A 2-3 minute duration advertisement every half an hour is being run on a private Pakistan TV channel offering plots in Islamabad to Overseas Pakistanis (OPs). The photograph of imaginary housing colony is heavenly like wonder spot. The plots are offered on installment basis.
I wish my compatriot Pakistanis before signing may keep in mind. The cost of plot is 6 to 7 figures. It is not the final cost. It is just cost of land while development charges would be extra which could be more or double the cost of land. There is no indication of even estimated development charges but applicants must remember the heavy cost of repeated half hourly TV advertisement would also have to be born by them hence they can estimate how much at the end it could be. If after making down payment or a few installments one wishes to cancel, the refund would be less 15% not what one had paid but 15% of the Total Cost of the plot. This refund would be when the cancelled plot is bought by someone else. One has no access to know when it is allotted. A company is selling the plots whereas TV advertisement is coming in some other company name. The scheme is governed by existing rules and terms and those which the company may in future prescribed and the applicant agrees and signs to abide by that. A few years back a company sold on installments residential plots in easy installments in Karachi. Applicants agreed to abide by. The total cost of plot was Pakistan Rs. 17,000/-. Under the term company may prescribe new rules soon every applicant was asked to deposit Rs. 35,000 towards establishment of a big Islamic library which the company decided to make. Reading the Terms & Conditions on the Application Form it only gives what the applicant is to do namely keep paying, what the other party namely the Company in return of getting money is to do there is no mention at all. The deal is on an Application Form which is not a legal document. When would the plot be developed for you to occupy and construct there is no indication. If it is not developed say in next 10 or 20 years then what would happen? The company will refund your original paid amount without any compensation or sharing of interest on your money the company earned for 10-20 years. The application form one signs even does not indicate even the location of the site where plots are situated even the name of city. And etc.
I wish my compatriot Pakistanis before signing may keep in mind. The cost of plot is 6 to 7 figures. It is not the final cost. It is just cost of land while development charges would be extra which could be more or double the cost of land. There is no indication of even estimated development charges but applicants must remember the heavy cost of repeated half hourly TV advertisement would also have to be born by them hence they can estimate how much at the end it could be. If after making down payment or a few installments one wishes to cancel, the refund would be less 15% not what one had paid but 15% of the Total Cost of the plot. This refund would be when the cancelled plot is bought by someone else. One has no access to know when it is allotted. A company is selling the plots whereas TV advertisement is coming in some other company name. The scheme is governed by existing rules and terms and those which the company may in future prescribed and the applicant agrees and signs to abide by that. A few years back a company sold on installments residential plots in easy installments in Karachi. Applicants agreed to abide by. The total cost of plot was Pakistan Rs. 17,000/-. Under the term company may prescribe new rules soon every applicant was asked to deposit Rs. 35,000 towards establishment of a big Islamic library which the company decided to make. Reading the Terms & Conditions on the Application Form it only gives what the applicant is to do namely keep paying, what the other party namely the Company in return of getting money is to do there is no mention at all. The deal is on an Application Form which is not a legal document. When would the plot be developed for you to occupy and construct there is no indication. If it is not developed say in next 10 or 20 years then what would happen? The company will refund your original paid amount without any compensation or sharing of interest on your money the company earned for 10-20 years. The application form one signs even does not indicate even the location of the site where plots are situated even the name of city. And etc.
