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Bahria Town has finally decided to review its most controversial and talk-about development charges. Earlier, Bahria decided to impose 35% development charges. This decision has created a lot of controversy in the real estate sector of Pakistan and many loyal investors were disappointed with Bahria’s move.
Realizing the rising public anger against Bahria Town, Jamaat-e-Islami has decided to take this issue and fight for the victims of Bahria Town. After the effective protests by Bahria Victims under the banner of Jamaat-e-Islami, a few weeks back, Bahria Town held a meeting with the leadership of Jamaat-e-Islami lead by Hafiz Naeem Ur Rehman, chief JI Karachi. As a result of negotiations, Bahria Town also withdrew its policy of forcefully asking people to apply for possessions. However, the maintenance charges would be applied to all constructed properties on a monthly basis.
The development charges were imposed on the initial bookings of homes, apartments, and plots that were done back in 2014. However, real estate circles rejected this policy and raised their voice against extortion.
Malik Riaz himself announced the news of deferment of 35% development charges through his official Twitter account. However, Bahria Town is yet to regain the confidence of the real estate market.
For a note, these development charges have been “deferred”, not canceled. Which indicates that Bahria Town may impose these charge in the future.
The controversial charges have significantly effected Bahria’s market. The new buyers are reluctant to pay more for the property as they know that they will also have to pay a heavy amount in terms of additional charges in the future. In such circumstances, we cannot predict Bahria’s prices to improve anyway in the near future.