Reasons behind the cancelation of the file
Following are some potential reasons behind cancellation of files and plots by the Capital Smart City Islamabad administration:
Failure to complete the registration
The other reason for file cancellation may be that the members have paid the owed amount in the bank account of CSCI but did not inform to society administration to upgrade their payment ledger.
Non- Payment of the dues
If the file/plot owner does not pay the settled dues, amount, or any other charges owed to Capital Smart City, the society will ultimately cancel the plot file.
Being Defaulter
If the file/plot owner took any kind of loan against the plot and gets defaulted on the payments, the lending institution might take possession of the plot, and the residential society might need to cancel the plot file as a result.
New Policy Guidelines for CSCI Members
All 2018, 2019, and 2020 files that canceled between 21 % and 35 % will reinstated upon payment of 50 % of the total plot amount by 15th of September, 2023.
The remaining 50% payment must be made by June 30, 2024.
Alternatively, the members can choose to restore the same files by agreeing to pay 50% of the payment by 15th September 2023 and the remaining amount over the next two years at current rates.
In this case, the members will pay 50 % as per the existing plan, and the remaining amount will be distributed over a 2-year payment plan.
In both cases, members are required to submit an affidavit for the plot’s inclusion in the next balloting.
The revised payment Chart
For your reference, new prices (excluding Development charges) are given below:
Residential Plots
| Plot Size | Total Price |
|
05 Marla
|
PKR 31,50,000 /- |
|
07 Marla
|
PKR 42,50,000 /- |
|
10 Marla
|
PKR 57,50,000 /- |
|
12 Marla
|
PKR 65,50,000 /- |
|
01 Kanal
|
PKR 95,50,000 /- |
Commercial Plots
| Plot Size | Total Price |
|
04 Marla
|
PKR 10,550,000 /- |
|
10 Marla
|
PKR 178,50,000 /- |
Disclaimer:
Please note that the information provided in this blog post is for educational and awareness purposes only and should not be considered as professional advice.
Property Naama Group is not responsible for any investment decisions made by our clients or investors based on the information provided.
We highly recommend that you conduct your own research and seek the advice of a real estate professional before making any investment decisions. Investing comes with risks, and it is essential to invest on your own responsibility.