Lahore: Bahria Town Karachi has decided to refrain from accommodating walk-in customers looking to claim refunds for plot files allocated against the project’s ‘non-possession’ locations, according to Bahria Town Helpline officials. Instead, the project management has formalized an online procedure (detailed below) to resolve all such application requests.
To file their refund applications, interested clients are required to visit Bahria Town’s official website and click on the ‘Refund Form’ icon located under the top homepage banner. This link leads to a registration form window that requires the entering of several particulars – including the client’s CNIC and his/her Bahria Town-issued Registration Number.
Applicants are also required to attach a scanned image of their original Bahria Town Booking Form or Transfer Letter.
Once the form is submitted, Bahria Town officials will connect with the applicant via email and intimate details regarding the date and time when he/she is required to visit the Bahria Town Karachi Office in person to collect the check (which will remain encashable for up to two months). In order to receive the instrument, applicants are required to bring all their original documents to the office for verification purposes.
As per several trusted Zameen.com sources, up to 30% of all Bahria Town Karachi plot file affectees have expressed their interest in availing the refund offer. The remaining, however, plan to wait a little longer to gain possession of their allocated plots. As per the project helpline, the developer will announce a policy by January or February 2020 to attend to their concerns by providing them suitable options for readjustment.
Several other Zameen.com sources contacted for their take on this development opined that all the plot file holders concerned should go for plots instead of claiming refunds – since the former option offers better returns prospects. Those in urgent need of cash, however, can go for collecting the 100% refund amount currently on offer; as they will otherwise be compelled to sell their plots at a ‘negative price’, which could be lower by 40% in comparison to the amount that they originally paid.
Bahria Town-authorised real estate agents have termed the refund policy to be a ‘compassionate step’ worth appreciating – taken by the developer to alleviate longstanding file holder concerns.
In terms of providing readjustments, the Bahria Town management also, allegedly, has some other options in place.
As per our trusted sources, Bahria Town is currently engaged in launching another project on Super Highway in Nooriabad; which could be the site where it plans to adjust its Bahria Town Karachi affectees – though official confirmation is still awaited on this front.
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.
