On October 14, 2020 Future Development Holdings announced the first ever round of possession of residential plots in Overseas Block I and Executive Block I. What is interesting to note here is that, this possession has been announced 18 months ahead of schedule. Clients and customers are amazed at this news. In the realm of real estate development, on-time delivery of projects is a challenging goal. There are always unforeseeable circumstances which leads to variances between planned and actual completion of real estate projects.
The developer of Capital Smart City never cease to surprise its clients and investors with good news and highest standard of project development while setting examples for other developers around. In the possession announcement letter Ref: FDHL/S&M/08/20/288 by Future Development Holdings they stated:
“It is our resolve to bring innovation and confidence in the dynamics of real estate industry in Pakistan by delivering the project before time.”
Frequently Asked Questions (FAQs)
How Capital Smart City is Claiming to have Announced Possession 18 Months before?
The Overseas Block I was launched in 2018 and Executive Block I was launched in 2019.
The residential plots in these blocks are sold plots on three to four year payment plan (without development charges), which shows that anyone who buys property in Capital Smart City will have one’s plot delivered within 3-4 years from date of purchase, subject to no delay in installments.
However, the possession in these blocks have been announced in October 2020 i.e. within two years for Overseas Block I and less than two years for Executive Block I.
“On what grounds the possession in Overseas Block I and Executive Block I has been announced?”
Most sectors of these blocks are on advance development stage with complete infrastructure of roads, electricity, drainage, sewerage, and fiber optics (for Smart City Services, Hydroponic Organic, Food farms, street lights and other necessary infrastructure work. Mosque Overhead Water Tanks, School Building, Hospital Building and Commercial Building (in-progress) are almost complete.
“Given the COVID 19 global pandemic situation, how was it possible to deliver before time?”
FDHL strategized to announce the possession in April 2020 but Covid-19 pandemic obstructed their development work and their resolve to offer early possession. Basically, the development was already ongoing at a great momentum; had there been no COVID 19, the possession would have been announced even earlier.
“What are the possession dates and deadlines to pay remaining installments before applying for possession?”
Possession have been announced in the following 5 sectors of Overseas I and 1 sector of Executive I block as appended in below timeline. However, outstanding dues (as per the respective payment plan) have to be cleared before possession:-
|Block||Sector||Possession start from||
Dues Cleared up to
|Overseas Block 1||A||December 2020||30.11.2020|
|Overseas Block 1||B||January 2021||31.12.2020|
|Overseas Block 1||C||
|4||Overseas Block 1||D||March 2021||
|Overseas Block 1||E||April 2021||31.03.2020|
|Executive Block 1||A||
Grand Commercial Area
|7||Executive Block 1||A||December 2020||30.11.2020|
“As these installments were without development charges, should development charges be paid before possession or is there any relaxation?”
Members who apply for possession after clearance of outstanding installments within possession month will be allowed to pay Development charges, Extra Land Charges and Prime Location charges in four quarters.
Extra Land charges and Prime Location charges supposed to be paid in one go but owing to current economic conditions, management has decided to split the payment in 04 quarters for convenience of its members.
“As development charges, extra land and prime location charges are divided in four quarters, in which quarter client will be eligible for possession?”
- Development charges will be paid in 04 quarters, 1st Quarter along with Possession.
- Extra Land Charges will be paid in 04 quarters, 1st Quarter along with Possession.
- Prime location charges will also be paid in 04 quarters, 1st Quarter with Possession.
- Utilities charges will be payable at the time of possession.