State Life Employees Cooperative Housing Society bids defaulters adieu, opens new bookings

State Life Employees Cooperative Housing Society Ltd finally said goodbye to defaulters from its housing project in Karachi, but in a harsh way. In one fell swoop, the developer has cancelled the allotment of defaulters’ plots for nonpayment and has opened new bookings for the same plots.

State Life is offering 120-, 200- and 400-square yard residential plots, bookings for which have been opened for just two days, i.e. November 24 and 25. Before you think this is an investment opportunity for everyone to consider, please note the catch here:

“Only State Life’s employees and fieldworkers are eligible to apply,” said a project official.

However, before you let go of all hope, there is a way around this.

“If someone who is not an employee wants to invest in the project, they are required to do so on behalf of an employee. Even the reference of an ex-employee will be considerable,” he added.

The society is located on Super Highway, only a kilometer away from the toll plaza. Bahria Town Karachi is just 5 kilometres ahead of it. Please see the table below to get an idea of the initial payments to be made for each category of plots.

According to the official, the remaining amount will have to be paid in easy instalments spread over 2 years and possession for 500 plots will be handed over within the same time period. The development charges will be announced after balloting.

Booking forms are up for grabs at the following United Bank Limited branches:

• UBL Sunny Branch, II Chundrigar Road
• UBL Clifton Branch, Clifton Road
• UBL Shahra-e-Faisal Branch, Main Shahra-e-Faisal
• UBL Nazimabad Branch, Block E, Gulshan-e-Zubaida, North Nazimabad
• UBL Rashid Minhas Road Branch, Gulshan-e-Iqbal Town
• UBL Al-Rehman Branch, II Chundrigar Road
• UBL Karachi Stock Exchange Branch, Stock Exchange Building, II Chundrigar Road
• UBL Zia-ud-Din Branch, Doctor Zia-ud-Din Road

So if you are eligible to apply and want to invest in the locality, you have only a day left to make the move. We will keep an eye on the project and update you as soon as any further information becomes available to us.

State Life has 500 acres of land in the area and will possibly launch further projects in the near future.

That said, I would like to tell you that State Life’s Phase II in Lahore is currently facing a dilemma. There are a number of rumours about Defence Housing Authority’s possible acquisition of the phase flying about in the market. You can read the story here.

If you have any queries about State Life’s projects in mind, please feel free to have a conversation with me in the comments section below.