The real estate sector stakeholders have got various views on the impact of Supreme Court’s decision on the sale and purchase of property in Bahria Town—Karachi.
As per some sources, the real estate prices in Bahria have dropped considerably by ten to twenty percent along with the suspension in any new deals between the buyers and sellers, only the older deals that were made before the SC’s verdict are still being finalized.
Abdul Wahab Parekh—the owner of the Parekh Estate at Clifton said that there is frustration among the buyers, particularly among the ones who are to take possession of the properties. He claimed that most investors in Bahria Town are of the “upper-middle class income group”, they are not big investors.
The prices of plots and houses have rushed by fifteen to twenty percent since Friday while the new property dealings have almost halted, Abdul Parekh further added.
Muhammad Shafi Jakwani—CEO Citi Associates and Senior Vice Chairman FPCCI’s Standing Committee on Real Estate Planning and Research was also of the same sentiments. He said that there is no seller or buyer of Bahria in the market right now as all the transactions are still. He added that on Friday and Saturday and even on Monday some transactions were processed of all those deals that had been signed fifteen to twenty days earlier.
He added that the prices of plots and houses in Bahira have reduced by ten percent in the last three days and expressed that he hopes for an improvement in them in the long run.
The owner of the Nazimabad Estate at North Nazimabad—Zubair Rasheed also agreed that presently there are no buyers or sellers for any properties in Bahria Town ever since the Supreme Court’s verdict and the prices have fallen by twenty percent in the last few days.
He claimed that majority of the investors in Bahira Town are wealthy people not people of lower or middle class.
He added that the SC should have checked up on Bahria’s activities and plans before its launch.
Arif Yousuf Jeewa—Chairman Association of Builders and Developers (ABAD) said that people involved in Bahria Town sale and purchases are full of concerns. Some have the fear that their invested capital would go down the drain in case any such ruling comes from the apex court that might lead to the closure of the project permanently.
In the meantime, the brokers dealing in Bahria Town have been sending WhatsApp messages to the clients and potential buyers, giving them assurance that all is well.
However, All the currently allotted plots and villas might be traded, it permissible by the court. SC has hugely applauded the development work conducted by Bahria Town and keeping the fact in view that the issued plots and files are owned by the third party hence their interest would be safeguarded.
Bahria Town and the Revenue Board would be solving the exchange of land and settle the price according to the market value.
The settlement would be reached in a span of three months. Investors are advised that Bahria would function as per the same pattern it had been functioning in the past and would deliver all the sold lands and files. The development work would continue.
The judges also added that the transactions between the Bahria Town and Sindh government could be legalised, but the conditions would be set up by the Supreme Court’ special bench.
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