Islamabad’s most sought-after housing society has recently come into good fortune. If you are an investor in the Islamabad real estate market, you will be interested to know that Capital Smart City announced overseas block possession. The possession is being granted to plots in Overseas Block 1, sectors A and B.
To some, this has been a long-awaited event and is sure to attract an influx of foreign investment not only into the housing society as well as into Pakistan’s economy.
Why Invest in Overseas Block of Capital Smart City?
You may be wondering why so many overseas Pakistanis and foreign nationals are drawn to this housing society. Simply put, Capital Smart City Islamabad is one of the first-ever smart cities to be established in Pakistan.
As a smart city, the housing society promising to provide its residents and investors a modern and sublime lifestyle by integrating the housing project with communication and information technology. What this essentially means is that residents will be able to monitor certain parts of Capital Smart City with their mobile phones such as traffic, weather, transport. Moreover, if you choose to invest in smart villas, you will be able to access security locks, temperature as well as lighting and fixtures.
In many ways, this housing society provides a modern real estate solution to Islamabad’s real estate sector.
If this wasn’t good enough, the Capital Smart City overseas block offers all these amenities with the added benefit of exclusivity— the overseas block is only available to those Pakistanis living abroad or to foreign nationals looking to invest in the Islamabad real estate market. These overseas blocks are to be built adhering to international standards— to accommodate these overseas investors.
This block has received a lot of attention and many people have opted to invest their funds into Capital Smart City Overseas block. It is speculated that, now that Capital Smart City announced overseas block possession, investment into this block will increase twofold.
Want more information on Capital Smart City? Read: What Makes CSC First Smart City In Pakistan?
Capital Smart City Announced Overseas Block Possession— What now?
While Capital Smart City announced Overseas Block possession, it does request members and investors to keep a few things in mind.
Firstly, members who have applied for plot possession after paying all their outstanding dues are allowed to pay Extra Land Charges and as well as Prime Location Charges. While initially these charges were supposed to be paid together, Capital Smart City management recognizes that the economy is not doing so well on account of the pandemic. Thus, to accommodate their investors, the management has decided to split these payments into quarterly payments.
Secondly, now that Capital Smart City announced overseas block possession, the housing society promulgates that development charges will be spread out over 4 quarters. These development charges are applied immediately to all owners on Overseas Prime plots. However, the housing society is willing to accommodate those investors/residents who start construction on their plots before the 10th of April 2021. Such investors will be facilitated in the form of 6 quarterly payments instead of 4. Moreover, after Capital Smart City announced overseas block possession, if an investor has completed the Grey Structure by the end of Jan 2022, their development charges will be extended by one quarter.
The Capital Smart City management has announced that both development and prime location charges will be paid over the span of 4 quarters with the payment of the first quarter coinciding with the possession. Additionally, Utility Charges are to be paid as you, the investor, are handed over the possession of your plot. Expert agents at Makeen Marketing believe that these conveniences are a great way to draw more investment now that Capital Smart City announced overseas block possession.
If these amenities weren’t enough, this smart city is allowing the first 25 residential plots (to go under construction), from both Sector A and Sector B, a 50% discount on development charges. The way this will work is that half the development charges (25%) will be waived off after the completion of foundation works while the remaining 25% will be waived off at the completion of all construction works.
Lastly, another way this housing society has worked to facilitate its members after Capital Smart City announced overseas block possession is by providing homeowners with architecture and MEP blueprints to help with the construction of their homes. By doing so, the society is saving its residents Rs 200,000 to Rs 300,000.
Interested in investing in this prime housing society? Get in touch with our seasoned real estate experts at Makeen Marketing.