Hi. I have a 10 marla plot in DHA phase II extension. I have been told that my plot has been relocated from ec sector to N sector. The price of the plot has already dipped from the 2,200,000 I paid for it in 2008 (with my life’s saving I might add). And now they have shifted the plot into a sector which cannot even be seen on the map. Also, when I bought the land I was told it would be completed by 2009 and now they are saying another 3 years. Is there anything I can do about it. How worried should I be?
Until 7-8 years ago, DHA was the most trusted name in Pakistan real estate market because of their standard of development and reliability of Pakistan army behind it. With time, they started dozens of projects at the same time; took money from investors who invested heavily in 'files' with no plot or plot number in the file.
Many new phases of DHA were started in Lahore and the file prices skyrocketed but later price dropped big time when balloting and development work could not be started even after years of waiting. The genuine buyer who wanted to build a house in 'Defence' later realized that his lifetime savings amounted to just a piece of paper and he will have to wait for many more years to make his dream house.
The same thing happened in Islamabad. DHA phase I and II were successful but then DHA started pushing its luck. It made new DHA schemes in Islamabad zone IV such as valley, OPF phase II extension etc. In some of these projects they started to involve Bahria Town. In Lahore they started DHA Rahbar, DHA City (and used names and goodwill of previously successful societies like EME) etc. Nowadays DHA phase 9 and 10 are being traded in Lahore - again the genuine investors will have to wait many years when their children will reach university then perhaps they will be in a position to make a house of their own.
However, one thing is certain, they have the land so the money invested is safe and will not be wasted or defrauded. Because DHA will always get the land and that is not a major problem for it. Eventually you will make a profit on your plot but the question is in how many years.
On a comparative basis multi professional in Islamabad is a better organization and has a bit better record. It also delayed some projects but the hype and delay were not as huge as in DHA. Multi has strong financial and starts more realistic and more reasonably sized projects. At least these days it seems like a better organization in Islamabad.
For Lahore, Sukh Chain etc are good societies. If you want to go for DHA, then buy in those phases which are now starting to be developed and balloting is finished.