By introducing ‘Client Registration Process’, Bahria Town Karachi (BTK) has made history in the real estate sector of Pakistan, as the mere registration slips proved best ever in terms of ROI. According to an estimate, the registration slips were traded at 10 times of their original value, i.e. Rs. 15000 slip sold at Rs. 150,000 and even more.
After registration slips, Bahria Town introduced registration forms, which were traded at up to Rs. 100,000, though the original worth of such forms was quite petite (only Rs. 500). Well, whatsoever happened during the registration process, one thing that must be accredited is ‘the trust of people in Bahria Town’ and just in the registration stuffs, people made mammoth money, even when the location of Bahria Town Karachi was not unveiled.
Unit details, price structure and most importantly the location were announced on 26th, January 2014 and then BTK entered into the phase of booking (26th January, 2014 – 7th February, 2014). Again, on the very first day, people rushed for booking properties, with price of booking forms that touched Rs. 20,000, compared to the original worth of Rs. 1000/booking form. Later on, these forms were made available at banks as well.
Bahria Town witnessed a relatively slow response in the first week of booking and this slow response was entailed by various reasons.
1) Plots prices were expected to be lower than actually introduced by the BTK
2) Some people were of the view that earlier registration slips were entitled for balloting and they will not be asked to pay another amount to be a part of balloting process.
3) Some individuals held more than one registration slips and they couldn’t afford to submit multiple applications at the rate of Rs. 150,000 per application.
4) New comers could buy open certificates at Rs. 180,000 (later reduced to Rs. 125,000), but in case of unsuccessful balloting, this amount was supposed to be washed away.
In reaction to the slow response, BTK came up with an advertisement that talked about the cash refund of discount/ adjustment given at the time booking. This advertisement created positive response, even for the open certificates.
For the people of Karachi, it’s a new experience to have a gated community by a private developer, where along with plots, apartments and bungalows are also being offered at attractive prices.
Residential plots prices:
Price range: Rs.8600 per sq. yard to 13,800 per sq. yard
Plots sizes: 125, 250, 500, 1000 and 2000 sq. yards.
Commercial plots prices:
Price: Rs. 100,000 per sq. yard
Plots sizes: 125, 200 and 250 sq. yards
Bahria Apartments prices
Price: Rs. 2800 per sq. ft.
Apartment sizes: 950 sq. ft. (2 –bedrooms), 2250 sq. ft. (3 – bedrooms), 2950 sq. ft. (4 – bedrooms)
Bahria Homes Prices
Price range: Rs. 2227 per sq. ft. – Rs. 2625 per sq. ft. (including land and double –storey construction)
Homes sizes: 125 and 200 sq. yards.
So, Bahria Town Karachi has indeed made history in the real estate sector of the city. Various rumors of fakeness were spread against BTK, but currently things seem to have settled for Bahria. Now people look forward to the balloting process. Let’s see what comes out of balloting. If you want to say anything about BTK, please feel free to letter your views in the comments section below.
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When do you expect the balloting process will take place?
Expected on 23rd March 2014 but not confirm —–