How to befool investors – learn from Bahria Town?

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How to befool investors - learn from Bahria Town?

Bahria Town is one of the most famous and a mega real estate development entities in Pakistan. Many a times, we have heard different tales of the involvement of Bahria Town in fraudulent practices that sometime seem true. For example, last week, Tahir Majid Khan, a victim of Bahria Town Awami Villa, Rawalpindi, scheme has shared his genuine grievances and the letter of the company that has shattered his dream of having a villa in Bahria Town in Rawalpindi. Tahir Majid Khan had paid many installments during the past 12 years for his Villa Apartment No. 221a, Sector VI, Street 12, (Registration No. 00019), first floor of the said housing scheme.

After making payment of instalments regularly during the past 12 years, he and his family were having dream of shifting to their Villa, but the Customer Support Center, Bahria Complex Phase-8, Bahria Town, Rawalpindi, showed the real face of their company and shattered their customer’s hopes and dream through a recent letter, by giving Tahir Majid Khan options to surrender/merger Awami Villa, Rawalpindi.

Interesting to note is that the Bahria Town has clearly admitted in its letter that the company has failed to develop the Awami Villa project due to unavoidable circumstances that delayed its handing over to the owners because of the low price of villa (about 10,50,000/-). Bahria Town says that its management has given two options to the villa owners – option No. 1 _ Awami Villa files can be surrendered against open merger certificate (valid for the period of one year from the date of issuance) at the rate of Rs 15,00,000/- for Premier category and Rs 13,21,000/- for the standard category which can be merged into any project of Bahria Town Islamabad and Rawalpindi including Bahria Enclave, Garden City, Golf City and Phase I-VIII projects against all kinds of charges which are depicted in surcharge report (including extra land, NUC and Boulevard/corner charges, etc).

The Option No. 2 is that the bearer of open merger certificate of Rs 15,00,000/- may opt for one plot of 5-marla in Bahria Town Karachi between April 1 to May 15, 2018, against each merger certificate.

Moreover, Bahria Town says that 100% principal amount has to be paid before surrendering any file/registration of Awami villa except corner/boulevard charges, utility development charges and outstanding surcharge. Bahria Town, however, nowhere mentioned that if any owner of the villa wants to retain his/her Awami Villa, the management would facilitate it.

Now the questions that come in the minds of the investors are that after a lapse of 12 years, why Bahria Town is not willing to handover Awami Villa to their owners. According to experts, the current market of this villa is about Rs 5 million and Bahria Town is just offering Rs 1.5 million and what was the logic of offering bottom-line price to the allottees.
As Bahria Town has failed to fulfill its commitment of delivering Awami Villas to their owners, how could they trust this company anymore for fair deal in their future with this company? This is another important fear that is haunting the owners of the villas. Now where is image and the reputation of Bahria Town that believes in fulfilling the dreams of its customers?

It is no doubt, the company has delayed the completion and handing over of Awami Villas to their owners, but this should not be the excuse to get rid of the owners of Villas by offering them other options at throwaway price. If Chairman of Bahria Town Malik Riaz and the management of this mega real estate development believe in coming up to the expectations of their customers, they must deliver Awami Villas to their owners without using any excuse.
Unattended appeal of Sughra Bibi: Meanwhile, Sughra Bibi, a widow, is also waiting for support and reply from Chairman Bahria Town Malik Riaz and management for unblocking of her plot number BTKP-2972. In her letter to Bahria Town, Sughra Bibi, an uneducated woman and widow as well, purchased residential plot in 2015 measuring 500 square yards in Bahria Town, Karachi. Her plot had been blocked due to non-payment of dues to which she was not aware.
She had written a letter to Bahria Town Chairman and management, requesting them to unblock her plot and given her a chance to pay the outstanding dues. But no one from Bahria Town has bothered yet to respond to her letter. Malik Riaz is a renowned philanthropist and he can exempt the dues of the widow.