Bahria Town Karachi has Postponed the 35% Additional Development Charges- A Good News for Investors!
We UPN once again are bringing you very good news especially for the investors of Bahria Town Karachi that the administration has finally postponed the 35% additional development charges.
It is definitely big news for all the members of Bahria Town Karachi who were worried after the imposition of these development charges.
Bahria Town Private Limited has always been there for its customers and this announcement has proved it once again.
Deferment of Additional Development Charges
The announcement for the deferment of 35% additional development charges is made by the CEO of Bahria Town Mr. Malik Riaz. He twitted on this official twitter account which reads “This is to inform all Bahria Town Karachi Customers, according to Clause no 26, 27 of booking forms 35% service development charges which are due for payment, the management has decided to defer payment of these service charges for later”.
Now, this announcement is made by the management of Bahria Town so the news is 100% confirm.
Background of 35% Additional Development Charges
Bahria Town Karachi has previously come with a shocking policy of 35% additional development charges. This imposition of the development charges had created a huge absurd on social media. Even, many of the members had submitted their application against these charges in the Supreme Court of Pakistan. In addition, there were several protests against the management of Bahria Town Karachi.
Basically, these extra development charges were imposed on all the old bookings made before February 2014. A payment plan of 5 years was announced for the payment of these 35% additional charges. Members were instructed to pay these payments in a total of 20 quarterly installments.
However, now all the issues are settled down. We can expect that the cancellation of these charges will impact positively on Bahria Town properties.
Basically, these extra development charges were imposed on all the old bookings made before February 2014.
deferred of Additional Charges and Its Impact on Property
Definitely it is big news for the awaiting investors of Bahria Town Karachi that all the additional development charges have deferred. This announcement will for sure positively impact all the properties of Bahria Town Karachi. It is expected that the demand for property, as well as the prices, will soon increase.