23/03/2016
Aslam E Alikum
Am following zamee.com form very long time and as living in Islamabad there are many housing societies, I have allot of things to share but I want to clear everyone all news are not really 100% true because many time our source leak news to speculate market trend.
In Islamabad there are many big brands but my today stories relate to a small society but it’s really location make it very hot.
Brief history: Most of the member on zameen.com forum knows very well that this society is working since 2004 but its initial ideal generated in early 2002, then allot of things happen in last 12 years but still people of looking for possession.
Here is some information which I get:
In 2013 there was shift in management and a Guy from Karachi pay very small amount and take hold of project but before buying they held a meeting in which some known MQM leaders and big property dealers were present and they created a plan to generate maximum return from this dead society, So There they finalized two points
1: To get development charges form each and every file holder.
2: Launch new blocks.
There new block launch was not successful but 2013 property hike give him some benefit, Second people who are looking towards new Islamabad airport also pay the development changes so in between 2014 and 2015 tocity collected about 2.32 Billion in forms of development charges and selling new blocks.
Now point come where they spent this amount as we all know there is very less development and its huge amount so here I disclose some information.
1: Owner buy a luxury home in very expensive CDA sector, if someone want I can share document and address.
2: They invested about 500Million in LPG business
3: One of MQM leader buy his home in Canada and spent 250Million, it was direct transaction from company.
4: They buy around 4 thousand Kanal land
I have a big list when and how they make transaction, they buy different luxury cars on company name to save tax and hire big names and payed them heavily just for papery fill-up.
I have also a document which is very important, Tocity monthly expenditures are about 5 to 7 million/month and from previous many months they don’t have much amount in there bank account So about eight month ago they held an official meeting to discuss how they can generate revenue. At the end of meeting they finalized on three points.
1.Launch new block of 5 Marla
2.Impose utility changes
3.Sell more plots
Previous year they had information that NHA is going Kashmir Highway tender so this was right time and before two months they launch this 5 Marla sector but they didn’t get much success, They force different dealers to buy files and they generated only 20.27Million from this.
Second they know very well no one will pay utility changes but decided to impose it so atleast people who will buy in 2015 and 2016 they will start paying this and they can run organization on monthly bases.
Third is selling plots: This point is really important, If people are intact with daily market trend they know very well in previous two months plot in only one specific block is going up, Even you can see a normal plot price gain 7 to 8 Lacks, How it’s possible when there is nothing happen new in last two months.
I clear it more. D block 10Marla plot is trading in between 27 to 35 and C block 1 Kanal plot is also trading in 29 to 38 Lacks, How it’s possible?
I was also very confuse but its answer is very simple, Tocity has two maps, Yes if you open previous map you see there is very less plots in D block and if you open new map there are about 1000 plots in D block. Hope you understand now, yes topcity has about 700 D block plots in their pocket which they are selling.
Its enough for today. I have allot of more information hope in couple of weeks I get time will share more things.
Its my first experience on social media so If you like please share so it encourage me to write again.
Thanks
