After the booming success of projects of Lahore and Islamabad, Bahria Town tested waters in the City of Lights and surprisingly the response of the population was not only in the encouraging category, but it was somewhat close to the innermost part of a dying-for classification.
With the mind of Malik Riaz calling the shots, Bahria Town announced their latest development in Karachi and engaged the interested in a process of registration. The response was overwhelming! Not only the registration slips were sold within days, the registration slips were also exchanging hands in the property market as though the slips were the actual deeds of the property.
The wait of the people was deemed to be concluded as Zain Malik, the Director at Bahria Town announced that the file opening session will take place from November 4 and the move is intended for the verification of the members in order to avoid incongruities and making the development project a transparent one.
While addressing the Bahria Town Reception hosted by Defence & Clifton Association of Real Estate Agents (DEFCLAREA), Mr Malik said “File opening session will take place from November 4 for the verification of members in order to avoid discrepancies and make the project transparent.”
Presently, the registration slips are being traded for twice as much as the original price and the prices are said to escalate further. Bahria Town recently developed a property procedure for the transfer of registration slips. Since the process requires money, therefor according to many, the new move spells more money to Malik Riaz.
Interestingly the registration slips are not a guarantee for the procurement of property! There is supposed to be a lucky draw which will determine the people who will be allowed to continue with the instalment process and as for those whose name fails to come up, they will then be destined for a refund of the registration fee after the deduction of processing charges.
Observing the popularity of the Bahria Town in Karachi and the particular practice of the trading of registration slips, Muhammad Shafi Jakvani, Vice President of DEFCLAREA Business Development Committee (D.B.D.C.), said, “Quite interestingly a large number of people have registered themselves as members, without knowing the exact location of the project and after the closure of Client Registration Process, people are ready to buy those registration slips with extra money.”
Nobody knows what enigma the Bahria Developments will unveil with its Bahria Town Karachi project, keeping in mind that the location of the project is currently unknown, but one thing could be said for sure; no matter where the project will be located, the facilities and themes offered by the developer are always one of a kind and people of Karachi are desperately in need of a change.
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