for those of you who think Land is a good investment, think again, Bahria town is a fraud. it only is good for people who purchase a land and start constructing, If you are thinking that your hard earned money is safe with them , think again i must say. I know Bahria town in detail and i had investments of all types which i will share here. Actually i invested keeping in view that I do not open a PLS account and i had some cash lying which I wanted to keep in form of land rather than keeping funds. Its easier to maintain an allotment letter of land rather than the whole cash.
Whenever i went to sell my land / building in Bahria i was faced with two problems.
All the dealers are looters and will tell you that your piece of land is in the worst area, which normally is not the case. They will float your plot and eventually you will end up getting false offers.
Bahria pays dealers to make a false market and not let them disclose the actual value, the recent commercial land was sold by dealers, all dealers were paid 1 lac cash on one plot as bribe.
now coming to facts
- Plot Phase 8 , bought in 2004 for 8lac + 1 lac Boulevard Charges therefore total = 900,000.
Location (geographic) was changed 3 times and I had to run here and there to avoid letting bahria throw it at some god-forsaken location.
Now i was getting 2 lac 50,000 profit on it and Malik saab put Additional Dev Charges of 2 lac payable by 06 installments on the same plot.
So at the end of the day I got rid of it by having nothing in hand but my De-valued amount after 08 years. here is the breakdown
a) total land cost= 900,000
b) Add Dev charges= 200,000
c) Mosque Fund= 15,000
d) Demarkation charges = 10,000
e) Surcharge= 11,000
f) Dealer Commision = 10,000
The amounts (c)(d)(e) are must to be paid otherwise Transfer can not be done.
So what I got was
Plot value 11,00,000 out of which i paid the outstanding dev charges and in the end I had my own invested money back.
Malik Riaz is too smart, he Skims the milk in a way that the milk remains "Balai chaaat jata hae aur doodh peeche phir se utna hi bachta hae"
Same was the case with my 8-Marla Double storey house.
On the paid value i was getting 4 lac profit (which aint much after investing and waiting for 5 years by paying 40 lac) but he put extra dev charges of 4 lac by saying ke material mehenga hogya hae. So in the end i hardly got my money back
it only suits to people who daily deals in plots like dealers and stock brokers, otherwise keep away from it as much as possible.
Also following is my observation.
The commercials are down, the land is disputed, no Registry is given to any allottee, the location can be changed anyday, 50,000 Rs were asked from residents as security to upgrade cameras and build bridge. Residents eventually paid it to avoid electricity disconnection. All the Round-abouts are wrongly built, the roads are very narrow, speed breakers are put hap-hazardously, Commercials are built in any spare land, there is no cricket ground, no hockey ground and no football ground, people walk on Asphalt roads all the time as there is no jogging track, certain areas have no water in summers and tankers are sent, there is no cable in some areas, all the approaches of living areas are pathetic,namely scheme III car chowk, Gulrez and PWD. There are no proper schools, no bus service, GYM is for 6000/- Rs a month, club costs are not uniform, if you play squash and billiard then pay 6000/- each. Mosts of the roads are flooded in rains, namely ROAD A,ROAD B.
Avoid and keep cash to yourself, have a nice day