Looking deeper into unofficial circulation of Fazaia Sargodha forms

The much-awaited Fazaia Housing Scheme Sargodha’s forms have finally been launched, but unofficially and that too without proper advertisement. Further adding to confusion is the fact that Fazaia offices all over Pakistan have not verified these forms and they won’t speak about them either. According to officials in these offices, Fazaia Housing Scheme Sargodha still hasn’t been launched.

A ‘Coming Soon!’ message, announcing the expected launch of Fazaia Housing Society Sargodha, can still be seen on the official website of the developer. So, what is actually happening here?

Forms of Fazaia Housing Scheme Sargodha are floating around in the market, there is no ambiguity about that. The trade of these forms has begun and to my surprise, their rates have fallen below the original market price. These forms began to circulate among property dealers last week and according to my sources, only 10% of the total forms were issued – and that too because of immense pressure from investors who had poured in millions of rupees.

My concern is that if Fazaia hasn’t official launched these forms and isn’t willing to verify them, where did these forms come from? This leaves a lot to be desired in terms of credibility and maturity on the part of the Fazaia management.

For a minute, let’s assume these forms are genuine. How do they work? Like Fazaia Housing Scheme Karachi, Fazaia Housing Scheme Sargodha will also be balloted but unlike the Karachi project forms, the official price of the Sargodha project forms is PKR 25,000. This form price is refundable in two cases: if you don’t apply or if your application is unsuccessful. Successful applicants will not get any refunds.

Plot sizes and prices have not yet been disclosed by Fazaia, and no information about the cost of adjustment of forms has been shared in the Terms and Conditions set by the developer.

In addition to that, the developer has also not provided any information about the balloting date, which simply means that investors’ money will remain with Fazaia for as long as it wants. In the Terms and Conditions, the developer has asked the buyers to get these forms verified, but has neglected to mention how one is supposed to go about doing that.

This unofficial launch followed by the release of forms is questionable at best. The mismanaged Sargodha project has caused a negative trend to emerge in the market for these forms, which is obvious from their falling prices.

If these forms are genuine, Fazaia should step forward and officially take ownership, otherwise it takes only a few disgruntled people for rumours start, and if there’s anything that can ruin a good project beyond repair, it’s rumours.

Fazaia should be mindful of that.

*The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Zameen.com.