Bahria Town’s Current Policies and their Impact on Property
Bahria Town is a well-known name, needs no introduction. Bahria Town housing projects are holding significant importance in the real estate sector of Pakistan. Also, popular as an investor’s paradise, Bahria Town housing societies are the way to modern and comfortable living. Despite so many facilities and attractions, Bahria Town still has some policies that can keep you away from investing in it. In the last couple of years, Bahria Town has made several amendments in its policies like possession, utility charges and construction.
Today in this latest blog, we will discuss Bahria Town’s current policies and their impact on its properties. Let’s explore these details below:
Bahria Town and Forced Possession
Bahria Town has started asking for the possession and utility charges in April 2020. The society has informed its members to apply for possession and pay their utility charges through notices, calls, and emails. Bahria Town also had announced several deadlines for it; however, these dates were later on extended.
But on 2nd March 2021, Bahria Town has finally increased the possession and other charges by 20%. It means the members who will apply for the possession of their properties after 2nd March will have to pay more.
Bahria Town and Construction Time
Previously, the construction time after getting possession of the property was 3 years. But now it is changed to 1 year in some cases. In the past, its members were free from paying the non-utilization charges of the property for 3 years. But now, they will have to pay these charges just after 1 year. This policy may not affect the buyers and end-users, but it is not investor’s friendly. After this amendment in the construction policy, end-users are buying their desired properties but not the investors.
Investors’ Interest in Constructed Projects
The new possession and construction policies are hurting investors, but Bahria has not launched any big deal after Bahria Orchard Phase 4 plots. Undoubtedly, Bahria Town is planning to launch Bahria Town Peshawar soon, and that will offer countless opportunities to investors. But still, people are searching for some good opportunities in Lahore.
This long wait of the investors for the new deals in Lahore’s projects is why they prefer investment in constructed projects. Here we can use the example of Orchard Mall and Times Square Mall projects by well-known developers. The demands for properties in these projects and many similar projects are very high.
Buying in these projects are safe as well as come along with flexible payment plans.
So, if you are looking for the details of any of these policies of Bahria Town or planning to invest, buy, or sell any property, feel free to contact us!