Karachi: The Administration of Bahria Town Karachi has sent additional notices to the owners of Bahria Hills’ properties and ‘Old Bahria Town Karachi Plots’ to clear their pending possession charges by May 20, according to sources.
The notice further clarifies that, in the case of non-payment of the possession charges by the mentioned deadline, Bahria Town will impose fines on properties owners in terms of Non-Utilisation Charges and Security Maintenance Charges.
Moreover, Bahria Town also holds the authority, as per the terms and conditions agreed upon by the property buyers, to change the properties’ location, further stating that the developer will not be held responsible for such an act.
In order to convince property owners, potential clients and investors to resume investment activity in the society, the notices also mentions quick details on the Prime Minister Relief Package announced for the construction industry. It states that the Tax Laws Ordinance 2020 restrict investors from interrogation on source(s) of money invested in the property sector.
As per the amendments, the relief measures are valid in the following cases:
Plots sold and/or purchased before December 31, 2020 with all payments made via banking channel by the same date
The government will start no inquiry against the owner/developer if development work on the said property starts before December 31, 2020 and completes by September 30, 2022
The exemption applies on property buyers/developers registered with the Federal Board of Revenue (FBR) via the IRIS Web Portal
The Bahria Town Karachi administration’s notice requests clients to take possession of their plots as soon as possible in order to start development work before December 31, 2020 and complete the construction process by September 30, 2022 – as this will save them from government’s interrogation on the source of income of their investment in the property.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
The letter actually forcing me to apply for possession otherwise rules framed by BTK will be applied. In this regard I may recall the joint press conference of Chairman Mr. Malik Riaz with Jamat-e-Islami Karachi held in March-April 2020 (https://youtu.be/ibrhrApLCy0) and a subsequent joint statement / agreement where it was agreed under point # 2, that no member would be forced for possession in BTK. Even that I received the subject letter in such a critical time where the entire nation is locked down due to COVID-19 pandemic and jobs / businesses have been drastically affected.
If owner is leaving outside and no plan to shift to Karachi, hence, the plot was purchased purely for investment purposes for potential future relief. However, the current volatile and sleepy market situation do not allow me to trade the plot and if go for that, it will be a complete loss.
BTK needs to understand the situation and treat their clients like in Rawalpindi, Islamabad and Lahore.
This is very strange decesion by Baria town management. Most of the plots are purchased by EXPATS, as an investment. Original owners are out of country, and they need to sell those plots at a suitable time. Possession can be taken by only that person who actually wants to built a house on that plot. An investor is not going to construct a house on the plot. So why he should be applying for possession. Its perhaps the cash flow issues due to court fine. The attempt is to recover that money from the existing plot owners. A voice must be raised at a higher level as a protest against this decision.
The letter actually forcing me to apply for possession otherwise rules framed by BTK will be applied. In this regard I may recall the joint press conference of Chairman Mr. Malik Riaz with Jamat-e-Islami Karachi held in March-April 2020 (https://youtu.be/ibrhrApLCy0) and a subsequent joint statement / agreement where it was agreed under point # 2, that no member would be forced for possession in BTK. Even that I received the subject letter in such a critical time where the entire nation is locked down due to COVID-19 pandemic and jobs / businesses have been drastically affected.
If owner is leaving outside and no plan to shift to Karachi, hence, the plot was purchased purely for investment purposes for potential future relief. However, the current volatile and sleepy market situation do not allow me to trade the plot and if go for that, it will be a complete loss.
BTK needs to understand the situation and treat their clients like in Rawalpindi, Islamabad and Lahore.
This is very strange decesion by Baria town management. Most of the plots are purchased by EXPATS, as an investment. Original owners are out of country, and they need to sell those plots at a suitable time. Possession can be taken by only that person who actually wants to built a house on that plot. An investor is not going to construct a house on the plot. So why he should be applying for possession. Its perhaps the cash flow issues due to court fine. The attempt is to recover that money from the existing plot owners. A voice must be raised at a higher level as a protest against this decision.