Karachi: The Administration of Bahria Town Karachi has sent additional notices to the owners of Bahria Hills’ properties and ‘Old Bahria Town Karachi Plots’ to clear their pending possession charges by May 20.
The notice further clarifies that, in the case of non-payment of the possession charges by the mentioned deadline, Bahria Town will impose fines on properties owners in terms of Non-Utilization Charges and Security Maintenance Charges.
Moreover, Bahria Town also holds the authority, as per the terms and conditions agreed upon by the property buyers, to change the properties’ location, further stating that the developer will not be held responsible for such an act.
In order to convince property owners, potential clients and investors to resume investment activity in the society, the notices also mentions quick details on the Prime Minister Relief Package announced for the construction industry. It states that the Tax Laws Ordinance 2020 restrict investors from interrogation on source(s) of money invested in the property sector.
As per the amendments, the relief measures are valid in the following cases:
- Plots sold and/or purchased before December 31, 2020 with all payments made via banking channel by the same date
- The government will start no inquiry against the owner/developer if development work on the said property starts before December 31, 2020 and completes by September 30, 2022
- The exemption applies on property buyers/developers registered with the Federal Board of Revenue (FBR) via the IRIS Web Portal
The Bahria Town Karachi administration’s notice requests clients to take possession of their plots as soon as possible in order to start development work before December 31, 2020 and complete the construction process by September 30, 2022 – as this will save them from government’s interrogation on the source of income of their investment in the property.