CBR Town Phase II update in the backdrop of AGM

It is among the few housing societies of the neighbourhood where rates have constantly been inching up from the last one year. And that’s also a fact the property rates here are also the cheapest among its counterparts on Girja Road in Rawalpindi. Not to mention that the vicinity is set to benefit immensely from the upcoming Rawalpindi Road. All of this, combined with ongoing development work, makes CBR Town a great place to invest for the short as well as long term.

Here is the latest update on the project;

AGM’s decision on pending dues

The CBR Town Annual General Meeting (AGM) which was held in October, important decisions were taken regarding payment of dues pending in its Prime Blocks and other blocks from the last several quarters. The meeting decided;

• Plot owners who have paid PKR 100,000 or more for 5-marla plots can clear the pending dues of PKR 500,000 at old rates by November 30, 2018.
• Plot owners who have PKR 150,000 or more for their 10-marla plots have to pay off PKR 1,000,000 by November 30, 2018 at old rates
• Owners of 1-kanal plots who have paid PKR 300,000 or more have to pay PKR 2,000,000 at old rates by November 30, 2018.
• The members (who have paid the same amount as mentioned about for 5-marla, 10-marla and 1-kanal plots) interested to get a plot allotted to them in CBR Town Phase II in Kot Kohlian need to pay PKR 500,000, PKR 1,000,000 and PKR 2,000,000 respectively, or they will be allotted plots in CBR Town Phase III.
• Members of Prime Block should continue to make payments according to their schedule to be included in the upcoming ballot.
• Prime Block members not clearing off their dues as per the schedule will be penalised with surcharge.
• Those not clearing off the dues by November 30, 2018 will make payments according to new rates applicable from December 1, 2018.

Development status

Out of the 12 blocks CBR Town Phase II has, seven have been developed fully in terms of infrastructure while connections for electricity and water are available in Blocks A, B, C, D and E. The society has also received approval for gas connections and as soon as there is an update on it, Zameen News will keep you posted.

As announced earlier by CBR Employees Cooperative Housing Society President in September, 40% land for society’s phase II has been acquired. Total land to be acquired for the project is planned at 20,000 kanals while, as update one month ago, 8,000 has been acquired. Our sources have also shared that progress has also been made for initiating construction work of society’s main entrance on Girja Road. We should be able to hear positive developments about it soon.

Upcoming ballot and launch of new deals

The society hasn’t yet announced the official date for holding ballot to allocate plot numbers to residential plot files issued for CBR Town Phase II, but it is expected that it will be carried out in March 2019 or soon after the payment plan for plots launched earlier this year in CBR Town Phase II Prime Block.

In the meanwhile, it is also believed that the developer will introduce new booking at rates higher enough to match the prevailing property rates in the neighbourhood. This will obviously jack up the premium on plots launched in earlier bookings. And we do know that from December 1, 2018 onwards, new rates will be applicable. Just like you, we are also waiting the new rates to be shared.

So that’s the latest from CBR Town Phase II. If you feedback on the article or any query for us, let us know by leaving a comment below. For related news on the project, you can also keep a tab on Zameen News.

Those who seek further consultation on buying plots in CBR Town Phase II can give Shahid Iqbal of National Star Marketing (Pvt) Ltd. a call on +92-340-000-7901, +92-301-791-0307.