So we all heard that Hoshang Pearl Karachi and Opel 225 were launched on December 10 and registrations slips were sold within hours. It was quite commendable on the part of the precise reputation of Bahria Town in Karachi but little do people know that with what intentions were those registration slips were sold out in a few hours.
Yes, as a matter of fact, the fiery sale was due to the success of the pioneer developments of Bahria in Karachi but this time the main consumers of the registration slips were actually those, who never desired to pay the instalments of the apartments they were spending Lakhs to get registered for. It was actually a short term registration trade. People of Karachi had already witnessed the rapid exchange of registration slips of Bahria Town Karachi at high profit returns. The registration slips which were originally bought at Rs 15,000 were later sold at Rs 120,000. So according to my mathematical calculations, people reaped a profit of 700% per registration slip.
People rejoiced at the launch of two new projects of Bahria in Karachi and the registration slips were sold at an alarming rate but among the people who couldn’t actually afford them. The intention was to reap heavy benefits on the sale of registration slips. It was, in short, low capital yet high profit business game. Striking a staggering blow on hopes of the buyers were the rumours which engulfed the property market like wild fire. The rumours stated the registration slips were not transferable and the people thus registered will have to carry on with the instalment plans. This scared many as they never possessed the economic means to carry on with the instalment plans but Malik Riaz proved to be a shining ray of sunshine for them.
On December 20 Bahria announced the initiation of the transfer of registration forms and the people of Karachi rejoiced at the news. It was beneficial for both, those who wanted to live in those apartments and those who wanted to earn from the registration slips.
All well that ends well eh?
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zulfiqars write up was very informative,me too got registation of Baharia towers(pkr 75000/-only p;z let me know about that eg sale price of the registration slips–when there is going to be a ballot for that project. what is the current price of the regisration slips and what will it be after the ballot and when the ballot is going to be held—-karachi property agents say it will be in february.i rang up to Baharia town inquiring about the same. i was told to wait/ it will be announced in the news papers. thanks to shaista zulfiqar in anticipation. tto zamin media private ltd.
To avoid this mess, why don’t Bahria and other reputable developers force a mandatory time before which registration and/or property can be transferred, e.g. payment of 40% installments
Dubai recently introduce similar system to stop flipping!