capital Smart City is one of the first smart cities in Pakistan. The project occupies an ideal location on the M-2 Motorway, positioning it conveniently between the twin cities of Islamabad and Rawalpindi. It is also in line with the eastern route of the CPEC and enjoys proximity to the new Islamabad International Airport.
The city focuses on offering a large number of employment opportunities in its commercial and financial districts, with world-class infrastructure, the latest smart technology, as well as a sustainable, green, and eco-friendly lifestyle. Capital Smart City, Islamabad, also encompasses a number of other features and facilities that have become an added attraction for investors looking for a plot for sale in the project. You can check out the video of its official launch below:
This post will be updated with the official date of the Capital Smart City plot ballot once the developers announce it via their official channels. Keep following Zameen Blog for more property updates. Email us at blog@zameen.com if you have any suggestions, questions, or concerns.
