One of the happiest moments in the life of a real estate investor is when their society says, “It’s possession time!” Possession time is indeed a time for festivity – it is when an investor gains more money than initially invested or gets to use the piece of land in whatever way they deem fit. Well, it is nearly that time of year for those who invested in Ali Block of Bahria Town Karachi (BTK)! According to the developer, possession will be granted by March 23, 2016.
Ali Block contains 5-marla (125 square yard) plots which were available on an easy instalment plan spanning 12 months. Investors purchased these plots for roughly PKR 3,000,000 with a PKR 660,000 down payment and 12 instalments of PKR 200,000 each. This block is a fully developed residential area next to the Grand Jamia Masjid, the world’s third largest mosque.
Investors seem rather excited and many of them are rushing to organise their payment schedules to ensure that they are up-to-date on their payments. This is because only investors who pay all of their outstanding dues and submit an application to the BTK office by the prescribed date will be eligible for possession.
According to a notice issued by Bahria Town, investors should visit the BTK office or United Bank Limited branches to clear their outstanding dues. Applications must be submitted to the project office to be given possession.
According to agents dealing in the area, BTK’s Ali Block will experience a slight surge in prices, perhaps even before the official date of possession! Prices are likely to escalate a bit more once possession is granted and the development of houses begins.
As the spring sun shines brightly in March, it seems that Ali Block will also be shining just as brightly at the same time!
Other blocks in Bahria Town and commercial areas such as Midway Commercial are also rumoured to get possession in the near future, although no official information is available regarding this just yet.
Hence, for now, all Ali Block investors need to pump up their game by ensuring that their payments have been made. Happy possession, peeps!
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